News
The composite Ningbo Containerized Freight Index (NCFI) quoted 1,023.2 points in Week 36. The index fell 6.8% from the previous week as spot rates for container exports from Ningbo decreased on most trade lanes due to weaker-than-expected demand. On the selected 21 trade lanes from Ningbo to which the individual NCFIs are applied, three saw their freight rate indices rise and the remaining 18 saw theirs fall. As for the major ports along the so-called Maritime Silk Road, three saw their indices increase and 13 saw theirs decrease.
On the routes to Europe and the Mediterranean, shipping capacity remained high as a time when container movements were slow. Furthermore, some lines decreased freight rates to attract cargo, keeping spot rates on the decline. The NCFIs fell 7.9% to 855.9 points to Europe, 7.7% to 865.3 points to the Eastern Mediterranean and 10.3% to 1,061.1 points to the Western Mediterranean.
Exports to North America were dull in reaction to massive shipments and resulting from a general rate increase (GRI) in the previous week, while carriers did not reinforce capacity adjustments. As a result, spot rates slightly declined. The NCFIs slid 3.2% to 1,085.3 points to the east coast and 4.2% to 1,338.3 points to the west coast.
The NCFI, an indicator for spot rates for container exports from Ningbo, is issued by the Ningbo Shipping Exchange (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.
