Surge In Container Throughput And Freight Rates At Chinese Ports

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Chinese ports handled 132.8 million TEU, an 8.8% year-on-year increase, according to Ningbo Zhoushan Port Group. Key contributors included Shanghai Port, with a throughput of 20.9 million TEU (up 8.6% year-on-year), and Ningbo Zhoushan Port, with 15.8 million TEU (up 6.5% year-on-year).

Rising Container Freight Rates

In June 2024, the Ningbo Containerized Freight Index (NCFI) averaged 2658.1 points, reflecting a 31.5% month-on-month and a 288.1% year-on-year increase. Out of 21 routes, 16 saw month-on-month increases, while 5 decreased. The Ningbo to Europe and Mediterranean routes experienced tight space, leading to higher freight rates, while the Ningbo to North America routes saw strong transportation demand with most voyages departing fully loaded. Overall, market booking rates remained stable.

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Source: PortNews