Ningbo Containerized Freight Index Weekly Commentary (7.24-7.30）

The relationship between supply and demand was good, and the composite index kept rising

 

Ningbo Containerized Freight Index: In the week ending Jul-30, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 3694.7 points, slightly up by 1.2% against last week. Meanwhile, fifteen of the selected twenty-one routes maintain an upward trend while other six have fallen. In addition, according to the freight indices of the primary ports along the Maritime Silk Road, nine ports appear a constant rising tendency while other eight are declining.

Europe and Mediterranean routes: At the end of the month, European and Mediterranean routes remained hot. Therefore, the freight rates remained high. This week, freight index in the route from Ningbo-Europe quotes 5892.5 points, increasing 1.7% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 4166.4 points and 5324.3 points, reducing by 0.5% and rising by 0.1% against last week respectively.

North America route: The shipping space continued to be tight, and market freight rates continued to increase. High freight rates forced some cargo owners to slow down the pace of shipments. This week, freight indices in the routes from Ningbo to East America and West America quote 2510.3 points and 3586.6 points, increasing by 0.6% and climbing by 1.2% from one week ago respectively.

Mideast route: The fundamentals of supply and demand were basically stable, the loading rate of the route was at a high level, and the spot freight rate fluctuated little. This week, freight index in the route from Ningbo-Mideast quotes 3490.3 points, down by 0.1% compared with last week.

Australia and New Zealand route: The market's cargo volume was concentrated, the overall loading rate of the route was basically full. Therefore, it was difficult to find one cabin for some voyages, and the booking price continued to rise. This week, freight index in the route from Ningbo to Australia /New Zealand route quotes 5983.6 points, up by 7.4% against last week.

The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.