Blues for exporters with Red Sea crisis

A file photo of the Galaxy Leader cargo ship being escorted by Houthi boats in the Red Sea after its seizure. — Reuters

ATUL Jhunjhunwala, an exporter in India’s eastern city of Kolkata, is tearing his hair out, having just lost another order due to the Red Sea crisis that has jacked up his shipping costs and times.

“Last week, I lost a big order to a Polish competitor who does not need to pay increased freight rates,” said Jhunjhunwala, head of Binayak Hi Tech Engineering which ships about 700 containers of machinery tools, industrial castings, and railway shed materials per year.