NINGBO, June 14 (Xinhua) — The China Ningbo Containerized Freight Index (NCFI) reported a slump 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 737.7 points on Friday, up 5.0 percent compared with last week.
The sub-reading for the Middle East quoted 335.7 points, down 27.6 percent compared with last week.
According to the Ningbo Shipping Exchange, as the shipment supply exceeds market demand, the market freight rates continue to fall.
Reported every Friday (except Chinese holidays), the NCFI was first published in September 2013.