The latest data shows that this week, China’s Ningbo Export Container Freight Index (NCFI) dropped by 7.3%, indicating that the market conditions continued to be sluggish, and the route freight rate accelerated to decline. The price continued its downward trend.
According to the data released by Ningbo Shipping Exchange, the Ningbo export container freight index closed at 2,400.3 points this week, down 7.3% from last week, and the freight index of 21 routes fell across the board.
In terms of North American routes, the market demand for freight is limited, the supply of space is oversupplied, and the spot market booking price continues to decline. Among them, the US-Western route dropped significantly, and the spot market booking price per 40-foot container (FEU) was only about US$4,500.
The freight index on the US east route was 2,944.8 points, down 4.3% from last week. The freight index on the US-Western route was 2,682.0 points, down 14% from last week.
The data released by the Shanghai Shipping Exchange also showed that this week, the Shanghai Composite Export Container Freight Index was 3,154.26 points, down 8% from last week.
In the North American route market, the Information Department of Shanghai Shipping Exchange stated that the transportation market was weak this week, the growth of transportation demand was sluggish, and the market freight rate continued to decline. The market freight rates (sea freight and sea freight surcharges) for exports from Shanghai Port to the West and East of the United States were US$5,134 and US$8,801 per FEU respectively, down 11.2% and 2.1% from last week.
According to data from research firm Markit, the U.S. manufacturing, services, and comprehensive purchasing managers (PMI) continued to hit a new low in more than two years in August. Among them, the service industry and comprehensive PMI shrank for the second consecutive month, and the economy deteriorated significantly. In the case of high inflation, the future economic situation is grim.