India reports West Asia container rates $2,000 and LPG $207
Business
Shipping stuff to West Asia just got way more expensive, thanks to ongoing conflict in the region.
India's shipping ministry says container rates have jumped from $203 per TEU all the way up to $2,000, and LPG shipments now cost over double what they did before the war: $207 per ton compared to $94.
West Asia oil shipping costs double
Crude oil shipping costs have also doubled, and fewer ships are making the trip between India and West Asia: monthly departures dropped from 444 to just 125.
The shipping ministry says things are still changing and they're "keeping a close watch on the developments" while sharing updates for transparency.