Ningbo Containerized Freight Index: In the week ending Feb-24, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 656.5 points, slightly falling by 3.9% against last week. Meanwhile, six of the selected twenty-one routes maintain an upward trend while other fourteen have fallen and one keeps steady. 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 eight are declining.
Europe and Mediterranean routes: The supply of shipping space in the market is sufficient, and the shipment volume is still at a low level. Therefore, the booking price in the spot market drops slightly. This week, freight index in the route from Ningbo-Europe quotes 560.7 points, down by 2.8% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 927.3 points and 1035.7 points, reducing by 4.8% and having a decrease of 4.2% against last week respectively.
North America route: Although the carriers have controlled a certain proportion of suspended sailings, the supply of shipping capacity is still in excess of the transportation demand, and the booking price in the spot market continues to drop slightly. This week, freight indices in the routes from Ningbo to East America and West America quote 773.5 points and 695.0 points, slipping by 4.8% and dipping by 2.4% from one week ago respectively.
Mideast route: The demand for freight in the market is generally low, and carriers undersell their spaces to canvass more shipping orders, and the booking price in the spot market continues to fall. This week, freight index in the route from Ningbo-Mideast quotes 627.2 points, down by 12.3% compared with last week.
Thailand& Vietnam route: The market has entered the traditional peak season for shipments, the relationship between supply and demand of routes has improved, and the booking price in the spot market has risen sharply. This week, freight index in the route from Ningbo to Thailand& Vietnam route quotes 316.9 points, up by 72.9% against last week.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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