Container crisis, high freight charges hit exports from Kolkata

A shortage of containers and increased freight charges are adversely affecting exports from Kolkata causing apprehensions of huge financial and business loss, exporters said on Tuesday. The crisis of vessel space and containers is nationwide but the situation is worse in Kolkata, they said. “Availability of containers is less than half of the demand causing disruptions in exports and delivery schedule has gone haywire. Predictability of availability of container and freight rates is not there anymore. Freight rates have jumped 2-3 times of the pre-Covid levels,” Federation of Indian Export Organisations(FIEO) chairman-east, Sushil Patwari told PTI. Freight charges have skyrocketed and freight forwarders to the West Coast are also declining to book cargo due to severe scarcity of containers, exporters said.

 
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DP World reports strong volume growth of 17.1% in 2Q2021

DP World Limited handled 19.7 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the second quarter of 2021, with gross container volumes increasing by 17.6% year-on-year on a reported basis and 17.1% on a like-for-like basisز

 
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Standard Club: Directors’ Report for the year ended 20 February 2021

The technical account shows a profit of $99.898, with an overall profit of $13.579, compared with the period ended 2020 which produced a technical loss of $1.727.742, with an overall loss of $1.775.484. Gross calls, before reinsurance, decreased from $21.048.177 in 2020 to $586.321 in 2021 and gross claims paid decreased from $22.978.970 in 2020 to $5.532.952 in 2021. Gross provision for claims decreased from $8.465.403 in 2020 to $1.975.343 in 2021. Net of reinsurance, the claims in the technical account were a net credit of $59.375 in 2021, compared with a net cost of $1,082,639 in 2020.

 
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