Ningbo Containerized Freight Index Weekly Commentary (10.30-11.5）

The relationship between supply and demand had eased, and the freight rates of most routes has fallen

 

Ningbo Containerized Freight Index: In the week ending Nov-5, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 3964.5 points, slightly falling by 1.1% against last week. Meanwhile, five of the selected twenty-one routes maintain an upward trend while other sixteen have fallen. In addition, according to the freight indices of the primary ports along the Maritime Silk Road, eight ports appear a constant rising tendency while other nine are declining.

Europe and Mediterranean routes: The market was sluggish, and the loading rate of carriers was different due to the difference in cargo load structure. Some carriers have increased their efforts to solicit cargo, which led to a slight drop in spot freight rates. This week, freight index in the route from Ningbo-Europe quotes 5586.9 points, down by 2.2% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 4245.4 points and 5322.8 points, reducing by 1.4% and having a decrease of 3.6% against last week respectively.

North America route: The market volume has declined slightly. Due to the large number of blank sailings, the overall supply-demand relationship was stable, and the market freight rate remained high.  This week, freight indices in the routes from Ningbo to East America and West America quote 3125.7 points and 4286.7 points, slipping by 0.5% and climbing by 0.5% from one week ago respectively.

Mideast route: The demand for shipping route transportation was declining, and carriers maintained the balance of supply and demand by controlling the inventory capacity, and the market freight rate fluctuated slightly. This week, freight index in the route from Ningbo-Mideast quotes 3388.3 points, having a week-on-week increase of 0.5% compared with last week.

Thailand& Vietnam route: Transportation demand has gradually increased, and some voyages have even experienced cabin bursts, and the booking prices have risen sharply. This week, freight index in the route from Ningbo to Thailand& Vietnam route quotes 1752.2 points, up by 25.6% against last week.

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