News
The Ningbo Containerized Freight Index (NCFI), which was set at a baseline 1,000 points in Week 10 of 2012, reached 2,469.3 points in Week 22, according to the Ningbo Shipping Exchange (NBSE). At a time when shipping capacity remained insufficient, transport demand swelled, rising spot rates for container exports from Ningbo-Zhoushan. As a result, the composite index surged 12.9% from the previous week.
As for the individual NCFIs, there were increases on 18 of the 21 trade lanes to which they are applied, and decreases on three. On the routes to major ports on the so-called Maritime Silk Road, there were increases on those to 15 and a decrease on one.
The NCFIs stood at 2,681.1 points to Europe, up 13.9%; 2,364.1 points to the Eastern Mediterranean, up 10.2%; and 2,998.7 points to the Western Mediterranean, up 9.3%. On the trade from Ningbo-Zhoushan to Europe and the Mediterranean, shipping capacity remained in short supply against massive transport demand. There were space shortages, rising spot rates.
On the route to North America, the SCFIs picked up 13.3% to 2,579.8 points to the east coast and 17.8% to 3,714.5 points to the west coast. Most container carriers were fully loaded. In addition, operators announced freight rate hikes effective this month, which led to raising ex-Ningbo-Zhoushan spot rates.
To the Middle East, the SCFI increased 6.4% to 2,254.1 points. Supply and demand remained well balanced, increasing spot rates for containers from Ningbo-Zhoushan only mildly.
To India and Pakistan, the SCFI jumped 29.5% to 4,229.6 points. Container movement continued to grow, tightening shipping capacity. Shipping lines unveiled large-scale freight rate increases with the peak season being around the corner.
