Transportation demand has not recovered, and the composite index continued to fall
Ningbo Containerized Freight Index: In the week ending Aug-5, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 2912.4 points, slightly falling by 4.1% against last week. Meanwhile, one of the selected twenty-one routes maintain an upward trend while other twenty have fallen. In addition, according to the freight indices of the primary ports along the Maritime Silk Road, one ports appear a constant rising tendency while other fifteen are declining.
Europe and Mediterranean routes: The supply and demand relationship between Europe and Mediterranean routes maintained a situation of oversupply, and the market freight rate continued to decline. This week, freight index in the route from Ningbo-Europe quotes 3753.4 points, down by 3.4% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 3393.8 points and 4204.7 points, reducing by 4.6% and having a decrease of 4.5% against last week respectively.
North America route: The cargo volume on the West America route did not increase, and the spot freight rate continued to decline; the supply and demand relationship on the East America route was relatively stable, and the freight rate trend was stable. This week, freight indices in the routes from Ningbo to East America and West America quote 3207.5 points and 3535.7 points, slipping by 0.5% and dipping by 5.0% from one week ago respectively.
Mideast route: Carriers continued to undersell their spaces to canvass more shipping orders. Therefore, the spot booking prices continued to decline. This week, freight index in the route from Ningbo-Mideast quotes 1988.9 points, down by 9.8% compared with last week.
Thailand& Vietnam route: The transportation demand was sluggish, and the trend of freight rates was in a downward trend. This week, freight index in the route from Ningbo to Thailand& Vietnam route quotes 814.9 points, falling by 14.2% against last week.
Europe and Mediterranean routes: The supply and demand relationship between Europe and Mediterranean routes maintained a situation of oversupply, and the market freight rate continued to decline. This week, freight index in the route from Ningbo-Europe quotes 3753.4 points, down by 3.4% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 3393.8 points and 4204.7 points, reducing by 4.6% and having a decrease of 4.5% against last week respectively.
North America route: The cargo volume on the West America route did not increase, and the spot freight rate continued to decline; the supply and demand relationship on the East America route was relatively stable, and the freight rate trend was stable. This week, freight indices in the routes from Ningbo to East America and West America quote 3207.5 points and 3535.7 points, slipping by 0.5% and dipping by 5.0% from one week ago respectively.
Mideast route: Carriers continued to undersell their spaces to canvass more shipping orders. Therefore, the spot booking prices continued to decline. This week, freight index in the route from Ningbo-Mideast quotes 1988.9 points, down by 9.8% compared with last week.
Thailand& Vietnam route: The transportation demand was sluggish, and the trend of freight rates was in a downward trend. This week, freight index in the route from Ningbo to Thailand& Vietnam route quotes 814.9 points, falling by 14.2% against last week.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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