IN the midst of persistent and widespread pressure on rates due to a decrease in cargo demand, there is an exceptional trend among container carriers: the intra-Asia import trades into India, reports New York's Journal of Commerce.
Notably, carrier rates for shipments from China to India have shown a 40 per cent increase over the past two to three months.
The average short-term contract rates for bookings from Shanghai/Tianjin in Central/North China to Nhava Sheva/Mundra in West India have surged to US$600 per TEU and $700 per FEU, compared to $425 and $450 in August.
Similarly, rates from Yantian in South China to West India have risen to US$550 per TEU and $600 per FEU from the August averages of $400 and $425.
Rates for the Hong Kong-Nhava Sheva/Mundra route are now 40 per cent higher than carriers quoted just two months ago, standing at $500 per TEU and $550 per FEU.
Additionally, rates for the Singapore-West India route have remained steady, trending slightly upward and now at $400 and $750, respectively.
In response to the increased demand, niche intra-Asia liners have expanded their operations in India, deploying larger vessels and increasing their calls to the country's east coast ports, particularly in the emerging southern industrial region, including Chennai and Kattupalli.
"Container volumes between the Far East and India have gained traction," said a Mumbai-based liner industry representative. "Besides, carriers like HMM are using Kattupalli as a transshipment point to maximise the growth potential."
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