The demand is Insufficient, and the freight rates fell slightly
Ningbo Containerized Freight Index: In the week ending Nov-10, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 714.7 points, slightly falling by 5.1% 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, three ports appear a constant rising tendency,twelve are declining and one maintains the same.
Europe and Mediterranean routes: The overall shipping demand in the market is weak, and the fundamentals of routes are oversupply. Freight prices have fallen sharply after being briefly pushed up. This week, freight index in the route from Ningbo-Europe quotes 462.7 points, down by 10.4% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 618.6 points and 659.8 points, reducing by 3.7% and having a decrease of 5.6% against last week respectively.
North America route: As the temporarily suspended shipping capacity began to recover, the market was in a state of oversupply, and the route freight rates fell back to the level before the increase. This week, freight indices in the routes from Ningbo to East America and West America quote 821.8 points and 1086.2 points, slipping by 3.3% and dipping by 11.2% from one week ago respectively.
Mideast route: The supply and demand fundamentals of the routes have generally remained stable. After the market freight rates rose sharply in the previous period, the freight rates have made a slight correction. This week, freight index in the route from Ningbo-Mideast quotes 951.1 points, down by 3.7% compared with last week.
Europe and Mediterranean routes: The overall shipping demand in the market is weak, and the fundamentals of routes are oversupply. Freight prices have fallen sharply after being briefly pushed up. This week, freight index in the route from Ningbo-Europe quotes 462.7 points, down by 10.4% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 618.6 points and 659.8 points, reducing by 3.7% and having a decrease of 5.6% against last week respectively.
North America route: As the temporarily suspended shipping capacity began to recover, the market was in a state of oversupply, and the route freight rates fell back to the level before the increase. This week, freight indices in the routes from Ningbo to East America and West America quote 821.8 points and 1086.2 points, slipping by 3.3% and dipping by 11.2% from one week ago respectively.
Mideast route: The supply and demand fundamentals of the routes have generally remained stable. After the market freight rates rose sharply in the previous period, the freight rates have made a slight correction. This week, freight index in the route from Ningbo-Mideast quotes 951.1 points, down by 3.7% compared with last week.
W. South America route: The supply of space on routes is sufficient, and the decline in booking prices in the spot market further expanded. This week, freight index in the route from Ningbo to West South America quotes 587.0 points, falling by 10.7% against last week.
Source: MSRI
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