The Ningbo Containerised Freight Index (NCFI), compiled by the Ningbo Shipping Exchange and promoted by the Baltic Exchange, provides a weekly snapshot of container shipping rates for 20ft, 40ft, and Hi-Cube containers. This index is based on transactional data submitted by several logistics companies and is reported every Friday at 1600 (Beijing), excluding Chinese holidays.
Weekly Rate Changes by Route (30-08-2024 vs. 23-08-2024)
In the latest report dated August 30, 2024, there was a noticeable decline in freight rates across key routes:
- Ningbo to Europe: Rates dropped to 2,603.61 from 2,964.56, marking a significant weekly decrease of 12.18%.
- Ningbo to West Mediterranean: Rates fell from 2,610.17 to 2,467.88, reflecting a decrease of 5.45%.
- Ningbo to East Mediterranean: Rates declined to 1,936.12 from 2,062.08, showing a weekly reduction of 6.11%.
- Ningbo to Middle East: Rates decreased from 1,455.86 to 1,294.51, representing a drop of 11.08%.
Routes and Ports Served
The NCFI covers several important shipping routes:
- Ningbo to Europe: Serving ports in Hamburg and Rotterdam.
- Ningbo to West Mediterranean: Serving ports in Barcelona, Valencia, and Genoa.
- Ningbo to East Mediterranean: Serving ports in Piraeus and Istanbul.
- Ningbo to Middle East: Serving ports in Dammam and Dubai.
Data Contributors and Freight Rate Components
The NCFI is based on data from multiple logistics companies, including CCL Logistics Co., Headwin Logistics Co., Ltd, Ningbo E-Union Group of China, and others. The reported freight rates include several surcharges such as:
Included Surcharges
Bunker adjustment factor, fuel adjustment factor, low sulphur surcharge, emergency bunker surcharge, currency adjustment factor, peak season surcharge, war risk surcharge, and transit fees for the Suez and Panama Canals.
However, certain surcharges are excluded from the reported rates, including terminal operation fees, security charges, origin received charges, inland point intermodal, booking fees, and customs clearance. These exclusions are important for understanding the total cost of shipping on these routes.
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Source: Baltic Exchange
