India updates merchant shipping regulations
India is reviewing regulations on merchant shipping and has outlined plans to control freight charges.
“Every service provider or agent, in respect of any Indian ship or other ship operating in coastal waters, in relation to import, export or domestic transportation, shall specify the all-inclusive freight in the bill of lading or any other transport document, in such mode and manner as may be notified," The draft Merchant Shipping Bill announced online.
In October, the Federation of Indian Export Organisations (FIEO) urged the government to "protect the EXIM sector from sudden and abrupt changes in freight rates" by controlling the shipping industry.
India's decision is the latest in a series of moves by the Asian government to try to rein in rising freight prices.
In recent months, Liner executives have been summoned to transport ministries in South Korea and China as prices on most trade lanes have skyrocketed in tandem with extreme equipment shortages, meaning that many Asian exporters have struggled to get their goods to foreign markets.
Maritime Business World