Container freight rates for exports from India have shown some positive signs for carriers, after a long streak of declines, according to the latest market analysis by Container News shows.
On the westbound India-Europe trade, average short-term contract rates from West India [Jawaharlal Nehru Port (JNPT)/Nhava Sheva or Mundra Port] to Felixstowe/London Gateway (UK) or Rotterdam (the Netherlands) have risen to US$550 per 20-foot container and US$650 per 40-foot container, from US$525 per 20-foot container and US$600 per 40-foot container at the end of July.
For West India-Genoa (the West Mediterranean) bookings, August contract rates have stood at US$675/TEU, from US$650, and US$650/FEU, from US$600, the analysis found.
However, eastbound cargo (imports into India) rates for these port pairings have continued to fall, month-on-month. According to the analysis, average rates have slid to US$650/TEU, from US$750, and US$750/FEU, from US$850, for bookings from Felixstowe/Rotterdam to West India, whereas rates for shipments from the West Mediterranean (Genoa) to Nhava Sheva/Mundra have remained steady, at US$350/TEU and US$500/FEU.
Contract prices on the India-US trades have also moved up, month-on-month, thanks to a wave of general rate increase (GRI) attempts by major carriers. Average rates in August for shipments from West India (Nhava Sheva/Mundra) to the US East Coast (New York) have increased to US$1,875/TEU, from US$1,500, and US$2,050/FEU, from US$1,800.
Also, for the West India-US Gulf Coast (Houston) trades, there have been no changes in rate levels, month on month, at US$1,875/TEU and US$2,575/FEU, according to the analysis.
Contract rates are expected to rise again as major carriers, including Mediterranean Shipping Co. (MSC), CMA CGM, and Hapag-Lloyd, have lined up another round of GRIs for India-US cargo, from early September.
Short-term contract rates on the US-India trades (return leg) have continued to stay at the averages seen in July, at US$475/TEU and US$550/FEU from the US East Coast to West India, and at US$1,000/TEU and US$1,150/FEU for US West Coast-West India bookings.
For more information: container-news.com