The Ningbo Containerised Freight Index (NCFI), which tracks freight rates for containers across various routes, saw significant fluctuations for the week ending 13th September 2024. The index covers rates for 20ft, 40ft, and Hi Cube containers and is compiled by the Ningbo Shipping Exchange, in partnership with the Baltic Exchange. The data is reported every Friday (except during Chinese holidays) at 1600 Beijing time.
Key Freight Rate Changes
For the week of 13th September 2024, notable changes in freight rates were recorded on several major routes originating from Ningbo, including:
- Ningbo to Europe (Hamburg & Rotterdam):
Freight rates decreased by 17.57%, dropping from 2,235.03 USD to 1,842.34 USD. - Ningbo to West Mediterranean (Barcelona, Valencia & Genoa):
Rates fell by 15.15%, from 2,244.58 USD to 1,904.46 USD. - Ningbo to East Mediterranean (Piraeus & Istanbul):
Rates experienced a decline of 17.20%, from 1,776.09 USD to 1,470.59 USD. - Ningbo to Middle East (Dammam & Dubai):
This route’s largest drop was seen, with rates falling by 26.53%, from 1,245.88 USD to 915.39 USD.
Ports Covered by the NCFI
The index tracks freight rates between Ningbo and the following major ports:
- Europe: Hamburg and Rotterdam
- West Mediterranean: Barcelona, Valencia, and Genoa
- East Mediterranean: Piraeus and Istanbul
- Middle East: Dammam and Dubai
Contributors to the NCFI
Transactional data for the NCFI is submitted by prominent logistics companies, including:
- CCL Logistics Co.
- Headwin Logistics Co., Ltd.
- Ningbo E-Union Group of China
- Zhejiang Xinggang International Freight Co., Ltd.
- Perfectever Logistics (Ningbo) Co., Ltd.
- Ningbo Jet Express International Freight Forwarding Co., Ltd.
- Dashing International Logistics
- Huanji International
- De Well Group
- Whale Logistics Co., Ltd.
- Sinotrans Ningbo Logistics Co., Ltd.
Included and Excluded Surcharges
The total ocean freight reported in the index includes the following surcharges:
- Bunker adjustment factor, low sulphur surcharge, emergency bunker surcharge
- Currency adjustment factor, peak season surcharge, war risk surcharge
- Suez Canal and Panama Canal surcharges
However, the following costs are not included:
- Terminal operation fees, security charges, origin received charges
- Inland point intermodal, booking fees, customs clearance charges
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Source: Baltic Exchange
