Shanghai drives volume growth in China amid plummeting rates

Shanghai drives volume growth in China amid plummeting rates

Ports across China moved a total of 244.9 million TEU in the first 10 months of this year, an increase of 4 per cent compared to the same period in 2021.

From January to October 2022, the cargo volume of Chinese ports was 12933.8 million 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 totalled for the first ten months of the year.

READ: Shanghai stays top dog despite August container drop

Dalian Port in the Liaoning Province showed the highest growth rate, increasing 18.3 per cent 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 quotes 1055.1 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.

Due to the high freight rate on the US coast East route, the recent decline is significantly higher than that of the US West coast route.

© Ningbo Shipping Exchange

At the beginning of November, Chinese ports saw an overall dip in import and export ocean shipment volume following the imposition of COVID-19 lockdowns.

Ningbo-Zhoushan took the largest hit, with volume down 29 per cent compared to the start of October.

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