Transport demand remained high, the composite index continued to rise
In the week ending July-16, the Ningbo Containerized Freight Index (NCFI) published by Ningbo Shipping Exchange (NBSE) cites 3,567.6 points, up 3.6% slightly from last week. Meanwhile, fifteen of the twenty-one selected routes maintain an upward trend while six others have declined. In addition, according to the freight indices of the major ports along the Maritime Silk Route, nine ports appear to have a steady upward trend while eight others are down.
Europe and Mediterranean routes:
The demand for transport on European roads remained high and the relationship between supply and demand was very close. The conditions of Mediterranean roads were similar to those of European roads. Due to the large number of empty flights, the narrowness of the space remained unchanged. Therefore, the freight rate continued to increase. This week, the freight index on the Ningbo-Europe route stood at 5,746.8 points, up 3.2 percent from last week. Freight indices on routes from Ningbo to the Eastern Mediterranean and Western Mediterranean cite 4,013.8 points and 5,278.2 points, up 0.3% and up 3.5% from last week respectively .
North America Route:
Importers at the port of destination have replenished stocks on a large scale, supporting the still strong market shipments. After mid-term, some carriers again increased freight rates. This week, freight indices on routes from Ningbo to East and West America cite 2466.8 points and 3499.9 points, increasing by 1.6% and 6.8% respectively compared to last week.
Middle East Route: Adjusting the carrier’s schedules resulted in an increase in empty shifts. Affected by this, the storage capacity decreased and the market freight rate increased after the middle. This week, the NingboMideast Highway Freight Index cites 3,418.0 points, a weekly increase of 13.6 percent from last week.
Australia and New Zealand itinerary:
The demand for transport was released intensively, the narrowness of the airspace was more severe, and the reservation freight rate continued to increase. This week, the freight index on the Ningbo route to Australia / New Zealand stood at 4,877.2 points, up 6.1% from last week.
The NCFI reflects the fluctuation in freight rates of the international container shipping market by calculating and recording the changes in container freight rates of 21 routes departing from NingboZhoushan Port, including the composite index and 21 individual indices.
Freight Information: NCFI selects freight data in terms of CIF and CY-CY export. The freight rate includes ocean freight and surcharges. Surcharges Include: Bunker / Fuel Surcharge, Emergency Bunker Surcharge, Low Sulfur Surcharge, High Season Surcharge, War Risk Surcharge, Port Congestion Surcharge, Intermodal Suez Canal Transit Surcharge, Fees reservation, customs clearance fees
Source: Ningbo Shipping Exchange (NBSE)