EEPC resents hike in ocean freight rates

Kolkata, Sep 13 (UNI) Engineering Export Council Chairman Rakesh Shah today condemned the sharp escalation in ocean freight rates, demanded by the foreign shiping lines in the last couple of months for carrying India's engineering cargo to the European Union countries and Gulf states from Kolkata port.

In a statement, Mr Shah said the freight rates had increased by 60 to 150 per cent between April and September this year for export orginating from the port, which was quite in contrast to the relatively stable rates available in Mumbai port.

The statement said as a result of the sudden upsurge in freight rates, those who had shipped engineering products to the Middle east and European destinations through Kolkata port suffered seriously.

It said unlike other exports, in case of engineering exports, freight charges constitute nearly 30 per cent of the value of a single export consignment.

UNI