?India to Deploy Small Ships to Gulf as Freight Costs Rise?
New Delhi: Due to the West Asia crisis, sea freight charges for exporters have increased by up to 300%. To address this issue, more small vessels (NVOCCs) will start operating between India and Gulf countries from April 15, according to Ajay Sahai of Federation of Indian Export Organisations.
Around 400 exporters discussed the problems in a meeting with the Director General of Shipping. The crisis began after a joint attack by the US and Israel on Iran, which disrupted container movement and increased shipping costs.
Freight charges have surged due to a new contingency surcharge imposed by foreign shipping companies, ranging from $1,500 to $4,000. Air cargo rates have also risen sharply. For example, air freight between Kolkata and the Middle East increased from ?190 per kg to ?430 per kg.
Exporters are also facing payment delays due to the conflict. This could affect their interest subsidy benefits, as banks may charge penal interest. Exporters have requested support from the Reserve Bank of India to address these banking issues.
They have also asked the government to issue an official advisory declaring the disruption a force majeure event, which would help exporters avoid contractual penalties.
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The crisis has led to higher sea and air freight costs, container shortages, and increased insurance premiums.
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