China Ningbo Containerized Freight Index (Middle East routes) drops significantly

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NINGBO, June 7 (Xinhua) -- The China Ningbo Containerized Freight Index (NCFI) reported a significant 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 702.7 points on Friday, down 2.4 percent compared with last week.

The sub-reading for the Middle East quoted 463.5 points, down 13.1 percent compared with last week.

According to the Ningbo Shipping Exchange, while liner companies continue to control the shipping capacity through temporary suspensions, the demand remained sluggish and caused the spot freight rates to fall.

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

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