Ningbo Containerized Freight Index Weekly Commentary (5.20-5.26) MSRI 2023-05-29 15:12

Most routes fluctuate steadily, and freight rates of the India and Pakistan route continue to rise
Ningbo Containerized Freight Index: In the week ending May-26, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 702.4 points, slightly falling by 0.0% against last week. Meanwhile, eleven of the selected twenty-one routes maintain an upward trend while other ten have fallen. In addition, according to the freight indices of the primary ports along the Maritime Silk Road, seven ports appear a constant rising tendency while other nine are declining.

Europe and Mediterranean routes: The market shipment volume is basically stable, the relationship between supply and demand is stable. Therefore, the freight rate of these routes fluctuates slightly. This week, freight index in the route from Ningbo-Europe quotes 540.8 points, increasing 0.2% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 857.8 points and 1001.3 points, reducing by 1.1% and having a decrease of 0.1% against last week respectively.

North America route: The market shipment volume is stable, and the freight rate of the voyage at the end of the month has dropped slightly, but some carriers try to increase the freight rate of the voyage in early June. This week, freight indices in the routes from Ningbo to East America and West America quote 786.3 points and 743.7 points, increasing by 0.1% and dipping by 0.5% from one week ago respectively.

Mideast route: The loading situation of the route remains stable, and the spot market booking price maintains the level after the increase last week. This week, freight index in the route from Ningbo-Mideast quotes 963.9 points, having a week-on-week increase of 0.3% compared with last week.

India &Pakistan route: The shipping space continues to be tight, and the spot market booking price maintains an upward trend, but the increase has narrowed compared with the previous two weeks. This week, freight index in the route from Ningbo to India &Pakistan route quotes 1231.5 points, up by 14.4% against last week.

Source: MSRI

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

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