Ningbo Containerized Freight Index Weekly Commentary (3.13-3.19）

The market volume gradually picked up, the composite index rose slightly

 

 

Ningbo Containerized Freight Index: In the week ending Mar-26, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 2040.2 points, slightly up by 1.3% against last week. Meanwhile, nine of the selected twenty-one routes maintain an upward trend while other twelve have fallen. In addition, according to the freight indices of the primary ports along the Maritime Silk Road, twelve ports appear a constant rising tendency while other five are declining.

Europe and Mediterranean routes: Transportation demand showed an upward trend. Recently, some voyages were frequently delayed, resulting in a decrease in the actual capacity of European-to-land routes, and the overall space began to be tight, but the freight rate fluctuated slightly.  This week, freight index in the route from Ningbo-Europe quotes 2803.9 points, down by 0.7% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 2330.3 points and 2948.2 points, reducing by 0.2% and having a decrease of 0.3% against last week respectively.

North America route: The cargo volume in the market was recovering steadily, and the supply and demand were basically good. Among them, the east coast of North American route had a small capacity base and tighter shipping space, resulting in an increase in freight rates. This week, freight indices in the routes from Ningbo to East America and West America quote 1852.9 points and 2331.3 points, increasing by 7.2% and climbing by 2.8% from one week ago respectively.

Mideast route: Under the control of the carriers' capacity, the supply-demand relationship was generally balanced, and the spot freight rate had risen slightly. This week, freight index in the route from Ningbo-Mideast quotes 1390.2 points, having a week-on-week increase of 1.6% compared with last week.

Red Sea route: The carriers had arranged suspension of multiple voyages, and the capacity had been greatly reduced. As Ramadan was approaching, demand was rising rapidly, space was tight, and market booking prices had risen sharply. This week, freight index in the route from Ningbo to Red Sea route quotes 1544.9 points, up by 34.8% against last week.

 

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