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Ningbo Containerized Freight Index Weekly Commentary (6.18-6.24)

The transportation demand was lower than expected, and the freight rate of European and American routes fell
 
Ningbo Containerized Freight Index: In the week ending Jun-24, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 3445.7 points, slightly falling by 0.8% 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, five ports appear a constant rising tendency while other eleven are declining.


Europe and Mediterranean routes: The loading rate of the Europe route was not good, and the market freight rate continued to show a downward trend. This week, freight index in the route from Ningbo-Europe quotes 4123.4 points, down by 0.4% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 3875.0 points and 4823.5 points, reducing by 3.7% and having a decrease of 2.3% against last week respectively.


North America route: Compared with the previous period, the shipping schedule was concentrated, and the shipping capacity of the route was excessive, especially for the West America route, and the market spot booking price continued to drop slightly. This week, freight indices in the routes from Ningbo to East America and West America quote 3360.3 points and 4287.0 points, slipping by 1.3% and dipping by 2.1% from one week ago respectively.


Mideast route: The market supply and demand relationship has stabilized, and the spot freight rate has declined. This week, freight index in the route from Ningbo-Mideast quotes 3249.2 points, down by 2.2% compared with last week.


Thailand and Vietnam route: The small peak of cargo shipments gradually subsided, coupled with the improvement in the punctuality rate of the shipping schedule, and most carriers demanded goods. Therefore, the market freight rate fell rapidly. This week, freight index in the route from Ningbo to Thailand& Vietnam route quotes 2079.7 points, falling by 7.8% against last week.






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