The Indian shipping industry has every reason to smile as it sails into the new year. Freight rates have not only been rising across almost all the segments of the industry but the increases range between a whopping 100 per cent to 373 per cent.
The biggest gainer has been the crude oil segment but the good news is that even the dry bulk segment is witnessing booming freight rates.
Freight rates for cape-size bulk carriers have shot up by nearly 150 per cent to $ 20,700 per day in December from $ 8,300 per day in July.
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Panamax bulk carrier rates have jumped by 101.5 per cent to $ 12,069 per day levels in late December from $6,000 per day in July, 2002.
The logic of jumping freight rates in this sector is simple. Movement of steel and allied products account for over 44 per cent of the bulk trade.