Ningbo Containerized Freight Index Weekly Commentary (3.13-3.19）

Transportation demand gradually recovered, and freight rates fluctuated slightly

 

Ningbo Containerized Freight Index: In the week ending Mar-19, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 2014.6 points, slightly falling by 1.0% 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, seven ports appear a constant rising tendency while other ten are declining.

Europe and Mediterranean routes: The market conditions were gradually picking up, but the loading rate of different voyages had diverged. Most carriers continued to maintain their freight rates, and some carriers slightly lowered their freight rates. This week, freight index in the route from Ningbo-Europe quotes 2824.0 points, down by 1.6% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 2335.4 points and 2956.3 points, reducing by 0.8% and having a decrease of 1.7% against last week respectively.

North America route: The overall loading rate of North American route remained high, and the space of the east coast of this route was relatively tight. Therefore, the market freight rate was generally stable. This week, freight indices in the routes from Ningbo to East America and West America quote 1728.1 points and 2267.7 points, slipping by 0.2% and dipping by 0.6% from one week ago respectively.

Mideast route: Carriers had stepped up their capacity control efforts, and the number of empty-loaded voyages had increased. The spot freight rates had rebounded. This week, freight index in the route from Ningbo-Mideast quotes 1368.4 points, having a week-on-week increase of 6.9% compared with last week.

South America route: The recovery of transportation demand was relatively slow, and some carriers were eager to make goods, and most of them resorted to price reductions as a response plan. The freight rates continued to fall. This week, freight index in the route from Ningbo to the east coast of South America quotes 3611.8 points, falling by 4.8% against last week.

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