From January to August of 2022, the cargo volume of Chinese ports was 10245.6 million tons, a year-on-year decrease of 0.1%; the container throughput of Chinese ports was 194.4 million TEU, a year-on-year increase of 4.1%. The chart below shows the cargo throughput and container throughput data of the twelve major ports in China.

Source: Ministry of Transport of the People’s Republic of China

As of September 29,in terms of container freight rates, the average value of the Ningbo Container Freight index (NCFI) in September was quotes 1840.9 points, have a significant decrease of 31.0% compare to last month. Affected by high inflation and high inventory, the consumer demand in the North American market is insufficient, resulting in weak demand for container transportation. The current vessel supply from Ningbo to US-West and US-East routes exceeds the demand, and there is a lot of space left, and the spot market and booking rate has dropped significantly. The average freight rate of 40GP from Ningbo Port to Los Angeles port and New York& New Jersey port in August was $3081（-56.0%）and $7259（-10.7%）month-on-month respectively.

Source: Ningbo Shipping Exchange

Source: Ningbo Shipping Exchange