Bulk stable as external conditions impact Antwerp-Bruges’ results

(Posted on 23/04/26)

In the first quarter of 2026, Port of Antwerp?Bruges handled 65.5 million tons of maritime cargo, a decrease of 3.2% compared to the same period last year. After a weak start in January and February, throughput recovered in March. General cargo (-4.4%) – in particular containers and conventional general cargo – was under pressure, while bulk cargo remained stable (-0.6%) and RoRo traffic increased. The results reflect a complex combination of factors, including adverse weather conditions, social actions, geopolitical tensions and a weakened European industrial base.

In the first quarter of 2026, container throughput decreased by 5.5% in tons and 2.6% in TEU compared to the same period last year. This should be seen against the backdrop of a relatively strong start to 2025, when the restructuring of container alliances generated high inbound volumes, as well as the weakened export position of Western Europe.

In addition, the start of the year was marked by extreme weather conditions. A snowstorm and prolonged cold spell in January, followed by severe storms in the Bay of Biscay until mid?February, disrupted shipping and terminal operations. A four?day strike against pension reform also had a significant impact. The interruption of the nautical chain led to the diversion of several vessels to other ports and to planned call-sizes that could only be partially handled due to a lack of spare terminal capacity.

Dry bulk declined by 4.9%, due among other things to lower fertiliser volumes and the disappearance of coal traffic. Liquid bulk recorded slight growth of 0.2%, supported by a strong performance in March. However, developments within the segment varied widely: volumes increased for gasoline, naphtha, fuel oil and LNG, while diesel, kerosene and LPG declined.

Conventional general cargo was also under pressure, mainly due to lower steel exports to key markets such as the United States, Mexico and Canada, as well as the entry into force of the Carbon Border Adjustment Mechanism (CBAM) on 1 January 2026.

By contrast, the RoRo segment recorded growth, driven by higher volumes of new vehicles and high & heavy equipment.

These trends are influenced by changing market conditions, shifts in feedstock, anticipation of the European import ban on Russian LNG, as well as geopolitical tensions and market dynamics such as backwardation. Chemicals throughput remains under pressure due to the weak position of the European chemical industry.

The direct impact of the conflict in the Middle East remained limited in the first quarter due to longer sailing times via the Cape of Good Hope. The decline in imports from and exports to and from the Persian Gulf, of respectively 12% and 49%, during this period can largely be attributed to weather?related disruptions. At present, the most significant impact of the conflict and the blockade of the Strait of Hormuz is indirect, through rising energy and fuel prices.

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