Ningbo Containerized Freight Index Weekly Commentary (3.25-3.31）

Carriers strictly controlled shipping capacity, and the composite index continued to rise

 

Ningbo Containerized Freight Index: In the week ending Mar-31, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 655.4 points, slightly up by 0.7% against last week. Meanwhile, eight of the selected twenty-one routes maintain an upward trend while other thirteen have fallen. 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 on the Europe and Mediterranean routes were sufficient compared with the cargo demand, and the freight rate of the route rose and then fell. This week, freight index in the route from Ningbo-Europe quotes 550.2 points, down by 2.7% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 868.9 points and 995.5 points, reducing by 5.5% and having a decrease of 3.9% against last week respectively.


North America route: Carriers actively adjusted their capacity, cargo demand gradually recovered, and freight rates fluctuated steadily. This week, freight indices in the routes from Ningbo to East America and West America quote 662.7 points and 656.4 points, slipping by 0.1% and dipping by 0.4% from one week ago respectively.


Mideast route: The large-scale suspendment of carriers supported the upward trend of freight rates, but the month-on-month increase was significantly smaller than that of last week.This week, freight index in the route from Ningbo-Mideast quotes 843.1 points, having a week-on-week increase of 4.9% compared with last week.


India& Pakistan route: The demand for transportation in the market was increasing rapidly, and the space on the route was relatively tight, and the booking price in the spot market has risen sharply. This week, freight index in the route from Ningbo to India &Pakistan route quotes 726.4 points, up by 25.9% against last week.



Source: MSRI

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