Ningbo Containerized Freight Index Weekly Commentary (2.11-2.17）

2023-02-21 09:39By： MSRI

The supply in the traditional off-season was insufficient, and the composite Index continued to fall

Ningbo Containerized Freight Index: In the week ending Feb-17, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 683.5 points, slightly falling by 3.1% against last week. Meanwhile, six of the selected twenty-one routes maintain an upward trend while other fifteen have fallen. In addition, according to the freight indices of the primary ports along the Maritime Silk Road, four ports appear a constant rising tendency while other twelve are declining.

Europe and Mediterranean routes: The cargo volume recovered slowly but remained at a low level. The freight rates of Europe and the West Mediterranean routes maintained a downward trend, while the freight rates of the East Mediterranean route stopped falling and stabilized. This week, freight index in the route from Ningbo-Europe quotes 577.0 points, down by 5.6% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 974.1 points and 1080.6 points, growing by 0.9% and having a decrease of 3.0% against last week respectively.

North America route: The carriers controlled a relatively large proportion of suspensions to slow down the decline in freight rates after the festival, and the decline in market booking prices was significantly narrowed compared with last week. This week, freight indices in the routes from Ningbo to East America and West America quote 812.8 points and 711.7 points, slipping by 1.3% and dipping by 1.7% from one week ago respectively.

Mideast route: The recovery of cargo volume in the market was not as expected, the freight rate increased at the beginning of the month was difficult to maintain, and the spot market booking price has accelerated to drop. This week, freight index in the route from Ningbo-Mideast quotes 715.4 points, down by 11.2% compared with last week.

W. Africa route: The transportation demand continued to be sluggish, the space on the route was surplus, and the booking price in the spot market dropped sharply. This week, freight index in the route from Ningbo to West Africa route quotes 638.5 points, falling by 8.1% against last week.