India: Exports and Imports Face Rate Hike on Shipments.

Exporters and importers will have to pay more in the new year as container carriers increase rates and impose a new surcharge on shipping goods to Europe. Israel’s Zim Integrated Shipping Services Ltd will introduce a general rate increase of $250 (around Rs.11,250) per loaded standard container from 1 January on all shipments from the subcontinent and the rest of Asia to ports in the Mediterranean, Israel, Black Sea and northern Europe, it said in a statement.

Maersk Line Ltd, the world’s biggest container shipping company, is also increasing rates on services from the Indian subcontinent to northern Europe and the Mediterranean. The Danish carrier, the biggest to operate services into and from India, said it would increase its prices by $200 per loaded standard container from 1 February, followed by a second increase of $250 beginning 1 March. Currently, it costs around $900 to ship a loaded standard container from India to Europe.

Exports to the European Union (EU) will also be hit by a new surcharge. From 1 January, all container shipping lines bringing goods into the EU customs area are required to lodge an entry summary declaration with the customs authority of the EU port at least 24 hours before the cargo is loaded at the non-European port. To meet this demand, carriers have insisted that exporters and forwarders furnish them with the information 72 hours before loading. State-run Shipping Corp. of India Ltd and Maersk Line will levy an extra charge of $25 on each cargo declaration document to cover the costs incurred. Maersk Line will also collect $30 for any amendment of data already filed by customers.

Source : freshplaza.com