Ningbo Containerized Freight Index Weekly Commentary (4.1-4.7）

2023-04-12 11:46By： MSRI

The freight rate of most routes rose, and the increase of the composite index expanded

Ningbo Containerized Freight Index: In the week ending Apr-7, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 683.7 points, slightly up by 4.3% against last week. Meanwhile, fourteen of the selected twenty-one routes maintain an upward trend while other seven have fallen. In addition, according to the freight indices of the primary ports along the Maritime Silk Road, twelve ports appear a constant rising tendency while other four are declining.

Europe and Mediterranean routes: The shipping space of some voyages was tight, and the freight rate of the route rose slightly. This week, freight index in the route from Ningbo-Europe quotes 560.2 points, increasing 1.8% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 888.0 points and 1024.0 points, growing by 2.2% and rising by 2.9% against last week respectively.

North America route: The carriers took the initiative to push up the freight rates for voyages starting from mid-April, and the booking prices in the spot market stopped falling and rebounded, and the increase was more obvious due to the lower freight rates of the West America route. This week, freight indices in the routes from Ningbo to East America and West America quote 671.9 points and 711.8 points, increasing by 1.4% and climbing by 8.4% from one week ago respectively.

Mideast route: With the gradual recovery of market cargo volume, the relationship between supply and demand of routes further improved, and the spot market booking prices continued to rise. This week, freight index in the route from Ningbo-Mideast quotes 895.5 points, having a week-on-week increase of 6.2% compared with last week.

India& Pakistan route: The transportation demand continued to recover, and the carriers controlled the suspension of some voyages, resulting in a shortage of space on the route. Therefore, the spot market booking price continued to rise sharply for two weeks. This week, freight index in the route from Ningbo to India &Pakistan route quotes 853.4 points, up by 17.5% against last week.