During the first ten months of the year, China’s ports witnessed a 4.9 per cent year-on-year (YoY) surge in container throughput, totalling 257 million TEU.
Impressive Milestone
Despite a 4.5 per cent YoY decrease in container volumes at the Port of Shanghai in October, the port still achieved an impressive milestone by moving 40.2 million TEU in the first ten months of the year. In contrast, the Port of Ningbo-Zhoushan excelled in October, demonstrating a remarkable 14.4 per cent YoY growth in TEU. The port’s cumulative container throughput for the year reached 30.2 million TEU.
Positive Trend
The Ningbo Container Freight Index (NCFI) reflected a positive trend in container freight prices, averaging 706.6 points in November, indicating an 8.8 per cent increase compared to the previous month. However, the container shipping market experienced a seasonal downturn in November due to an imbalance in supply and demand on the Asia to North America trade lane.
Despite measures taken by carriers to control space supply, the market faced challenges from a large surplus of capacity due to the delivery and deployment of numerous new vessels. The average freight rate for a 40GP container from Ningbo Port to Los Angeles and New York and New Jersey ports in November witnessed month-on-month increases of $1,768 (2 percent) and $2,338 (6.6 per cent), respectively.
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Source: Porttechnology
