UTC+8 ( BJT)

Covid pushes Indian shipping industry into choppy waters

ABSTRACT

The devastating second wave of Covid-19 is pushing the shipping industry in choppy waters. Port activities are continuing since these fall under essential services, but few vessels are willing to come to India while freight rates and vessel hiring charges are up. Vessels that are willing are hiking their freight rates by 25-30%, and a chartering service official fear things will get worse unless the government intervenes with confidence building measures.
The chartering service official informed that hiring charges for a coal vessel from Indonesia to India is currently quoting $34,000-35,000 per day against the previous $18,000-19,000/day. Freight rates have risen from $16-17 per tonne a fortnight back to $23-24/tonne.“It is difficult to get a vessel even at these rates,”the official

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