Supply-demand relationship remained weak, and the composite index continued to decline
Ningbo Containerized Freight Index: In the week ending Jul-15, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 3259.5 points, slightly falling by 2.5% against last week. Meanwhile, three of the selected twenty-one routes maintain an upward trend while other eighteen have fallen. In addition, according to the freight indices of the primary ports along the Maritime Silk Road, three ports appear a constant rising tendency while other thirteen are declining.
Europe and Mediterranean routes: The overall capacity of the European and Mediterranean route was oversupplied, and the market freight rate continues to decline. This week, freight index in the route from Ningbo-Europe quotes 3965.5 points, down by 0.4% from one week ago . Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 3695.2 points and 4525.6 points, reducing by 1.9% and having a decrease of 3.5% against last week respectively.
North America route: The fundamentals of supply and demand were weak, and most carriers undersold their spaces to canvass more shipping orders. Therefore, the spot freight rate continues to fall. This week, freight indices in the routes from Ningbo to East America and West America quote 3244.4 points and 3985.4 points, slipping by 1.0% and dipping by 3.6% from one week ago respectively.
Mideast route: The market volume was relatively sluggish, the market competition intensified, and the decline in freight rates expanded. This week, freight index in the route from Ningbo-Mideast quotes 2650.4 points, down by 9.3% compared with last week.
Thailand and Vietnam route: The low loading rate forced various carriers to increase their efforts to canvass goods, and the spot freight rate fell rapidly. Therefore, the market freight rate fell rapidly. This week, freight index in the route from Ningbo to Thailand& Vietnam route quotes 1452.5 points, falling by 12.5% against last week.
Europe and Mediterranean routes: The overall capacity of the European and Mediterranean route was oversupplied, and the market freight rate continues to decline. This week, freight index in the route from Ningbo-Europe quotes 3965.5 points, down by 0.4% from one week ago . Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 3695.2 points and 4525.6 points, reducing by 1.9% and having a decrease of 3.5% against last week respectively.
North America route: The fundamentals of supply and demand were weak, and most carriers undersold their spaces to canvass more shipping orders. Therefore, the spot freight rate continues to fall. This week, freight indices in the routes from Ningbo to East America and West America quote 3244.4 points and 3985.4 points, slipping by 1.0% and dipping by 3.6% from one week ago respectively.
Mideast route: The market volume was relatively sluggish, the market competition intensified, and the decline in freight rates expanded. This week, freight index in the route from Ningbo-Mideast quotes 2650.4 points, down by 9.3% compared with last week.
Thailand and Vietnam route: The low loading rate forced various carriers to increase their efforts to canvass goods, and the spot freight rate fell rapidly. Therefore, the market freight rate fell rapidly. This week, freight index in the route from Ningbo to Thailand& Vietnam route quotes 1452.5 points, falling by 12.5% against last week.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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