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Date: 18/09/2024

Freight rates see surge across Indian ports

Freight rates have surged nearly 70% year-on-year in August across Indian ports, reflecting global shipping disruptions, sustained demand and capacity constraints, as per reports. Average prices for 40ft high cube cargo-worthy containers increased quarter-on-quarter this year across domestic ports, including Chennai, Nhava Sheva and Mundra. Among the ports, container prices in Chennai increased by 50% from April to Aug. 2024, marking the highest growth among Indian ports, according to Container xChange. Multiple factors, including shipping routes, cargo types and market competition, can influence shipping costs. The ongoing geopolitical issues have led to sky-rocketing freight costs, the reports said.

Source: Exim News Service: Mumbai, Sept. 17