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Container prices at major Indian ports jumped 10-15 percent in January from a month ago as the spread of the Omicron variant of the coronavirus disrupted global supply chains.
The average price of a 20-foot dry container at Chennai port rose to about $2,100 (Rs 1,55,316) in the first week of January from about $1,880 in December, shipping companies told Moneycontrol.
The average price of a 20-ft dry container in Mundra climbed to $1,950 in the first week of January from $1,763 in December. At Nhava Sheva in Navi Mumbai, the average was $1,900 against $1,775 in December, market officials told Moneycontrol.
The price of a 40-ft dry container at Chennai increased to $5,100 from $4,780 in December. At Mundra and Nhava Sheva, the prices rose to $4,900 and $4,850, respectively, from $4,650 and $4,600, respectively, in December, they said.
The rise in container rates was on account of various factors, including widespread restocking by retailers in China ahead of the Lunar New Year starting February 1 and the country’s rising Covid-19 cases.
A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.
There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.
Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.
“Container turnaround times at major ports in China are once again on the rise due to bottlenecks ports are facing because of rising Covid cases and logistical bottlenecks,” an official from Container xChange said.
Suspension of trucking activities in several parts of China, coupled with strict control on trucks moving goods in many districts, has slowed the movement of containers in major Chinese ports, Bloomberg said in a report last week.
Apart from the prolonged turnaround time for containers in China, ports in the US and the UK are experiencing severe congestion.
“Until congestion at major ports in the US and the UK is cleared, there will continue to be a major imbalance in the supply and demand of both vessel capacity and containers. As the Omicron variant brings more disruption, with the Chinese New Year around the corner and some ports, including Ningbo, already facing lockdowns, we are expecting a volatile start to the year for ocean freight logistics,” Jefferies Equity Research said in a report earlier this week.
AP Moller-Maersk, one of the world’s biggest container shipping companies, told its customers last week that 2022 had not started off as “we had hoped”.
“The pandemic is still going strong and unfortunately, we are seeing new outbreaks impacting our ability to move your cargo. The situation is particularly challenging at several hub ports and gateway terminals,” the Maersk said in a statement.
Additionally, a rise in Indian exports also led to an increase in spot container freight rates at major ports in the country, experts said.
“Many companies are likely to get into bidding wars to extradite their export and import cargoes and this is likely to lead to higher tariffs,” a Mumbai-based shipping analyst said.
India’s exports increased 33 percent to $7.63 billion during January 1-7 on account of healthy sales of engineering goods, petroleum, and gems and jewellery, according to preliminary data from the commerce ministry.
“Trading volumes have risen in the past two months and they are expected to remain high for the next few months as a number of companies look to supply the pent-up demand in other countries,” another Mumbai-based shipping analyst said.
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Copyright © e-Eighteen.com Ltd All rights resderved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.com is prohibited.