Most routes have sufficient space and the composite index continues to fall
Ningbo Containerized Freight Index: In the week ending May-5, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 705.5 points, slightly falling by 1.2% against last week. Meanwhile, seven of the selected twenty-one routes maintain an upward trend while other fourteen 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 shipping space on Europe and Mediterranean route is generally sufficient, the relationship between supply and demand remains stable, and booking prices in the spot market fluctuate slightly. This week, freight index in the route from Ningbo-Europe quotes 540.8 points, down by 1.5% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 877.7 points and 1011.4 points, reducing by 0.4% and rising by 1.9% against last week respectively.
North America route: Carriers continue to control capacity to stabilize freight rates, and market booking prices basically remain at the level of last week. This week, freight indices in the routes from Ningbo to East America and West America quote 811.4 points and 826.6 points, slipping by 0.4% and dipping by 0.3% from one week ago respectively.
Mideast route: The space on the route is generally sufficient, and the market booking price maintains a downward trend, but the decline is significantly narrowed compared with last week. This week, freight index in the route from Ningbo-Mideast quotes 940.9 points, down by 3.5% compared with last week.
India &Pakistan route: The supply of shipping capacity on routes is higher than the transportation demand, and the spot market booking price drops sharply at the beginning of the month. This week, freight index in the route from Ningbo to India &Pakistan route quotes 655.7 points, falling by 10.3% against last week.
Source:
MSRI
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