- Weekly freight rates from Ningbo declined, with the biggest drop on the Ningbo-Middle East route (-9.61%).
- Ningbo-Europe rates fell by -8.62%, while the West and East Mediterranean routes dropped -7.89% and -3.74%, respectively.
- The Ningbo Containerised Freight Index (NCFI), is compiled by the Ningbo Shipping Exchange and promoted by the Baltic Exchange.
The Ningbo Containerised Freight Index (NCFI) saw a significant drop in shipping rates this week across Europe, the Mediterranean, and the Middle East, reflecting a downtrend in demand and market conditions. The index, which tracks the cost of shipping 20ft, 40ft, and Hi-Cube containers, is based on real-time transactional data from top freight companies, reports Baltic Exchange.
Europe & Mediterranean Routes Face Rate Declines
The Ningbo-Europe route, serving Hamburg & Rotterdam, experienced an -8.62% drop to 966.36. Meanwhile, rates on the Ningbo-West Mediterranean route (Barcelona, Valencia & Genoa) fell -7.89%, now at 1624.95.
The Ningbo-East Mediterranean route (Piraeus & Istanbul) also saw a decline of -3.74%, reaching 1276.64.
Middle East Sees Steepest Decline
The biggest weekly decline was observed on the Ningbo-Middle East route, which serves Dammam & Dubai.
Rates plunged by -9.61%, falling from 777.66 to 702.93. This sharp drop indicates potential weaker demand or increased competition in the region.
How the Index is Compiled
The Ningbo Containerised Freight Index (NCFI) is released every Friday at 16:00 Beijing time, except during Chinese holidays. It is based on data submitted by major freight companies, including:
- CCL Logistics Co.
- Headwin Logistics Co., Ltd
- Ningbo E-Union Group of China
- De Well Group
- Sinotrans Ningbo Logistics Co., Ltd
Included & Excluded Surcharges
The reported freight rates include bunker adjustment factors, fuel surcharges, and canal transit fees, but do not cover additional costs like terminal operation fees, security charges, and customs clearance.
These extra fees can significantly impact the final shipping cost.
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Source: Baltic Exchange
