According to Japan International Freight Forwarders Association (JIFFA), the Ningbo Containerized Freight Index (NCFI) slipped 6.8% in Week 36 to 1,023.2 points. Spot rates for container exports from Ningbo fell across most trade lanes as demand came in weaker than expected.
Out of 21 routes tracked, only three saw freight rate increases, while 18 recorded declines. Among major Maritime Silk Road ports, indices rose in three and dropped in 13.
On routes to Europe and the Mediterranean, shipping lines kept capacity high despite slow cargo flows. Some carriers cut rates to attract volume, pushing spot rates lower. The NCFI fell 7.9% to 855.9 points on the Europe route, 7.7% to 865.3 on the Eastern Mediterranean, and 10.3% to 1,061.1 on the Western Mediterranean.
Exports to North America also weakened. A general rate increase the previous week drove large shipments, but carriers did not follow up with tighter capacity. Spot rates edged down as a result. The index dropped 3.2% to 1,085.3 points on the east coast route and 4.2% to 1,338.3 on the west coast.
The NCFI, published by the Ningbo Shipping Exchange with BIMCO support, tracks spot rates for container exports from Ningbo. It was first set at 1,000 points in Week 10 of 2012.
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