China-India spot rates nearly double to $3,100/TEU, squeezing Indian importers

Summary

Spot rates from Shanghai to Nhava Sheva have nearly doubled in a month to about $3,100/TEU and $3,300/40ft, from $1,600 and $1,700, The Loadstar reported on 21 August. Shanghai-Chennai is up around 60% at $2,900/TEU and $3,100/40ft, while Singapore-Nhava Sheva space is sold at about $2,500/TEU and $2,600/40ft. Importers face this just as pre-festival demand builds, and CMA CGM has flagged disruptions on its IEX service with Singapore calls omitted.