China Ningbo Containerized Freight Index (Middle East routes) soars

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NINGBO, Aug. 1 (Xinhua) — The China Ningbo Containerized Freight Index (NCFI) reported a soar 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 827.3 points on Friday, up 6.2 percent compared with last week.

The sub-reading for the Middle East quoted 814.0 points, up 19.4 percent compared with last week.

According to the Ningbo Shipping Exchange, cargo volume continued to pick up, causing a significant rise in freight rates.

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