News
The composite Ningbo Containerized Freight Index (NCFI) reached 2,440.9 points in Week 33, up 0.2% from the previous week as spot rates for exports to North America improved, according to the Ningbo Shipping Exchange (NBSE). On the 21 trade lanes to which the individual NCFIs are applied, there were increases on six but decreases on 13. On the 16 routes to major ports on the so-called Maritime Silk Road, there was an increase on that to one but decreases on those to the remaining 15.
The individuals NCFIs stood at 3,207.6 points to Europe, down 6%; 2,163.5 points to the Eastern Mediterranean, down 4.2%; and 2,817.5 points to the Western Mediterranean, down 3.1%. On the routes to Europe and the Mediterranean, transport demand was weak across the board, while shipping capacity was oversupplied. Spot rates for container exports from Ningbo, therefore, continued to fall.
On the trade lanes to North America, the NCFIs came to 3,345.3 points to the east coast, up 3.9%, and 3,884.7 points to the west coast, up 12.9%. Shipping lines were positive in rate hikes, which were made in smaller scales but at higher levels on the route to the east coast than on that to the west coast.
On the route to the Middle East, the NCFI fell 2.7% to 1,589 points, as shipping companies reduced capacity to keep pace with a demand shortage, keeping rate falls moderate.
On the trade to India and Pakistan, the NCFI plunged 13.6% to 2,046.8 points, as spot rates continued to slide due to capacity oversupply.
