The market looked forward to resuming work, and most freight rates fell
Ningbo Containerized Freight Index: In the week ending Mar-5, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 2152.9 points, slightly falling by 4.1% against last week. Meanwhile, five of the selected twenty-one routes maintain an upward trend while other sixteen have fallen. In addition, according to the freight indices of the primary ports along the Maritime Silk Road, three ports appear a constant rising tendency while other fourteen are declining.
Europe and Mediterranean routes: Insufficient transportation demand is due to the fact that China's production-oriented enterprises still need to further resume work to increase productivity. In Europe route, the declining of average loading rate has prompted box liners to continue to lower their freight rates; In Mediterranean route, due to the less capacity deployed by box liners , the market is under less pressure to attract cargo volume, and spot freight rates are generally stable. This week, freight index in the route from Ningbo-Europe quotes 3061.6 points, down by 4.1% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 2415.2 points and 3133.4 points, reducing by 0.9% and having a decrease of 0.6% against last week respectively.
North America route: Suffering from serious delays in shipping schedules, the actual shipping capacity of the route was still quite discounted. As a result, some voyages were still tight, and the freight rate continued to be stable at a high level. This week, freight indices in the routes from Ningbo to East America and West America quote 1743.4 points and 2326.7 points, increasing by 0.2% and climbing by 0.5% from one week ago respectively.
Mideast route: The market volume had not yet recovered, and competition among carriers had intensified. Therefore, the spot freight rate dropped rapidly. This week, freight index in the route from Ningbo-Mideast quotes 1455.9 points, down by 15.0% compared with last week.
Thailand& Vietnam route: The fundamentals of supply and demand were unstable, and the supply of route capacity exceeded demand. Most carriers had to undersell their spaces to canvass more shipping orders, which drove the decline of freight rates. This week, freight index in the route from Ningbo to Thailand& Vietnam route quotes 1558.3 points, falling by 10.8% against last week.
North America route: Suffering from serious delays in shipping schedules, the actual shipping capacity of the route was still quite discounted. As a result, some voyages were still tight, and the freight rate continued to be stable at a high level. This week, freight indices in the routes from Ningbo to East America and West America quote 1743.4 points and 2326.7 points, increasing by 0.2% and climbing by 0.5% from one week ago respectively.
Mideast route: The market volume had not yet recovered, and competition among carriers had intensified. Therefore, the spot freight rate dropped rapidly. This week, freight index in the route from Ningbo-Mideast quotes 1455.9 points, down by 15.0% compared with last week.
Thailand& Vietnam route: The fundamentals of supply and demand were unstable, and the supply of route capacity exceeded demand. Most carriers had to undersell their spaces to canvass more shipping orders, which drove the decline of freight rates. This week, freight index in the route from Ningbo to Thailand& Vietnam route quotes 1558.3 points, falling by 10.8% against last week.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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