Chinese ports witnessed substantial growth in cargo and container throughput from January to October 2023, with a year-on-year increase of 8.5% in cargo volume and 4.9% in container throughput. The twelve major ports in China played a pivotal role in these impressive figures. Meanwhile, the Ningbo Container Freight Index (NCFI) for November recorded a notable increase of 8.8%, reaching 706.6 points. The surge was attributed to an imbalance in supply and demand on the Asia to North America trade lane, coupled with the impact of a large surplus of capacity. Despite efforts by carriers to control space supply, the container shipping market entered an off-season after the conclusion of pre-holiday cargo shipments. In November, average freight rates for 40GP containers from Ningbo Port to Los Angeles and New York & New Jersey ports increased by 2.0% and 6.6%, respectively, month-on-month.

SOURCE:GOOGLE