China Ningbo containerized freight index (Red Sea routes) soars

The China Ningbo Containerized Freight Index (NCFI) reported a sharp rise in the Red Sea routes.

The NCFI, reflecting freight rate changes of 21 routes departing from the Ningbo-Zhoushan port, stood at 732.6 points Friday, down 0.7 percent compared with previous week.

The sub-index for the route to Red Sea stood at 857.6 points, up 60.7 percent compared with the previous week.

According to the Ningbo Shipping Exchange, the market freight rates increased significantly as the shipping company temporarily canceled two shipping routes, causing a short-term capacity shortage.

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