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Since July 2022, the composite Ningbo Container Freight Index (NCFI) started to decline significantly and stood at about 1,320 points in October. This signals the recovery of the container market from the shortage of containers and container vessels caused by the COVID-19 lockdown.

Shipping freight index

As of June 2022, China’s coastal bulk freight index (CBFI) amounted to about 1,049 points, The CBFI reflects changes in freight rates of five cargo component indices (i.e., coal, grain, metal ore, product oil, and crude oil) and serves as a barometer of the market with a base index of 1,000 points as of January 31, 2000. Moreover, average China (Export) Containerized Freight Index (CCFI) rose to 2,616 points in 2021, which was 1.6 times the rise since April 13, 1998. Among the 12 container trade lanes, China-Mediterranean CCFI amounted to 4,858 points, and China-Europe CCFI was about 4,287 points. As of April 2022, China’s global export container freight index was about 3096.9 points. From January 2019 to December 2021, container freight costs from Shanghai Port and Ningbo-Zhoushan port surged, as reflected by the Shanghai Export Container Freight Index (SCFI) and NCFI.

China’s trade growth with BRI countries

Since May 2020, the monthly Maritime Silk Road Trade Index (STI) showed that China's composite trade index for countries along the 'Belt and Road Initiative (BRI)' project had experienced substantial growth. Converted to actual trade values, China's imports and exports from the BRI countries were worth about 11.6 trillion yuan in 2021. This signals that China’s trade with BRI countries has recovered from the worst impacts of the COVID-19 pandemic.

Monthly composite China Ningbo Container Freight Index (NCFI) from January 2019 to October 2022

Characteristic	Index points (3rd - 9th March, 2012=1,000)
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Release date

November 2022

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Region

China

Survey time period

January 2019 to October 2022

Supplementary notes

Ningbo Container Freight Index (NCFI) objectively reflects the fluctuation of freight rates of the international container shipping market by calculating and recording the information on container freight changes of 21 routes departing from Ningbo-Zhoushan Port, including one composite index and 21 branch route indices.

The routes under the NCFI include those from Ningbo to Europe, the Western Mediterranean, the Eastern Mediterranean, the Black Sea, the Red Sea, West Africa, East Africa, South Africa, North Africa, the West Coast of America, the East Coast of America, the West Coast of South America, the East Coast of South America, the Middle East, India & Pakistan, Thailand & Vietnam, Singapore & Malaysia, Philippines, Australia & New Zealand, West Japan, East Japan, covering the major trade directions and exported regions of exported containers departing from Ningbo-Zhoushan port.
The basis period of NCFI is the 10th week of 2012 (3rd March, 2012 - 9th March, 2012), and the basis index is 1,000 points.
The graph shows values for the last Friday of each month.

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