The composite index swings steadily, with increases in the routes to India and Pakistan, as reported by Xinde Marine.
Ningbo Containerized Freight Index: In the week ending May 19th, the Ningbo Containerized Freight Index (NCFI) issued by the Ningbo Shipping Exchange (NBSE) recorded a slight increase of 0.1% compared to the previous week, reaching 702.5 points. Out of the selected 21 routes, eight routes experienced an upward trend, while the remaining thirteen routes saw a decline in freight rates.
Furthermore, when looking at the freight indices of the primary ports along the Maritime Silk Road, eight ports demonstrated a consistent upward trend, indicating increasing freight rates. On the other hand, eight other ports experienced a decline in freight rates.
Overall, this data suggests a mixed performance in the shipping industry, with some routes and ports showing positive growth while others faced a decrease in freight rates.
Europe and Mediterranean routes: The supply and demand fundamentals of Europe and Mediterranean routes in the shipping industry have remained stable, resulting in steady fluctuations in spot market booking prices. In the Ningbo-Europe route, the freight index for this week is 539.6 points, reflecting a decrease of 0.6% compared to the previous week.
On the other hand, the freight index for the route from Ningbo to the East Mediterranean increased by 0.2% and currently stands at 867.5 points. However, the route from Ningbo to the West Mediterranean experienced a decrease of 1.2% in the freight index, which now stands at 1002.2 points.
Overall, the European and Mediterranean routes have seen mixed results, with the Ningbo-Europe route showing a slight decline in freight rates, while the East Mediterranean route experienced a modest increase. However, the West Mediterranean route faced a decrease in freight rates.
North America route: The transportation demand in the shipping industry is currently insufficient. In the East America route, the freight rate remains relatively stable due to the dry season of the Panama Canal, which affects shipping conditions. However, the West America route continues to experience a decline in freight rates.
This week, the freight index for the route from Ningbo to East America is 785.7 points, showing a slight decrease of 0.6% compared to the previous week. On the other hand, the freight index for the route from Ningbo to West America has dipped significantly by 4.9% and currently stands at 747.1 points.
In summary, the transportation demand remains low, leading to stable freight rates in the East America route due to the dry season of the Panama Canal. However, the West America route continues to face a decline in freight rates.
Mideast route: The demand for shipping transportation has shown signs of improvement, leading carriers to slightly increase freight rates and resulting in a slight rebound in freight rates on various shipping routes.
In the Ningbo-Mideast route, the freight index for this week is 961.2 points, reflecting a significant week-on-week increase of 5.4% compared to the previous week. This indicates a positive trend in demand and freight rates in this region.
India &Pakistan route: The volume of goods being shipped in the market is increasing, and shipping capacity is being controlled by carriers. As a result, there is limited space on shipping routes, leading to a significant rise in booking prices in the spot market. Specifically, the freight index for the Ningbo to India & Pakistan routes has increased by 29.6% compared to the previous week, reaching 1076.3 points.
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Source: Xinde Marine
