Ningbo Containerized Freight Index:
In the week ending Mar-10, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 614.1 points, slightly falling by 3.7% against last week. Meanwhile, four of the selected twenty-one routes maintain an upward trend while other seventeen 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 cargo volume in the Europe route market began to gradually recover, and carriers controlled a certain proportion of suspended sailings, the relationship between supply and demand eased, and the freight rate of routes fluctuated stably. The freight rate of the Mediterranean route continued to drop. This week, freight index in the route from Ningbo-Europe quotes 546.7 points, increasing 1.6% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 876.1 points and 1003.4 points, reducing by 5.8% and having a decrease of 1.3% against last week respectively.
North America route: The cargo volume in the market was generally insufficient, and some carriers have slightly lowered the freight rate in order to maintain the loading rate. This week, freight indices in the routes from Ningbo to East America and West America quote 713.3 points and 659.7 points, slipping by 4.3% and dipping by 3.2% from one week ago respectively.
Mideast route: The transportation demand continued to be sluggish, the market space supply was oversupplied, and the market booking price continued to drop this week. This week, freight index in the route from Ningbo-Mideast quotes 537.7 points, down by 8.2% compared with last week.
S. Africa route: The recovery of cargo volume was not as expected, and carriers have lowered freight rates. Therefore, the drop in booking prices in the spot market has expanded. This week, freight index in the route from Ningbo to South Africa route quotes 1091.5 points, falling by 17.5% against last week.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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