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India-Europe box rates set to rise by $500

India-Europe box rates set to rise by $500

Mumbai: Ocean freight rates from Indian ports to major European ports are set to rise by $300-500 per twenty equivalent unit (TEU) from April 1. The rate increase comes after major shipping lines decided to implement general rate increase (GRI) with effect from April 1.
Shipping companies' representatives operating between Indian and European ports said the rates pre-vailing in the market were "unacceptable". Companies were not able to meet their operating costs with the current rates, they added.
A senior official from a Germany-based shipping company told local media the current freight rate between Indian and European ports was around $300-350 per TEU, compared with $450 in January and $900 at the end of last year. [17/03/09]

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