Despite the continuing pandemic, which has led to container scarcity throughout the globe as a consequence of restrictions, the typical price of a 40-ft high cube container at Chennai has dropped to $5,400 on October 25, from $5,700 in September.
“Though there is a drop on a month-on-month basis, the general trend observed from the beginning of the year till date in the ports of Chennai and Nhava Sheva is a gradual increase in the overall trading prices of containers in India,” Container xChange report stated at present.
Alongside, at Nhava Sheva costs of a 40-ft high cube container averaged at $4,880 and has been secure within the interval underneath assessment.
“There is also a drop in container freights in the last few weeks since China ports are heavily infected by Covid-19 leading to drop in congestion,” stated an official with an Indian transport firm on situation of anonymity.
As per maritime marketing consultant Drewry’s World Container Index, the composite index dropped 5 per cent to achieve $9,195.41 per 40-ft container as on the week ended November 4, however the year-to-date common is $7,293 per 40-foot container.
Though the composite index decreased 4.9 per cent within the week ended November 4, it stays 252 per cent larger than a yr in the past, indicating that the scenario in container availability throughout the globe continues to be grim.
“Few carriers have voluntarily capped their container rates in the interest of the industry,” stated a Delhi-based maritime marketing consultant.
The pre-pandemic costs of a 20-ft dry container and 40-ft one stood at $1,000 and $2,000, respectively.
In India, Chennai has the very best container costs at $4,700 and ranks seventh globally for the costliest 40-ft high cube container and third for 40-ft dry container, stated the Container xChange report.