China Ningbo Containerized Freight Index (Middle East routes) stays stable
The China Ningbo Containerized Freight Index (NCFI) reported a stable trend 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 936.3 points Friday, down 0.3 percent compared with last week.
The sub-reading for the Middle East quoted 1,194.2 points, remaining almost the same as last week.
According to the Ningbo Shipping Exchange, the supply and demand of the market is basically balanced this week. As there are few new sources of shipment during the festival, most liner companies choose to maintain freight rates.
Reported every Friday (except Chinese holidays), the NCFI was first published in September 2013.