Ningbo Containerized Freight Index Weekly Commentary (10.14-10.20）

The relationship between supply and demand has improved and the composite index continues to rise

 

Ningbo Containerized Freight Index: In the week ending Oct-20, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 653.4 points, slightly up by 5.0% against last week. Meanwhile, sixteen of the selected twenty-one routes maintain an upward trend while other five have fallen. In addition, according to the freight indices of the primary ports along the Maritime Silk Road, fourteen ports appear a constant rising tendency while other two are declining.


Europe and Mediterranean routes: Although carriers continue to regulate shipping capacity, route freight rates remain stable and fluctuate. This week, freight index in the route from Ningbo-Europe quotes 351.0 points, down by 1.1% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 558.1 points and 632.3 points, growing by 1.7% and rising by 0.9% against last week respectively.


North America route: Transportation demand has recovered, carriers have also temporarily suspended large-scale sailings, and booking prices in the spot market have increased slightly. This week, freight indices in the routes from Ningbo to East America and West America quote 758.1 points and 1006.9 points, increasing by 3.8% and climbing by 2.6% from one week ago respectively.


Mideast route: Carriers strictly control shipping capacity, and the shortage of shipping space has caused booking prices in the spot market to continue to rise significantly. This week, freight index in the route from Ningbo-Mideast quotes 813.9 points, having a week-on-week increase of 22.3% compared with last week.


Red Sea route: The market shipment volume recovered significantly at the end of the month, shipping routes were tight, and booking prices in the spot market rose sharply. This week, freight index in the route from Ningbo to Red Sea route quotes 1077.1 points, up by 25.5% against last week.




Source: MSRI

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