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Freight rates may see more hike in India amid Russia-Ukraine crisis

India's monthly exports to these countries amount to around $1.4 billion and imports of around $1.6 billion

trade, export, container, major ports, import, shipping, sea, business, seafarer, merchan navy
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The Indian National Shipowner’s Association (INSA) said no Indian flagged ships are stuck in the Black Sea at present

Shine Jacob Chennai
The invasion of Ukraine by Russian forces has triggered panic among Indian exporters, coming as it does after over a year of high freight rates and container shortages. Freight rates to several ports in India had jumped eight to ten times last year and are already on a rise in the last one week.  

According to shipping companies, the cost of chartering a 4,200 TEU (20-foot equivalent unit) has soared from around $8,000 a day eight months ago to around $70,000 a day now. As a result of the Russian invasion, it is expected to touch $100,000 a day.

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First Published: Feb 28 2022 | 6:04 AM IST

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