Shipping, allied industries battle choppy waters as margins sink
As things stand, freight rates in key transit routes have declined over the past 3-4 months to as much as just a quarter of what they averaged a couple of years ago due to lower consumption in western markets amid global economic headwinds. With that, containers have piled up at Indian ports, resulting in a reversal of the situation from just a year ago when shippers were running from pillar to post to get their hands on empty containers.