China's Ports Approach 260 Million TEU Milestone

China's ports handled 257 million TEU in container traffic during the first ten months of the year, representing a 4.9 percent year-on-year increase.

Despite a 4.5 percent year-on-year decline in container volume at Shanghai Port in October, the port reached an impressive milestone by handling 40.2 million TEU during the first ten months of the year.

In contrast, Ningbo-Zhoushan Port demonstrated exceptional growth of 14.4 percent year-on-year in October, with total container throughput reaching 30.2 million TEU for the year.

The Ningbo Container Freight Index (NCFI) reflected a positive trend in container freight rates during November, rising 8.8 percent from the previous month to average 706.6 points.

However, the container shipping market experienced seasonal declines in November due to supply and demand imbalances on the Asia-North America trade lane.

Despite carriers' efforts to manage capacity, the market faced a significant "overcapacity problem" due to the delivery and deployment of new vessels.

In November, average freight rates from Ningbo Port to Los Angeles, New York, and New Jersey ports for a 40GP container increased 2 percent to $1,768 and 6.6 percent to $2,338, respectively.

Source: Port Technology