Indian export freight rates are falling as carriers prepare to implement GRIs for US services.
According to a Container News market analysis, freight rates for container carriers serving Indian trades have continued to fall due to a slowdown in cargo volumes. Westbound India-Europe trade and west India-Genoa shipments have seen lower export rates. Rates for India-US East Coast trades have cooled, while rates for west India-US Gulf Coast (Houston) trades have fallen more precipitously. Short-term contract rates on US-India trades have risen. Rates on intra-Asian trades out of India have fallen. Meanwhile, Indian merchandise exports fell for the third consecutive month in February.Source of information – Container news
This development highlights the ongoing volatility and unpredictability of the global shipping industry
Still waiting to see if this trend of falling rates remains to be seen for long and if it will have any impact on the overall profitability of carriers operating in the region