News
The composite Ningbo Containerized Freight Index (NCFI) closed at 1,445.4 points in Week 9, down 5.8% from the previous week, according to the Ningbo Shipping Exchange (NBSE). Spot rates for container exports from Ningbo-Zhoushan declined on most trade lanes due to sluggishness in demand across the board. On the 21 routes to which the individual NCFIs are applied, there were increases on three and decreases on 18. On those to the major ports on the so-called Maritime Silkroad, the indices were down on five and up on 11.
On the trades from Ningbo-Zhoushan to Europe and the Mediterranean, container movement was weak. Most carriers had excess capacity, making spot rates plunge. The NCFIs went down 9.9% to 1,556 points to Europe, 8.1% to 1,602.9 points to the Eastern Mediterranean and 7.1% to 1,975.9 points to the Western Mediterranean.
On the route to North America, capacity is slowly returning to the market, which is generating overcapacity and lowering spot rates. The NCFIs were down 2.9% to 2,051.2 points to the east coast and 6.4% to 2,524.5 points to the west coast.
