Ningbo Containerized Freight Index Weekly Commentary

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Ningbo Containerized Freight Index Dips 2.6%: NCFI records 735.7 points in the week ending Aug-4, with 7 routes ascending and 14 declining among the selected 21 routes. Meanwhile, 2 ports along the Maritime Silk Road show consistent growth while 14 witness a decrease in freight indices. The xindemarinenews source.

Europe and Mediterranean routes:

The freight rate of the route was unilaterally pushed up by the carriers last week, but the market volume was not enough to support the freight rate after the increase. Therefore, the freight rate has dropped this week. This week, freight index in the route from Ningbo-Europe quotes 668.0 points, down by 7.8% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 792.4 points and 925.4 points, reducing by 4.4% and having a decrease of 5.7% against last week respectively.

North America route:

The cargo volume in the market continued to increase. Under the strict capacity control of the carriers, the space on the route was slightly tight, and the relationship between supply and demand was good. Most carriers maintained the freight rates after the increase this week. This week, freight indices in the routes from Ningbo to East America and West America quote 1046.9 points and 1174.5 points, increasing by 1.1% and climbing by 1.4% from one week ago respectively.

Mideast route:

The demand for shipping in the market continued to be weaker than the supply of shipping capacity. Carriers further lowered freight rates, and the drop in spot booking prices expanded. This week, freight index in the route from Ningbo-Mideast quotes 463.7 points, down by 13.1% compared with last week.

Philippines route:

The market conditions were sluggish, the competition among carriers was intensified, and the spot market booking price drops sharply. This week, freight index in the route from Ningbo to Philippines route quotes 17.4 points, falling by 22.3% against last week.

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