Government-owned Shipping Corporation of India (SCI) on November 20 announced a freight rate hike of up to $500 for 40-feet containers on the India-Europe sector. SCI is facing pressures on account of fuel price hike, the rupee movement and reduction in traffic due to which it is proposing the hikes to make operations feasible, said SCI.
Media reports say that the hikes, for traffic from India to Europe, the Mediterranean, the Black Sea and the Red Sea trade route, are applicable from December 1, he said.
Presently, the rate for a standard 20 ft container is hovering in the $500-525 range, which was at $1,200 a year ago. It reached a trough at $450 four months ago and has been slowly climbing since. SCI is proposing to hike it by $250.
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