Overview
- Commerce Minister Piyush Goyal said the government is working with ECGC on new insurance support, with an inter-ministerial group monitoring disruptions and customs issuing norms for returning export cargo.
- Exporters raised banking concerns with the Department of Financial Services and industry bodies, citing risks of LC expiry, penal interest, and loss of interest subvention, and banks agreed to examine temporary flexibilities.
- Sea-freight rates have jumped roughly 250–300% with contingency surcharges of about $1,500–$4,000, and some carriers have applied fees to consignments already billed or at destination, according to FIEO.
- With regular Hormuz routes disrupted, DP World is channeling containers to Khorfakkan or Fujairah for bonded road transit to Jebel Ali, while overall Gulf-bound movement remains limited and major lines like Maersk and MSC have curbed sailings.
- To help clear backlogs, FIEO said more small-vessel/NVOCC services will operate from April 15, even as exporters warn of possible congestion at JNPT and Mundra and report higher air-freight rates and insurance premiums.