Freight rates for Europe routes soared, and the composite index expanded
Ningbo Containerized Freight Index: In the week ending Oct-27, Ningbo Containerized Freight Index (NCFI) issued by Ningbo Shipping Exchange (NBSE) quotes 728.3 points, slightly up by 11.5% against last week. Meanwhile, seventeen of the selected twenty-one routes maintain an upward trend while other four have fallen. In addition, according to the freight indices of the primary ports along the Maritime Silk Road, twelve ports appear a constant rising tendency while other four are declining.Europe and Mediterranean routes: In preparation for the upcoming European long-term agreement signing season, carriers announce an increase in freight rates for Europe and Mediterranean routes that will start sailing after November. Therefore, the freight rates increase sharply. This week, freight index in the route from Ningbo-Europe quotes 493.5 points, increasing 40.6% from one week ago. Freight indices in the routes from Ningbo to East Mediterranean and West Mediterranean quote 647.8 points and 762.8 points, growing by 16.1% and rising by 20.7% against last week respectively.North America route: Carriers continue to control available shipping capacity and actively push up market freight rates. Among them, the West America route has tighter space and higher freight rates. This week, freight indices in the routes from Ningbo to East America and West America quote 784.4 points and 1104.4 points, increasing by 3.5% and climbing by 9.7% from one week ago respectively.Mideast route: The overall shipping space on the route is still tight, and the market booking price continues to rise this week, but the increase is narrower than the previous two weeks. This week, freight index in the route from Ningbo-Mideast quotes 907.8 points, having a week-on-week increase of 11.5% compared with last week.Australia& New Zealand route: Destination market demand remains strong, route loading rates remain high, and booking prices in the spot market have risen sharply this week. This week, freight index in the route from Ningbo to Australia /New Zealand route quotes 1338.8 points, up by 20.9% against last week.