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.
Coronavirus impacts Dayton firm’s China operation
The novel coronavirus outbreak that has killed more than 80 people worldwide is having an impact on at least one Dayton-area company doing business in China.
In the wake of the novel coronavirus outbreak, Dayton-based Stratacache has closed operations in China until at least Feb. 17.
The digital sign and technology company has more than 300 employees in China and 1,100 worldwide.
CEO Chris Riegel said so far this isn’t impacting his company’s revenue because everyone was off half of last week and all of this week for Chinese new year.
“Once we see how next week is shaping up we will have a better sense of the go forward, but if people can’t travel to get back to our factory, then it will start to have a real economic impact,” Riegel said.
The company’s plant is in Ningbo, about two hours south of Shanghai.
He said staff are currently evaluating all global business travel and upcoming trade show events — including two in Europe in the next three weeks — and may begin suspending all business travel and event participation until this is brought under control.
The Dayton company, which acquired the former downtown Kettering Tower in 2019, designs and builds digital signs, augmented and virtual reality products, sensors and much more in the arena of marketing and customer-facing technology.
U.S. stocks dropped amid concerns about the outbreak and what the economic impact could mean.
The Financial Times reported that the manufacturing hub of Suzhou has postponed the return to work of millions of migrant laborers for up to a week. Suzhou is one of the world’s largest manufacturing hubs, where other local companies as well as big corporations have factories, such as iPhone contractor Foxconn, Johnson & Johnson and Samsung Electronics.
No coronovirus cases have been reported in Ohio to date. The risk to the American public from the virus remains low.
Dayton Daily News