25.08.07NCFI Plunges 20.5% MoM in July

The composite Ningbo Containerized Freight Index (NCFI) averaged 1,183.7 points in July, down 20.5% from June and 56.7% from July 2024, according to the Ningbo Shipping Exchange (NBSE). On the selected 21 trade lanes from Ningbo to which the individual NCFIs are applied, four saw their freight rate indices rise, and the remaining 17 saw theirs fall. As for the major ports along the so-called Maritime Silk Road, all of the 16 witnessed their indices rise.

On the trade to Europe, transport demand and capacity supply were balanced, making freight rates fluctuate within a small range. On that to the Mediterranean, demand remained weaker than expected, causing rates to fall. However, some carriers unveiled early August general rate increases (GRIs), decelerating the rate falls.

The NCFIs stood at 1,435.2 points on average to Europe, up 11% from the previous month but down 60.5% from the same month of 2024; 1,119.2 points to the Eastern Mediterranean, down 22.8% from the previous month and 55.7% from the same month of 2024; and 1,496.4 points to the Western Mediterranean, down 19.7% from the previous month and 55.1% from the same month of 2024.

The NCFI, an indicator for spot rates for container exports from Ningbo, is issued by the NBSE with help from the Baltic and International Maritime Council (BIMCO) and was set at a baseline of 1,000 points in Week 10 of 2012.