China Ningbo Containerized Freight Index (Middle East routes) drops

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NINGBO, May 31 (Xinhua) — The China Ningbo Containerized Freight Index (NCFI) reported a drop 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 720.0 points on Friday, up 4.2 percent compared with last week.

The sub-reading for the Middle East quoted 533.2 points, down 7.9 percent compared with last week.

According to the Ningbo Shipping Exchange, as the demand for shipment is sluggish, the supply exceeds the demand, causing a continuous decline of the spot freight rate.

Reported every Friday (except Chinese holidays), the NCFI was first published in September 2013.

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