The shortage of containers still cannot be solved, freight rates are rising on most service routes
Ningbo Containerized Freight Index：In the week ending Oct-30, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 1320.6 points, slightly up by 5.9% against last week. Meanwhile, twenty of the selected twenty-one routes maintain an upward trend while other one have fallen. In addition, according to the freight indices of the primary ports along the Maritime Silk Road, fifteen ports appear a constant rising tendency while other two are declining.
Europe and Mediterranean routes: In the European and Mediterranean routes, during the peak season for Christmas cargo shipments, the transportation demand was hot. Affected by the container shortage, shipping space continues to be tight, the market booking prices rise. This week, freight index in the route from Ningbo-Europe quotes 915.6 points, increasing 6.9% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 881.5 points and 1001.4 points, growing by 5.7% and by 5.3% against last week respectively.
North America route: In the North American Route, market supply and demand fundamentals remained balanced at the end of the month, and a few box liners slightly raised freight rates, while overall freight rates did not fluctuate significantly. This week, freight indices in the routes from Ningbo to East America and West America quote 1657.9 points and 2347.4 points, increasing by 1.3% and by 2.7% from one week ago respectively.
Mideast route: In the Middle East route, after the previous continuous increase of freight rate, the freight rate has been at a high level, but the market cargo volume has not increased much, so the demand and the rate of freight tend to be stable. This week, freight index in the route from Ningbo-Mideast quotes 1200.3 points, down by 0.4% compared with last week.
Thailand& Vietnam route: In the Thailand and Vietnam routes, due to the expansion of the impact of container shortage, the hot market transport demand than the existing capacity has a large gap, freight continues to rise.This week, freight index in the route from Ningbo to Thailand& Vietnam route quotes 1180.9 points, up by 45.8% against last week.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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