News
The composite Ningbo Containerized Freight Index (NCFI) turned down again in Week 34, down 5.4% from the previous week to 2,310.2 points, as declines in spot rates for container exports from Ningbo to Europe and the Mediterranean accelerated, according to the Ningbo Shipping Exchange (NBSE). On the 21 trade lanes from Ningbo to which the individual NCFIs are applied, there were increases on four but decreases on 16. On the routes to major ports on the so-called Maritime Silk Road, the indices remained unchanged on one and decreased on 16.
The NCFIs fell 7.6% to 2,964.6 points to Europe, 4.7% to 2,062.1 points to the Eastern Mediterranean and 7.4% to 2,610.2 points to the Western Mediterranean. Ex-Ningbo spot rates waned more significantly as shipping lines upgraded services to enhance their timeliness at a time when there was leeway in shipping capacity.
On the trade to North America, the NCFIs slid 7.2% to 3,104 points to the east coast and 6.9% to 3,617.4 points to the west coast. Spot rates increased earlier but fell later in the week as transport demand was limited.
The NCFI sank 8.4% to 1,455.9 points to the Middle East as there was capacity oversupply, making spot rates continued to sag.
In contrast, the NCFI jumped 17.1% to 1,742.6 points to the west coast of South America. There was congestion at ports of origin in South America, urging carriers to adjust capacity, tightening space supply and notably hiking spot rates.
