Ningbo Containerized Freight Index Weekly Commentary (5.21-5.27）

The space supply of many routes was tight, and the composite index continued to rise

 

Ningbo Containerized Freight Index: In the week ending May-27, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 3504.1 points, slightly up by 0.7% against last week. Meanwhile, sixteen of the selected twenty-one routes maintain an upward trend while other four have fallen and one keeps steady. In addition, according to the freight indices of the primary ports along the Maritime Silk Road, fourteen ports appear a constant rising tendency,one are declining and one maintains the same.

Europe and Mediterranean routes: At the end of the month, the shipping space of the Europe and Mediterranean route was generally tight, the freight rate of some carriers increased slightly, and the overall freight rate of the Mediterranean route was stable. This week, freight index in the route from Ningbo-Europe quotes 4279.7 points, increasing 1.1% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 4129.7 points and 4946.7 points, growing by 0.3% and having a decrease of 0.0% against last week respectively.

North America route: The space supply was abundant, and the market freight rate continued to drop slightly. This week, freight indices in the routes from Ningbo to East America and West America quote 3443.9 points and 4843.2 points, slipping by 2.7% and dipping by 1.8% from one week ago respectively.

Mideast route: The space supply side was unstable and the shortage of transportation capacity drives the spot freight rate to continue to rise. This week, freight index in the route from Ningbo-Mideast quotes 2877.3 points, having a week-on-week increase of 2.4% compared with last week.

Philippines route: At the end of the month, the transportation demand rebounded, and the delay of the shipping schedule was serious, resulting in tight shipping space and a rapid rise in spot freight rates. This week, freight index in the route from Ningbo to Philippines route quotes 116.8 points, up by 10.7% against last week.

 

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