Transportation demand is overall weak and freight rates on most routes have fallen
Ningbo Containerized Freight Index: In the week ending Nov-17, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 680.8 points, slightly falling by 4.7% 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, four ports appear a constant rising tendency while other twelve are declining.
Europe and Mediterranean routes: Affected by the Christmas period in port time, transportation demand on European routes has narrowed, most carriers have insufficient loading rates, and market freight rates continue to fall. This week, freight index in the route from Ningbo-Europe quotes 437.2 points, down by 5.5% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 616.5 points and 666.0 points, reducing by 0.3% and rising by 0.9% against last week respectively.
North America route: The supply of shipping space on routes exceeds demand, and market freight rates continue to fall. Among them, the West America route has more sufficient space, and the cargo volume has decreased compared with the previous period, resulting in a larger decline. This week, freight indices in the routes from Ningbo to East America and West America quote 799.5 points and 968.0 points, slipping by 2.7% and dipping by 10.9% from one week ago respectively.
Mideast route: As the pace of shipments slowed down, the problem of excess shipping space became apparent, and market booking prices fell slightly. This week, freight index in the route from Ningbo-Mideast quotes 881.2 points, down by 7.4% compared with last week.
India &Pakistan route: The destination market has entered traditional holidays, the market shipment volume has dropped significantly, and route freight rates have dropped significantly. This week, freight index in the route from Ningbo to India &Pakistan route quotes 906.9 points, falling by 19.1% against last week.
Source: MSRI
Europe and Mediterranean routes: Affected by the Christmas period in port time, transportation demand on European routes has narrowed, most carriers have insufficient loading rates, and market freight rates continue to fall. This week, freight index in the route from Ningbo-Europe quotes 437.2 points, down by 5.5% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 616.5 points and 666.0 points, reducing by 0.3% and rising by 0.9% against last week respectively.
North America route: The supply of shipping space on routes exceeds demand, and market freight rates continue to fall. Among them, the West America route has more sufficient space, and the cargo volume has decreased compared with the previous period, resulting in a larger decline. This week, freight indices in the routes from Ningbo to East America and West America quote 799.5 points and 968.0 points, slipping by 2.7% and dipping by 10.9% from one week ago respectively.
Mideast route: As the pace of shipments slowed down, the problem of excess shipping space became apparent, and market booking prices fell slightly. This week, freight index in the route from Ningbo-Mideast quotes 881.2 points, down by 7.4% compared with last week.
India &Pakistan route: The destination market has entered traditional holidays, the market shipment volume has dropped significantly, and route freight rates have dropped significantly. This week, freight index in the route from Ningbo to India &Pakistan route quotes 906.9 points, falling by 19.1% against last week.
Source: MSRI
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