Box shipping rates hiked 30-40%.
Shipping lines have hiked container freight rates by 30-40 per cent in the Indian-Europe-US sector to capitalise on the recent rebound in demand and increase in trade. According to freight brokers, rates have been increased by $250-$300 for 20-ft containers and $300-600 for 40-ft containers. Shipping Corporation of India has hiked the rates by $250 for 20 ft container from March 1. The hikes will be applicable to all cargoes moving from India to North Europe, the UK, the Mediterranean and the Black Sea ports.
?There is a pick-up in demand. But the increase is to meet the burgeoning operating costs and make the service viable,? said Mr J.N. Das, Director -Liner and Passenger Services, SCI.
Other carriers that have announced rate hikes from March-April are Maersk Line, CMA CGM SA, United Arab Shipping and Hanjin Shipping.
Shipping lines charge $1500 for a 20-ft container and $2,000 for a 40-ft container from India to Europe. For shipments to the US , customers pay $2,100 and $2,800 respectively.