In the week ending Mar-12, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 2035.2 points, slightly falling by 5.5% against last week. Meanwhile, no of the selected twenty-one routes maintain an upward trend while other twenty-one have fallen. In addition, according to the freight indices of the primary ports along the Maritime Silk Road, while other seventeen are declining.
Europe and Mediterranean routes: The overall cargo volume in the market was not sufficient, and some voyages had obvious surplus, forcing the corresponding carriers to lower their booking prices. This led to a continued decline in freight rates. This week, freight index in the route from Ningbo-Europe quotes 2871.1 points, down by 6.2% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 2354.2 points and 3007.1 points, reducing by 2.5% and having a decrease of 4.0% against last week respectively.
North America route: The problem of insufficient capacity caused by ship schedule disorder still existed. The supply and demand fundamentals of the routes were stable, and some voyages were tight. Therefore, the freight rates fluctuated less. This week, freight indices in the routes from Ningbo to East America and West America quote 1732.3 points and 2281.0 points, slipping by 0.6% and dipping by 2.0% from one week ago respectively.
Mideast route: The sluggish transportation demand caused a gap in the overall cargo volume of the route. Under the intensified competition, the freight rate was difficult to maintain, and the booking price continued to fall. This week, freight index in the route from Ningbo-Mideast quotes 1279.7 points, down by 12.1% compared with last week.
Red Sea route: The recovery of cargo volume was not as good as expected, and the shortage of goods was more serious. Carriers competed to cut prices to attract cargo, and freight rates dropped sharply. This week, freight index in the route from Ningbo to Red Sea route quotes 1154.9 points, falling by 27.5% against last week.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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