THE CRISIS IN the Red Sea is taking a toll on India's exports and imports with freight costs having shot up on some key routes by more than five fold and a 100 times jump in insurance premiums on shipping risks.
Due to rising freight rates, the exporters have postponed sailings in many cases, and because alternate routes avoiding Suez Canal are taking additional 14 days, even imports have suffered, director general and chief executive officer of Federation of Indian Export Organisations, Ajay Sahai said.
Because of uncertainty, there have been instances of traders holding on to containers fearing a shortage ahead, he added.
The increase in freight rates varies with the route. Apart from basic freight rates, risk surcharge and peak season surcharge has also shot up. In some cases, the surcharges come four times the basic freight cost.
The cost of insurance has increased from 0.05% of the value of shipment to 0.5%.
Diese Geschichte stammt aus der January 06, 2024-Ausgabe von Financial Express Mumbai.
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Diese Geschichte stammt aus der January 06, 2024-Ausgabe von Financial Express Mumbai.
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