Freight rates for container exports from the Chinese port of Ningbo-Zhoushan stopped falling in Week 40 due to a significant reduction in shipping capacity during the National Day Golden Week beginning on 1 October.
According to the Ningbo Shipping Exchange (NBSE), the composite Ningbo Containerized Freight Index (NCFI) was 593.8 points, up 0.8% from the previous week.
There were rises on 11 and declines on the other 10 of the 21 trade routes to which the individual NCFIs are applied. On routes to major ports on the so-called Maritime Silk Road, there were increases on those to 10 and decreases on those to six.
Despite service suspensions, total capacity on the routes from Ningbo-Zhoushan to Europe and the Mediterranean was still higher than demand.
As a result, spot rates have continued to drop. NCFIs decreased by 2.1% to 354.9 points in Europe, 2% to 558.4 points in the eastern Mediterranean, and 0.5% to 650.9 points in the western Mediterranean.
Many services on the route to North America were suspended following the Golden Week, balancing supply and demand. Spot rates for Ningbo-Zhoushan container shipments fluctuated minutely. The NCFIs fell 0.3% to 778.8 on the east coast and rose 0.6% to 1,025.9 on the west coast.
