Freight rates on Europe and Mediterranean routes push up, and the decline in the composite index narrows
Ningbo Containerized Freight Index: In the week ending Nov-24, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 677.6 points, slightly falling by 0.5% against last week. Meanwhile, eight of the selected twenty-one routes maintain an upward trend while other thirteen have fallen. In addition, according to the freight indices of the primary ports along the Maritime Silk Road, nine ports appear a constant rising tendency while other seven are declining.
Europe and Mediterranean routes: Carriers have reduced the available shipping capacity in the market and actively pushed up freight rates for voyages launched after December. Freight rates on the Europe and Mediterranean routes have increased sharply. Among them, freight rates on the East Mediterranean route have remained stable due to relatively sufficient space. This week, freight index in the route from Ningbo-Europe quotes 477.4 points, increasing 9.2% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 620.8 points and 781.8 points, growing by 0.7% and rising by 17.4% against last week respectively.
North America route: The West America route has sufficient space and freight rates continue to fall. The supply and demand fundamentals of the East America route are relatively balanced and freight rates fluctuate steadily. This week, freight indices in the routes from Ningbo to East America and West America quote 792.5 points and 939.1 points, slipping by 0.9% and dipping by 3.0% from one week ago respectively.
Mideast route: The supply of route capacity exceeds demand, and booking prices in the spot market continue to fall. This week, freight index in the route from Ningbo-Mideast quotes 838.2 points, down by 4.9% compared with last week.
N. Africa route: The market shipment volume has increased, and route freight rates have increased slightly. This week, freight index in the route from Ningbo to North Africa route quotes 731.2 points, up by 7.9% against last week.
Source: MSRI
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