Ningbo Containerized Freight Index Weekly Commentary (7.1-7.7）

2023-07-11 11:47By： MSRI

The freight rate of most routes fall, and the composite index rebounds after rising

Ningbo Containerized Freight Index: In the week ending Jul-7, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 647.0 points, slightly falling by 4.0% against last week. Meanwhile, three of the selected twenty-one routes maintain an upward trend while other eighteen have fallen. In addition, according to the freight indices of the primary ports along the Maritime Silk Road, two ports appear a constant rising tendency while other fourteen are declining.

Europe and Mediterranean routes: The shipping capacity of the route is still surplus, and the spot market booking price continues to drop this week, and the decline narrows compared with last week. This week, freight index in the route from Ningbo-Europe quotes 462.4 points, down by 1.4% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 742.3 points and 845.4 points, reducing by 3.0% and having a decrease of 4.2% against last week respectively.

North America route: The supply and demand fundamentals of the market are stable. Following the sharp rise in freight rates last week, most carriers maintain the increased freight rates, but some carriers have slightly lowered the freight rates, and the spot market booking prices have dropped slightly. This week, freight indices in the routes from Ningbo to East America and West America quote 798.1 points and 811.7 points, slipping by 0.8% and dipping by 1.9% from one week ago respectively.

Mideast route: The market is sluggish, the carriers have further lowered the freight rate in order to maintain the loading rate, and the freight rate of the route has accelerated. This week, freight index in the route from Ningbo-Mideast quotes 718.7 points, down by 13.1% compared with last week.

India& Pakistan route: The volume of cargo shipped in the market has decreased, and the supply of shipping space is relatively sufficient, and the booking price in the spot market has dropped sharply. This week, freight index in the route from Ningbo to India &Pakistan route quotes 1294.1 points, falling by 19.5% against last week.