CONTAINER freight rates on major trades out of India have hit new lows in November amid falling cargo volumes, reports Athens’ Container News.
On the westbound India-Europe trade, average contract rates from West India to Felixstowe/London Gateway (UK) or Rotterdam (the Netherlands) have fallen to US$2,300 per TEU from $3,500 and $2,450 per FEU, from $4,000 in the last week of October.
For West India-Genoa cargo, carriers accept bookings at $2,200 per TEU and $2,500 per FEU, compared with the October levels of $3,750 per TEU and $4,100 per FEU.
Eastbound cargo rates for these ports have seen no changes month on month, hovering at $1,400 per TEU and $1,500 per FEU for bookings from Felixstowe/Rotterdam and $1,150 per TEU and $1,400 per FEU to West India.
Average short-term contract prices for Indian cargo moving to the US East Coast have also crashed from the October levels, down to $4,750 per TEU, versus $6,350 per FEU, from $8,350.
For shipments to the US West Coast, rates were $3,650 per TEU, from $4,500, and $4,850 per FEU, down from $6,050.
For the West India-US Gulf Coast trade, rates fell to $4,750 per TEU from $6,900 and $6,850 per FEU, from $9,050.
Intra-Asia trades out of India have seen sharp declines this month from the October averages, with depressed trade volumes.
