Ocean freight rates between India and the rest of the world have risen at least 3.5-fold (250%) over the past six months. Local export industries say that shipments are either being delayed or held back. The industry has written to the Prime Minister’s Office (PMO) to address the crisis.
A combination of factorscausedthe higher shipping costs. There has been increasing global demand and export stimulus packages from the Government. Saturated ports and too few ships, dockworkers and freight drivers has aggravated the situation. Easing of restrictions after the second wave of Covid-19 is another contributory factor.