Maritime Silk Road Index: Red Sea route freight rate index increased by 104.2% compared to last week

Everyday Economic News AI Express, March 6 — According to the Ningbo Shipping Exchange, this week, the Ningbo Export Container Freight Index (NCFI) published by the Ningbo Shipping Exchange closed at 1147.5 points, up 16.1% from last week. Out of 21 routes, 10 saw freight index increases, 9 saw decreases, and 2 remained roughly the same. Among the major ports along the “Maritime Silk Road,” 9 ports experienced rising freight indices, while 7 ports saw declines. The Europe route freight index is 956.0 points, down 3.1% from last week; the East Mediterranean route index is 1115.7 points, down 8.1%; the West Mediterranean route index is 1334.0 points, down 0.6%. The US East Coast route index is 908.4 points, down 3.9%; the US West Coast route index is 1081.6 points, down 6.2%.

Due to ongoing pressure on maritime safety, many liner companies that had considered returning to the Red Sea canceled those plans and paused new bookings. Under rising costs and risk premiums, freight rates surged significantly. The Red Sea route freight index is 3230.4 points, up 104.2% from last week.

Daily Economic News