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

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.

Shipping