Port congestion leaves exporters staring at higher storage bills
New Delhi, July 27 -- The Federation of Indian Export Organisations (FIEO) has approached the Centre to help mitigate disruptions caused by the West Asia war, including port congestion and surcharges imposed by shipping lines, showed a 22 July letter accessed by Mint.
The request comes as ports, particularly in western India, are facing congestion, driving up costs for exporters. Shipping freight rates are expected to rise by as much as 50%, particularly on routes connecting India and West Asia.
The Drewry World Container Index (WCI), the benchmark for container rates, as on 23 July, was at $4,374 per 40-foot container, 3.8% lower than $4,547 on 16 July. The index is updated every week. However, it is still 130% higher than $1,899 on 26...
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