The China Ningbo Containerized Freight Index (NCFI) has seen a remarkable rise in freight indices in the Red Sea route amid reduced shipping capacity.
NCFI, a wind vane of China’s busiest port’s freight rates for the international container shipping market, stood at 785.4 points Friday, up 16.5% from last week.
Freight indices in the route from Ningbo-Zhoushan port to the Red Sea quotes 1,091.0 points, increasing by 46.8% from last week.
According to the Ningbo Shipping Exchange, a large scale of temporarily suspended voyages that reduced shipping capacity caused the booking price to rise sharply.
Reported every Friday (except Chinese holidays), the NCFI was first published in September 2013.