China Ningbo Containerized Freight Index (Middle East routes) rises significantly
The China Ningbo Containerized Freight Index (NCFI) reported a significant rise in freight indices in the Middle East routes.
NCFI, a wind vane of China’s busiest port’s freight rates for the international container shipping market, stood at 679.3 points on Friday, up 5.6 percent compared with the week earlier.
The sub-reading for the Middle East quoted 613.2 points, up 13.6 percent compared with the week earlier.
According to the Ningbo Shipping Exchange, some goods sold after Ramadan began to be shipped. As a result, the supply and demand fundamentals of the routes improved and the market freight rate rebounded.
Reported every Friday (except Chinese holidays), the NCFI was first published in September 2013.