The relationship between supply and demand had eased, and the freight rates of most routes has fallen
Ningbo Containerized Freight Index: In the week ending Oct-22, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 4025.3 points, slightly falling by 0.1% against last week. Meanwhile, twelve of the selected twenty-one routes maintain an upward trend while other nine have fallen. In addition, according to the freight indices of the primary ports along the Maritime Silk Road, six ports appear a constant rising tendency while other eleven are declining.
Europe and Mediterranean routes: The market of the Europe and Mediterranean route was stable, and the market freight rate remained high. This week, freight index in the route from Ningbo-Europe quotes 5714.6 points, increasing 0.1% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 4307.8 points and 5522.2 points, reducing by 0.4% and rising by 0.3% against last week respectively.
North America route: The fundamentals of supply and demand remained stable as a whole, and some carriers tried to increase the booking prices for the first voyage of the US East Coast route in November. This week, freight indices in the routes from Ningbo to East America and West America quote 3140.4 points and 4265.4 points, increasing by 7.6% and climbing by 0.4% from one week ago respectively.
Mideast route: Demand has shrunk, but some voyages were empty in early November, so supply and demand have stabilized, and the market booking freight rate has dropped slightly. This week, freight index in the route from Ningbo-Mideast quotes 3371.2 points, down by 1.5% compared with last week.
Red Sea route: There was a gap between the freight demand and the supply of capacity, and carriers have adopted price adjustments to obtain sources of goods, and the price of spot bookings has accelerated. This week, freight index in the route from Ningbo to Red Sea route quotes 3893.0 points, falling by 10.5% against last week.
Europe and Mediterranean routes: The market of the Europe and Mediterranean route was stable, and the market freight rate remained high. This week, freight index in the route from Ningbo-Europe quotes 5714.6 points, increasing 0.1% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 4307.8 points and 5522.2 points, reducing by 0.4% and rising by 0.3% against last week respectively.
North America route: The fundamentals of supply and demand remained stable as a whole, and some carriers tried to increase the booking prices for the first voyage of the US East Coast route in November. This week, freight indices in the routes from Ningbo to East America and West America quote 3140.4 points and 4265.4 points, increasing by 7.6% and climbing by 0.4% from one week ago respectively.
Mideast route: Demand has shrunk, but some voyages were empty in early November, so supply and demand have stabilized, and the market booking freight rate has dropped slightly. This week, freight index in the route from Ningbo-Mideast quotes 3371.2 points, down by 1.5% compared with last week.
Red Sea route: There was a gap between the freight demand and the supply of capacity, and carriers have adopted price adjustments to obtain sources of goods, and the price of spot bookings has accelerated. This week, freight index in the route from Ningbo to Red Sea route quotes 3893.0 points, falling by 10.5% against last week.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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