Chinese ports experienced a significant increase in container throughput in the first five months of 2024, totalling 132.8 million TEU.
From January to May, the total container volume increased by 8.8 per cent compared to the same period last year.
Shanghai Port, one of the world’s busiest ports, reported a container throughput of 20.9 million TEU during this period, reflecting a 6.6 per cent year-on-year (YoY) growth.
Similarly, Ningbo Zhoushan Port saw its container volume rise to 15.8 million TEU, a 9.3 per cent increase from the previous year.
Among the top-performing Chinese ports, Beibu Gulf Port achieved a notable YoY growth rate of 19.1 per cent, increasing its total container volume to 3.51 million TEU in the first five months of the year.
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Alongside the rise in container volumes, container freight rates have also shown substantial growth. The Ningbo Containerized Freight Index (NCFI) averaged 2658.1 points in June 2024.
This represents a month-on-month increase of 31.5 per cent and a YoY increase of 288.1 per cent.
Out of the 21 routes assessed by the NCFI, 16 experienced a month-on-month increase in freight rates, while 5 routes saw a decrease. The trade routes from Ningbo to Europe and the Mediterranean witnessed particularly tight space conditions, leading to higher freight rates as box liners continued to adjust prices upward.
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The trade lane from Ningbo to North America also demonstrated strong transportation demand, with most voyages departing at full capacity. The market fundamentals for this route remained robust, contributing to steady fluctuations in booking rates.
