S Hajara, the chairman and managing director of Shipping Corporation of India (SCI) in an interview with CNBC-TV18 spoke about the latest happenings in the company and the road ahead.
SCI restored container rates by USD 200 per TEU and their current container rate stands at USD 700 per TEU. Hajara said that fuel cost comprise of a very large percentage of the operating expense and hence the container rates were restored to cover these expenses. Citing his views on the global container market he said, "The global container market was pretty decent in 2010. But, from beginning of 2011, we have been seeing lot of pressure because lot of supply is coming in. At the same time we do believe that just like in 2008 and 2009, there will be discipline coming back into this segment through layup, slow steaming and various other measures." He foresees freight rates stabilising by mid 2012. Below is the verbatim transcript of his interview with Latha Venkatesh and Sonia Shenoy of CNBC-TV18. Also watch the accompanying videos. Q: We understand that SCI has hiked container rates by USD200 per TEU. Can you tell us what are the reasons for this hike? A: Actually we donDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
