Ningbo Containerized Freight Index: In the week ending Feb-19, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 2332.1 points, slightly falling by 1.1% against last week. Meanwhile, six of the selected twenty-one routes maintain an upward trend while other fifteen have fallen. In addition, according to the freight indices of the primary ports along the Maritime Silk Road, five ports appear a constant rising tendency while other twelve are declining.
Europe and Mediterranean routes: Affected by the Chinese New Year holiday, the new transportation demand was relatively flat, and some voyages continued to be suspended. Therefore, the supply -demand relationship was in sound level, and the freight rates after the holiday had dropped slightly. This week, freight index in the route from Ningbo-Europe quotes 3323.4 points, down by 1.1% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 2544.0 points and 3311.7 points, reducing by 0.6% and having a decrease of 2.5% against last week respectively.
North America route: Most companies had not yet resumed production capacity. Carriers temporarily reduced some of their capacity as planned. The remaining voyages could still maintained a high loading rate by relying on pre-holiday inventory sources, and the freight rates after the holiday were stable. This week, freight indices in the routes from Ningbo to East America and West America quote 1697.3 points and 2310.3 points, slipping by 0.1% and climbing by 0.4% from one week ago respectively.
Mideast route: The market volume was sluggish, and carriers had taken measures such as suspension of flights to control the scale of capacity in order to maintain the balance of supply and demand. After the holiday, the freight rates dropped slightly. This week, freight index in the route from Ningbo-Mideast quotes 1914.6 points, down by 1.9% compared with last week.
West South America route: It will take some time for the factory's production capacity to return to its normal level. Market transaction was light, and most carriers lower their freight rates to absorb cargo. This week, freight index in the route from Ningbo to India &Pakistan route quotes 3225.2 points, falling by 5.7% against last week.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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