The Ningbo Containerized Freight Index (NCFI) averaged 1,183.7 points in July, marking a 20.5% decline month-on-month and a sharp 56.7% drop compared to July 2024, according to the Japan International Freight Forwarders Association, citing data from the Ningbo Shipping Exchange (NBSE).
Of the 21 trade lanes measured, only four saw freight rate indices rise, while 17 declined. However, all 16 major Maritime Silk Road ports recorded month-on-month index increases.
Rates to Europe rose slightly by 11%, averaging 1,435.2 points, though still down 60.5% year-on-year. The Eastern Mediterranean lane saw rates fall 22.8% MoM, while the Western Mediterranean declined 19.7% MoM. Weaker-than-expected demand impacted the Mediterranean trades, although early August GRIs (General Rate Increases) helped ease the drop.
