India asks ports to waive fees for cargo stuck abroad
Business
India's shipping ministry just asked all major ports to waive or cut fees for cargo stuck because of the ongoing West Asia crisis.
The goal? Lessen the financial pain for exporters who are already dealing with steep surcharges and a shortage of containers.
Exporters losing up to $4,000 per container
Exporters are losing up to $4,000 per container, and sea freight rates have shot up by 50%.
Ports have been told to prioritize perishable goods, store stranded cargo, and not pile on extra fees.
With some ships stuck at Indian ports and some Indian seafarers reported stranded in the Persian Gulf, the government is stepping in, setting up a special group to manage supply chain issues and making sure banks help exporters keep things running smoothly.