Shanghai Rates Plummet but Volumes are still strong
Despite the hyperbole, Chinese ports moved a total of 244.9 million TEU in the first 10 months of this year, an increase of four per cent compared to the same period in 2021.
From January to October 2022, the cargo volume of Chinese ports was 1.29 trillion tons, a year-on-year surge of 0.5 per cent.
Shanghai confirms its place as top performing port in the country, with 4.19 million TEU moved throughout October, now standing at 39.08 million TEU totaled for the first 10 months of the year.
Dalian port in the Liaoning Province showed the highest growth rate, increasing 18.3 percent from the same period last year.
In terms of container freight rates, the average value of the Ningbo Container Freight index (NCFI) in November was 1.055.1 points, showing a significant decrease of 24.2 per cent compared to last month.
The Ningbo to North America route was affected by the short demand in the transportation market. The more sedate volume growth trends coupled to more realistic rates could and should be considered more of a market correction than a catastrophe.