News
The composite Ningbo Containerized Freight Index (NCFI) closed at 1,566.3 points in Week 4, according to the Ningbo Shipping Exchange (NBSE). Spot rates for container exports from Ningbo-Zhoushan declined on almost all trade lanes as transport demand got weaker with Luner New Year coming up. The composite index, as such, fell 5% from the previous week, which was a week-on-week decrease for two back-to-back weeks. On the 21 trades to which the individual NCIFs are applied, there were increases on three and decreased on 18. On the routes to major ports on the so-called Maritime Silk Road, there were declines on those to 16 ports.
On the route to Europe and the Mediterranean, the NCFIs went down 7.2% to 1,890 points to Europe, 5.7% to 1,895.7 points to the Eastern Mediterranean and 8.3% to 2,318.7 points to the Western Mediterranean. With the Lunar New Year holidays on Feb. 10-17 approaching, containers were shipped at lower paces at a time when shipping lines were lowering freight rates to attract cargo, which made ex-Ningbo-Zhoushan spot rates continue to fall.
The NCFIs were down 0.2% to 2,218.5 points to the east coast of North America and 1.7% to 2,585.9 points to the west coast. As demand was brisk on the trade to North America, spot rates for exports from Ningbo-Zhoushan fluctuated stably within a narrow range.
The NCFI plunged 11.5% to 1,212.9 points to the Middle East. Demand continued to sag on the route to the Middle East, urging shipping companies to work to secure jobs by lowering freight rates. As a result, spot rates for containers from Ningbo-Zhoushan remained on a downward trend.
