Ningbo Containerised Freight Index: An Overview of Global Shipping Rates

By
Mfame Editor
-
10

  • The Ningbo Containerised Freight Index (NCFI) saw significant decreases on European and Mediterranean routes, while the Middle East route experienced growth.
  • The index is updated weekly based on real transactional data submitted by major logistics companies and freight forwarders.
  • Several surcharges are included in the total ocean freight costs, but others are not in the reported data.

The Ningbo Containerised Freight Index (NCFI) is a weekly composite index covering 20ft, 40ft, and Hi-Cube container rates. The Ningbo Shipping Exchange compiles it. This index reflects the freight rates for various shipping routes departing from Ningbo, one of China’s largest ports. Beijing time reports it every Friday at 1600, except during Chinese holidays, reports Baltic Exchange.

Weekly Freight Index Changes (11 Oct 2024)

On 11 October 2024, the NCFI showed mixed performance across different routes:

  1. Ningbo – Europe: The freight rate fell by 7.92%, from 1405.19 to 1293.91.
  2. Ningbo – West Mediterranean: Rates decreased by 5.15%, dropping from 1466.96 to 1391.47.
  3. Ningbo – East Mediterranean: This route saw an 8.91% decrease, from 1173.35 to 1068.77.
  4. Ningbo – Middle East: In contrast, this route experienced a 6.94% increase, with rates rising from 767.13 to 820.40.

Major Ports Served by the NCFI

The NCFI tracks the freight rates on routes that serve significant ports across various regions:

  1. Ningbo – Europe: Serves ports in Hamburg and Rotterdam.
  2. Ningbo – West Mediterranean: Includes Barcelona, Valencia, and Genoa.
  3. Ningbo – East Mediterranean: Covers Piraeus and Istanbul.
  4. Ningbo – Middle East: Services Dammam and Dubai.

Data Sources for the NCFI

The NCFI is based on transactional data submitted by various prominent logistics and freight forwarding companies. Some of the key contributors include:

  1. CCL Logistics Co
  2. Headwin Logistics Co., Ltd
  3. Ningbo E-Union Group of China
  4. Zhejiang Xinggang International Freight Co., Ltd
  5. Perfectever Logistics (Ningbo) Co., Ltd
  6. Ningbo Jet Express International Freight Forwarding Co., Ltd
  7. Dashing International Logistics
  8. Huanji International
  9. De Well Group
  10. Whale Logistics Co., Ltd
  11. Sinotrans Ningbo Logistics Co., Ltd

Surcharges Included in the NCFI

Several surcharges are factored into the total ocean freight reported in the NCFI:

  1. Bunker Adjustment Factor/Fuel Adjustment Factor/Low Sulphur Surcharge
  2. Emergency Bunker Surcharge/Emergency Bunker Additional
  3. Currency Adjustment Factor/Yen Applicable Surcharge
  4. Peak Season Surcharge
  5. War Risk Surcharge
  6. Port Congestion Surcharge
  7. Suez Canal Transit Fee/Surcharge
  8. Panama Canal Surcharge

Surcharges Not Included in the NCFI

However, some additional surcharges and fees are excluded from the total ocean freight cost, such as:

  1. Terminal Operation Fee
  2. Security Charge
  3. Origin Received Charges
  4. Inland Point Intermodal
  5. Booking Fee
  6. Customs Clearance

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Source: Baltic Exchange