China Ningbo Containerized Freight Index (Red Sea routes) falls
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E-mail Xinhua, May 23, 2020
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NINGBO, May 23 (Xinhua) -- The China Ningbo Containerized Freight Index (NCFI) reported a drop in freight indices in the Red Sea routes.
The NCFI, reflecting freight rate changes of 21 routes departing from the Ningbo-Zhoushan port, stood at 690.9 points Friday, down 2.2 percent compared with last week.
The sub-index for the route to Red Sea stood at 1,045.9 points, down 8.7 percent compared with last week.
According to the Ningbo Shipping Exchange, following last week's sharp rise in freight rates, most liner companies reduced their prices to increase their cargo load and the overall market freight rate to the Red Sea route fell back.
Reported every Friday (except Chinese holidays), the NCFI was first published in September 2013. Enditem
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