Ningbo Containerized Freight Index Weekly Commentary (5.1-5.7）

The volume of cargos during the festival remained strong, the comprehensive index continued to rise

 

Ningbo Containerized Freight Index: In the week ending May-7, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 2597.4 points, slightly up by 0.8% against last week. Meanwhile, sixteen of the selected twenty-one routes maintain an upward trend while other five have fallen. In addition, according to the freight indices of the primary ports along the Maritime Silk Road, twelve ports appear a constant rising tendency while other five are declining.

Europe and Mediterranean routes: Thedemand for transportation remained high, the space on the route was basicallyused up, and there were still considerable cargoes that were forced to postponetheir shipment. The freight rate of the route has reached a new high after theinitial increase in the month, and the trend has been stable after May Day.This week, freight index in the route from Ningbo-Europe quotes 3720.2 points,down by 0.1% from one week ago. Freight indices in the routes from Ningbo toEast Mediterranean and West Mediterranean quote 3031.1 points and 3831.1points, reducing by 0.1% and rising by 0.1% against last week respectively

North America route: Thefreight rate rose to a record high at the beginning of the month, the marketsupply and demand fundamentals remained good after the holiday, and the bookingprice of some voyages rose slightly. This week, freight indices in the routesfrom Ningbo to East America and West America quote 1982.4 points and 2627.6points, increasing by 0.7% and climbing by 0.4% from one week ago respectively.

Mideast route: Duringthe May Day holiday, carriers mainly stock up cargo, and the freight rates forspot bookings were generally stable. This week, freight index in the route fromNingbo-Mideast quotes 2415.9 points, having a week-on-week increase of 0.8%compared with last week.

Australiaand New Zealand route: The cargo volume in the market hadgradually increased, and the overall shipping space of the route was tight, andthe carriers had successively increased the freight rate. This week, freightindex in the route from Ningbo to Red Sea route quotes 3364.9 points, up by7.7% against last week.

The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.