NINGBO, Feb. 22 (Xinhua) -- The China Ningbo Containerized Freight Index (NCFI) reported a plunge 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 780.6 points on Friday, down 5.6 percent compared with last week.
The sub-reading for the Middle East quoted 982 points, down 10.3 percent compared with last week.
According to the Ningbo Shipping Exchange, weak supply forced liner companies to cut down the freight rate.
Reported every Friday (except Chinese holidays), the NCFI was first published in September 2013. Enditem
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