Soaring container rates, delays choke exports

 The rise was partly on account of booming exports of steel and metal engineering products to the China market.

 Despite the high cost, important transhipment ports like Colombo and Singapore were now facing huge congestion, adding to costs.

 The rate for 20 feet container (TEU) to the US west coast was around $2400 while tariff for east coast was $2000 or so. Rates to the Persian Gulf region have shot up to around $950-$1100 depending on cargo.

 Prakash Thaker, regional chairman of Federation of Indian Export Organisations (FIEO), said: