look news india
The Rata Sea crisis has been going on for more than six months. As a result, industries related to India's import-export sector have been put into financial crisis. The number of ships passing through the Rata Sea has also decreased significantly due to attacks by Houthi terrorists.
Now ships are diverted via Africa's Cape of Good Hope instead of this route. As a result, shipping container fares have increased by 250 percent. While air freight has increased by 100 percent. A presentation is to be given by Gujarat's industry associations before Union Commerce Minister Piyush Goyal. There is a possibility that Indian industries will not be able to deliver export goods to foreign companies on time, so their orders will be cancelled in future. This share will be available.
A year ago, air freight charges for the Africa sector were Rs 140 to Rs 150 per kg. Which has now increased from Rs 225 to Rs 250. Similarly, the fare for 1/40 feet container was $2200 to $2400 which has now increased to $4800. Insurance premium rates have also increased considerably. Now the situation has become such that the burden on Singapore and Dubai ports has increased. Earlier, after the goods arrived at this port, they could be kept for 15 days. Now the goods are allowed to be kept for 10 days for free. On the other hand, since clearance itself takes 15 days, industries have to pay demurrage charges.
Widespread impact on chemical and pharma companies of Gujarat
Chemical and pharma companies have been widely affected by the crisis in the night sea. Export orders are also being canceled. On the other hand, the market share of Indian companies is now being acquired by Chinese companies. Although Gujarat has a significant share in the chemical and pharma sector in the country, its effect has started showing on this sector as well. Companies will now have to change their production schedule as well. The impact of the entire supply chain will create a cascade effect. There will be an impact of night yoga in the sector including capital investment, employment.
Specialty Chemical Company's goods reached Türkiye in six months
A quantity of specialty chemicals exported by a multinational company in central Gujarat reached Turkey six months after the Red Sea crisis, with the Turkish company supposed to receive the consignment within 90 days instead of 180 days later, causing losses to exporter and importer companies.
China collects empty containers from around the world
At present, China has more export orders, now wherever it finds empty containers, China is collecting them. Due to the time taken to transport goods by sea increasing from one and a half to two days, it is becoming difficult to get containers. China collects containers by paying a premium.