Container prices rise 10-15% in India as Omicron hits operations at major global ports

Container prices at major Indian ports jumped 10-15 percent in January from a month ago as the spread of the Omicron variant of the coronavirus disrupted global supply chains.

The average price of a 20-foot dry container at Chennai port rose to about $2,100 (Rs 1,55,316) in the first week of January from about $1,880 in December, shipping companies told Moneycontrol.

The average price of a 20-ft dry container in Mundra climbed to $1,950 in the first week of January from $1,763 in December. At Nhava Sheva in Navi Mumbai, the average was $1,900 against $1,775 in December, market officials told Moneycontrol.

The price of a 40-ft dry container at Chennai increased to $5,100 from $4,780 in December. At Mundra and Nhava Sheva, the prices rose to $4,900 and $4,850, respectively, from $4,650 and $4,600, respectively, in December, they said.

The rise in container rates was on account of various factors, including widespread restocking by retailers in China ahead of the Lunar New Year starting February 1 and the country’s rising Covid-19 cases.
Source: Money Control