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Posted by Levasto India
Shipping freight rates to Europe, US improve, Kolkata Business News
Kolkata: After freight rates witnessed a sharp decline in 2011, things are picking up once again, especially when it comes to the shipping freight rates to Europe and American destinations.
Mr. J. S. Chopra, Chairman of Calcutta Freight Brokers Association (CFBA), said that this might help the margins of Indian shipping lines grow by some extent, but he remained cautious about about the consistency of such a growth.
"The freight rate from Kolkata port stood at $2600 for a 20-foot-container in 2009-10, and went down to $1400 in mid-2011. Currently, the rates are varying between $1700 and $2000," Mr Chopra said on the sidelines of the 74th Annual General Meeting of CFBA here.
According to him, an increase in freight rates to countries in Europe and the US hinted at a revival in those economies, thereby helping the shipping lines restore their condition. However, the gloom is still not over, as the growth declined to 5.3 per cent during the fourth quarter of 2011-2012, Mr Chopra added.
