Ningbo Containerized Freight Index Weekly Commentary (8.14-8.20）

Ship schedule adjustments were limited, and some routes had risen

 

Ningbo Containerized Freight Index: In the week ending Aug-20, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 3898.3 points, slightly up by 2.1% against last week. Meanwhile, fifteen of the selected twenty-one routes maintain an upward trend while other five have fallen and one keeps steady. In addition, according to the freight indices of the primary ports along the Maritime Silk Road, thirteen ports appear a constant rising tendency,three are declining and one maintains the same.

Europe and Mediterranean routes: Supply and demand stayed for a short time along the way. Although there were still some voyages, the freight rate was still flat. This week, freight index in the route from Ningbo-Europe quotes 5886.1 points, down by 0.5% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 4150.4 points and 5377.9 points, growing by 0.0% and rising by 1.0% against last week respectively.

North America route: The increase in port jumps and night shifts had caused an increase in the tightness of space. Therefore, the freight rate rose slightly. This week, freight indices in the routes from Ningbo to East America and West America quote 2859.0 points and 4025.0 points, increasing by 1.9% and climbing by 1.4% from one week ago respectively.

Mideast route: The adjustment of the shipping schedule of liner companies had led to an increase in empty shifts in the near future, the fundamentals of supply and demand had been unbalanced, and the freight rates had risen sharply in response to the trend. This week, freight index in the route from Ningbo-Mideast quotes 3959.9 points, having a week-on-week increase of 10.9% compared with last week.

India and Pakistan route: The market continued to maintain considerable cargo volume, but the shrinking capacity of the routes had not been improved after the middle of the year, and the tight space had pushed the freight rate to continue to rise. This week, freight index in the route from Ningbo to India &Pakistan route quotes 5038.1 points, up by 10.3% against last week.

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