China Ningbo Containerized Freight Index (Middle East routes) down 7.1 pct
The China Ningbo Containerized Freight Index (NCFI) reported a sharp decline in freight indices for the Middle East routes.
NCFI, a wind vane of China’s busiest port’s freight rates for the international container shipping market, stood at 759.0 points on Friday, down 1.7 percent compared with last week.
The sub-reading for the Middle East quoted 919.3 points, down 7.1 percent compared with last week.
Due to the epidemic situation in the destination countries, the market went down and most liner companies lowered their freight rates, according to the Ningbo Shipping Exchange.
Reported every Friday (except Chinese holidays), the NCFI was first published in September 2013.