- The Ningbo Containerised Freight Index (NCFI) dropped across all routes, with the biggest decline seen on the Ningbo-Europe route (-15.27 %).
- Rates to the West Mediterranean fell by 7.88%, while the East Mediterranean saw an 8.79% drop.
- The Ningbo Shipping Exchange reports the NCFI every Friday in collaboration with the Baltic Exchange.
The Ningbo Shipping Exchange released its latest weekly Ningbo Containerised Freight Index (NCFI), revealing a significant decline in freight rates across all major shipping routes. The Ningbo-Europe route saw the steepest drop (-15.27%), followed by the East Mediterranean (-8.79%) and West Mediterranean (-7.88%), reports Baltic Exchange.
Declining Freight Rates for Europe and the Mediterranean
The Ningbo-Europe route, which serves Hamburg and Rotterdam, fell from 1,248.03 to 1,057.49 points, marking a sharp weekly decline. Similarly, routes to the West Mediterranean (Barcelona, Valencia & Genoa) and the East Mediterranean (Piraeus & Istanbul) also dropped by nearly 8%.
While the Ningbo-Middle East route (Dammam & Dubai) also declined by 6.57%, the drop was comparatively less severe than the European and Mediterranean routes.
Index Compilation and Freight Components
The Ningbo Containerised Freight Index is compiled weekly based on real transaction data from major freight forwarders, including CCL Logistics Co., Headwin Logistics, and Sinotrans Ningbo Logistics Co., Ltd.
The total freight costs include surcharges like bunker adjustment factors, fuel adjustments, and port congestion fees. However, expenses such as customs clearance, security charges, and booking fees are not included in the reported rates.
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Source: Baltic Exchange
