Maritime Silk Road Index: Overall demand falls short of expectations; most routes see a decline in freight rates

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This week, the Ningbo Export Container Freight Index (referred to as "NCFI", www.msri.cn) released by the Ningbo Shipping Exchange (www.nbse.net.cn) closed at 1023.2 points, down 6.8% compared to the previous week. Among the 21 shipping routes, the freight index of 3 routes rose, while that of 18 routes declined. In the major ports along the "Maritime Silk Road", the freight index of 3 ports rose and that of 13 ports declined.

The index situation of the key routes during this reporting period is as follows: 

Europe-Africa Route: The market cargo volume is relatively low while the transportation capacity is maintained at a high level. Some shipping companies have launched special cabins to alleviate the loading pressure, and the freight rates continue to decline. The freight rate index for the Europe route is 855.9 points, down 7.9% compared to last week; the freight rate index for the Europe-East route is 865.3 points, down 7.7% compared to last week; the freight rate index for the Europe-West route is 1061.1 points, down 10.3% compared to last week. 

North American Route: Due to the concentrated shipments in the early stage and the implementation of fare hikes, the market shipments have slowed down. Moreover, the capacity control measures have not been further strengthened, resulting in a slight decline in fares. The fare index for the East Coast route is 1085.3 points, down 3.2% from last week; the fare index for the West Coast route is 1338.3 points, down 4.2% from last week. 

Middle East Route: The freight rates on this route saw a significant increase in the early stage, and the booking pressure on shipping companies also increased accordingly. This period, the freight rates have dropped somewhat. The freight rate index for the Middle East route is 1067.1 points, down 10.1% compared to last week. 

Furthermore, the markets of the following routes experienced significant fluctuations this week: 

South American East Route: Some voyages have been suspended, and there is a shortage of shipping space with a significant increase in freight rates. The freight rate index for the South American East Route is 1976.5 points, up 17.4% from last week.

The changes in the freight rates of major ports along the Maritime Silk Road are as follows: 

ASEAN Region: This week, the freight rates of 3 ports rose, while those of 3 ports dropped. Among them, the freight rate index from Ningbo (China) to Singapore (Singapore) dropped by 3.2% compared with the previous period; the freight rate index from Ningbo (China) to Bandar Seri Begawan (Malaysia) rose by 0.2% compared with the previous period; the freight rate index from Ningbo (China) to Ho Chi Minh City (Vietnam) dropped by 12.7% compared with the previous period; the freight rate index from Ningbo (China) to Bangkok (Thailand) dropped by 7.7% compared with the previous period; the freight rate index from Ningbo (China) to Chiang Rai (Thailand) rose by 1.1% compared with the previous period; the freight rate index from Ningbo (China) to Manila (Philippines) rose by 1.6% compared with the previous period. 

Europe region: Ningbo (China) - Constanta (Romania) freight index dropped by 5.3% compared to the previous month. 

South Asia region: This week, the freight rates for two ports decreased in total. Among them, the freight rate index from Ningbo (China) to Navasari (India) dropped by 17.9% compared with the previous week; the freight rate index from Ningbo (China) to Pippawawo (India) decreased by 30.3% compared with the previous week. 

South Asia Region: This week, the freight rates of 5 ports decreased in total. Among them, the freight rate index from Ningbo (China) to Istanbul (Turkey) decreased by 6.4% compared with the previous period; the freight rate index from Ningbo (China) to Akaba (Jordan) decreased by 8.4% compared with the previous period; the freight rate index from Ningbo (China) to Jidda (Saudi Arabia) decreased by 9.2% compared with the previous period; the freight rate index from Ningbo (China) to Dammam (Saudi Arabia) decreased by 9.3% compared with the previous period; the freight rate index from Ningbo (China) to Dubai (United Arab Emirates) decreased by 11.2% compared with the previous period. 

North Africa region: Ningbo (China) - Sokona (Egypt) freight rate index dropped by 7.4% compared to the previous month. 

Northeast Asia region: The freight index between Ningbo (China) and Novosibirsk (Russia) dropped by 57.3% compared to the previous month.