News
The composite Ningbo Containerized Freight Index (NCFI), which was set at a benchmark 1,000 points in Week 10 of 2012, reached 1,531.6 points in Week 42, up 2.5% from the previous week, according to the Ningbo Shipping Exchange (NBSE). On the selected 21 trade lanes from Ningbo to which the individual NCFIs are applied, 13 saw their freight rate indices rise, and the remaining eight saw theirs fall. As for the major ports along the so-called Maritime Silk Road, 13 saw their indices increase; two, decrease; and the remaining one, unchanged.
The individual NCFIs, more specifically, stood at 1,285.5 points to Europe, down 0.6%; 1,058.1 points to the Eastern Mediterranean, down 1%; and 1,367.2 points to the Western Mediterranean, down 1.7%. Supply and demand were balanced on both the trade lanes to Europe and the Mediterranean. Spot rates were stable although slightly waning, encouraging some operator to hike freight rates at the end of the month.
To North America, the NCFIs quoted 1,726.4 points to the east coast, down 14.5%, and 2,798 points to the west coast, down 5.1%. On the west coast route, blank sailings returned in service one after another at a time when container movement was brisker than that to the east coast. As such, freight rate falls were not as significant.
To the Middle East, the NCFI jumped 48.8% to 1,220.7 points. Shipping lines strictly controlled shipping capacity, leading to a tight supply and notable spot rate declines.
To India and Pakistan, the NCFI soared 78.8% to 1,662.7 points. Container movement increased so remarkably as to bring about a capacity shortage and considerable rate falls.
