Visakhapatnam Port attains 4th position in cargo handling in India

VISAKHAPATNAM:

The Visakhapatnam Port Authority (VPA) handled 73.73 million tonnes of cargo for the fiscal 202223 and achieved fourth position among all the major ports in the country, and attained second position on the East Coast, according to a release here on Tuesday. During the Financial year, the port handled 73.73 MT against 69.03 MT during the corresponding period of previous year, with a growth rate of 7%, the releaseadded.

The VPA Chairman Madhaiyaan Angamuthu attributed the growth rate to the collective efforts of every stakeholderandassuredthattheport would attain further top rank in the Countryinfuture.

Container freight rates continue to slide on most Indian trades

MUMBAI: There seems to be no real let-up in the rate slide seen on mostofthetraderoutesoutofIndiaas trade volume pressure continues, according to the latest market analysis.

On the westbound India-Europe trade, average contract rates from West India [Jawaharlal Nehru Port (JNPT)/Nhava Sheva or Mundra Port] to Felixstowe/London Gateway (UK)orRotterdam(theNetherlands) have dropped to US$650 per TEU and US$700 per FEU, from US$850 and US$950, respectively, at the end of April.

For West India-Genoa (the West Mediterranean) shipments, contract rates have fallen to US$700/20' ft container and US$800/40 ft container, versus US$850 and US$950, respectively,amonthago.

Eastbound cargo (imports into India) rates for these port pairings have seen further declines, albeit at a slowerpace,month-on-month.

Accordingtotheanalysis,average rates now stand at US$950/TEU and US$1,050/FEU for bookings from Felixstowe/Rotterdam to West India, versus US$1,050 and US$1,150, respectively,lastmonth.

Similarly, rates for shipments from the West Mediterranean (Genoa) to West India have dipped to US$850/TEU and US$950/FEU, from US$900 and US$1,006, respectively,inApril.

Thanks to the two rounds of general rate increase (GRI) attempts by major carriers, there have been some moderate pricing gains on the India-US trades. The analysis has found that contract rates for cargo moving from West India (Nhava Sheva/Mundra) to the US East Coast (New York) have increased to US$1,700 per 20 ft box, from US$1,550, and US$2,100 per 40 ft box, from US$1700, and to US$1,600/20 ft container, from US$1,500, and US$1,800/40 ft container, from US$1,750, month-on-month, for container loads moving to the USWestCoast(LosAngeles).

For the West India-US Gulf Coast (Houston) trades, average rates have moved up to US$1,885 per TEU and US$2,837perFEU,fromUS$1,735and US$2,735, respectively, at the end of April.

Major carriers, such as MSC, CMA CGM and Hapag-Lloyd, beganseekingasecondroundofGRIs from 1 May and as the latest rate trends suggest, the success of recoveryhasbeenpartialasofnow.

However, on the US-India trades (return leg), short-term contract rates have continued to drop, by between a 5% to 10% increase, onaverage,fromthelevelsmaintained bymajoroperatorslastmonth.

According to the data analysis, rates are down to US$712/TEU, from US$750, and US$850/FEU, from US$900, for shipments from USEC (New York); to US$1,988/TEU, versus US$2,509, and US$2,376/FEU, from US$2,753, for bookings from USWC (Los Angeles); and to US$1,500/TEU and US$1,800/FEU from the US Gulf Coast, compared with US$1,559 and US$1,868, respectively, a month earlier, into West India (Nhava Sheva/Mundra).

Rates on intra-Asia trades out of India have also seen further declines month on month, with the exception of South China bookings, theCNanalysisreveals.

For West India-Yantian (South China), average rates have either held firm or slightly moved up, hovering at US$225/TEU, versus US$200 and US$275/FEU, versus US$300, while for West India-Central China (Shanghai) trades, rates have further tumbled to US$15/TEU and US$30/FEU, from US$20 and US$50, respectively,amonthago.

Average contract rates for bookings from West India (Nhava Sheva/JNPT or Mundra) to Tianjin (North China) has further slipped to US$50 per 2O ft container, from US$80,andUS$100per40ftcontainer, fromUS$160,monthonmonth.

For Indian cargo to Singapore, rates have plummeted to US$10/20 ft box and US$20/40 ft box, from the April averages of US$15 and US$30, respectively.

For Indian shipments to Hong Kong, major carriers are accepting bookings at US$10/TEU, versus US$30, and US$30/FEU, versus US$60,accordingtotheCNanalysis.

April prices for West India-Jebel Ali/Dubai shipments have fallen to US$70/TEU and US$140/FEU, from US$75 and US$200, respectively, at theendofApril.

Contract rate levels on intra-Asia return leg trades have slid between 10 and 15%, with booking rates from Tianjin to West India (Nhava Sheva/Mundra) seeing the largerdeclines,theCNanalysisfound.