Blank Sailings Boost Ningbo Containerized Freight Index

Port of Ningbo (Photo: Lloydslist)

The Ningbo Containerized Freight Index (NCFI) rose 4.8% to 622.2 points in Week 41, continuing its upward trend for two weeks.

Spot rates for container exports from Ningbo-Zhoushan surged as shipping lines canceled sailings to reduce capacity during the National Day Golden Week holiday.

Of the 21 trade routes covered by the NCFI, 15 saw increases in their indices, while the remaining six saw declines. Indices for the primary ports along the Maritime Silk Road increased, but five suffered decreases.

On the route from Ningbo-Zhoushan to Europe, blank sailings and other factors caused a capacity shortage, halting the decline in spot rates and putting them on a recovery track.

Meanwhile, on the route to the Mediterranean, there was sufficient shipping space, causing spot rates to decrease moderately. The NCFIs for Europe, the eastern Mediterranean, and the western Mediterranean stood at 355.1 points (up 0.1%), 548.9 points (down 1.7%), and 626.5 points (down 3.7%), respectively.

On the shipping lane to North America, container movement did not increase significantly at a time when there was sufficient shipping capacity. Operators mildly decreased freight rates, leading to slight falls in spot rates. The NCFIs for the East Coast and West Coast closed at 730.2 points (down 6.2%) and 981.6 points (down 4.3%), respectively.

On the trade to the Middle East, shipping companies substantially reduced tonnage supply. Spot rates soared due to the shipments from the previous week, causing the NCFI to jump 32.8% to 665.6 points.

On the route to the west coast of South America, carriers imposed large-scale blank sailings, leading to space shortages and steep spot rate increases. The NCFI came to 752.6 points, up 24.9%.

Source: Phaata.com (According to ContainerNews)

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