Weekly Decline in Ningbo Freight Rates

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Mfame Editor
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  • Ningbo Containerised Freight Index shows a weekly decline across major shipping routes.
  • The total ocean freight costs include various surcharges like bunker adjustments and canal fees.
  • Ningbo Containerised Freight Index is based on data from key logistics companies in China.

The Ningbo Containerised Freight Index (NCFI), compiled by the Ningbo Shipping Exchange, tracks weekly shipping rates for 20ft, 40ft, and Hi-Cube containers. The index is updated every Friday at 16:00 (Beijing time), except during Chinese holidays, reports Baltic Exchange.

Weekly Decline in Freight Rates

For the week ending September 27, 2024, all major shipping routes saw a decline in freight rates.

  1. Ningbo to Europe: -9.40%, dropping from 1629.23 to 1476.10.
  2. Ningbo to West Mediterranean: -8.37%, from 1708.61 to 1565.68.
  3. Ningbo to East Mediterranean: -5.07%, from 1306.79 to 1240.54.
  4. Ningbo to the Middle East: -4.40%, from 670.15 to 640.68.

Key Ports Served by Each Route

  1. Ningbo to Europe: Hamburg & Rotterdam
  2. Ningbo to West Mediterranean: Barcelona, Valencia & Genoa
  3. Ningbo to East Mediterranean: Piraeus & Istanbul
  4. Ningbo to Middle East: Dammam & Dubai

Data Sources for the Index

The NCFI is based on transactional data submitted by major logistics companies such as:

  1. CCL Logistics Co
  2. Headwin Logistics Co., Ltd
  3. Zhejiang Xinggang International Freight Co., Ltd
  4. Sinotrans Ningbo Logistics Co., Ltd
  5. Whale Logistics Co., Ltd

Surcharges Included in Ocean Freight Rates

The total ocean freight reported in the index includes various surcharges such as:

  1. Bunker adjustment factor (BAF)
  2. Fuel adjustment factor (FAF)
  3. Low sulphur surcharge
  4. Emergency bunker surcharge
  5. Currency adjustment factor
  6. War risk surcharge
  7. Port congestion surcharge
  8. Canal transit fees (Suez Canal, Panama Canal)

Surcharges Excluded from Ocean Freight Rates

Certain surcharges are not included in the total reported freight rates, such as:

  1. Terminal operation fees
  2. Security charges
  3. Inland point intermodal costs
  4. Booking fees
  5. Customs clearance

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Source: Baltic Exchange