Now, traders will end up paying more to export goods to global destinations
June 25, 2021
Shipping lines to hike surcharges by up to $1,500/ TEU
At a time when exports appear to be the only saving grace for the Indian economy, exporters are being forced to shell out more to ship goods to global destinations.
Shipping lines have announced surcharges due to the continued global disruptions in container trade following congestion at various ports. The proposed increase is between $500 and $1,500 per Twenty-foot equivalent unit (TEU), depending on the destination.
Effective July 7, shipping rates from Nhava Sheva, Mundra, and Hazira ports to Mediterranean will see a rate increase of $500 per TEU, said an Hapag Lloyd advisory. At present, it costs $2,800 per TEU to Barcelona – a $500 surcharge would mean an 18 per cent increase in shipping cost.