2024-01-10 06:18:03
Kochi – As the Red Sea cargo movement crisis continues, Kerala’s export and shipping related industries have suffered. The commercial sector is facing an unusual situation with the number of ship services declining and freight rates rising rapidly. 200-250 percent increase in freight charges. Another problem is the lack of services. Concerns have been raised that there will be a significant job loss in the export-shipping sector. The region is also afraid of facing shortage of containers.
Waiting for the ship
Yemen’s Houthi rebels have begun attacking cargo ships in the Red Sea with the aim of increasing international pressure to end the Israel-Hamas war. They are Hamas supporters. Since the Red Sea, the main sea route connecting Europe and Asia, has become unsafe, the movement of cargo ships has been going through the Cape of Good Hope in Africa. 20 days more will be required and the return of the ships will be delayed. Containers should be stored. There is no direct service to Europe in Kochi for three weeks. Exporters are facing huge losses due to not being able to deliver foreign orders on time.
Required, regulatory authority
A 20-foot container to various countries in Europe has increased from $450 to $2,000. A 40-foot container fare has increased from $900 to $5,350. There is also an increase in freight charges to the Gulf. The Kochi-Dubai rate for a 20 feet container has increased from $50 to $450. The Kerala Exporters Forum submitted a petition to Union Commerce Minister Piyush Goyal demanding the formation of a regulatory authority to control freight charges. President KM Hamidali and Secretary Munshid Ali said that the authority will be able to avoid the situation of increasing freight charges unilaterally.
English Summary:
Freight rates are rising due to the Red Sea shipping crisis
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