The Ningbo Shipping Exchange's Maritime Silk Road Index weekly report, released October 17, shows the Ningbo Containerized Freight Index (NCFI) composite at 1,315.7 points, down 9.0% from the previous week. Only 1 of 21 lanes rose while 20 declined, and 14 major ports along the Maritime Silk Road saw their indices fall. The exchange described the market as entering a traditional slack season, with insufficient cargo volumes and carriers cutting rates to attract bookings.
By lane, the Europe index stood at 1,427.3 points, down 8.3% week over week; the East and West Mediterranean lanes fell 8.4% and 9.0% respectively. North America lanes had ample space: the US East Coast index dropped 5.3% and the US West Coast fell 9.2% to 2,291.2 points. The Middle East lane plunged 18.2% to 1,076.2 points as shippers slowed ahead of Ramadan at destinations, and the South America West Coast lane saw the sharpest move, down 19.0% to 768.8 points. These are index points, not specific freight rates.
In contrast to the softening broader market, the Japan lane remains firm. According to Shanghai Shipping Exchange data from October 16, the SCFI composite index reached 3,679.58 points, up for a second consecutive week; China-to-Kansai held flat at USD 328/TEU (reference rate) and China-to-Kanto slipped just 0.6% to USD 331/TEU (reference rate). With short transit times and concentrated peak-season restocking demand, the China-Japan trade is clearly outperforming the long-haul trunk lanes.
Practical takeaways for shippers: first, negotiating room is opening on long-haul lanes — if you ship across multiple trades, this slack-season window is the time to re-quote and refresh contracts; second, do not apply the broader market logic to Japan — year-end stocking overlapping with Double 11 and Black Friday restocking keeps Japan-lane space tight, so maintain a 7-10 day advance booking rhythm; third, distinguish between index levels, spot rates and contract rates when benchmarking, rather than extrapolating composite index declines onto Japan-lane quotes.
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