India’s port volumes rise 7% YoY in August as freight rates surge 132%: Jefferies

India’s port volumes rose 7 per cent year-on-year (YoY) in August 2026, while global container freight rates increased 132 per cent from February levels, according to a report by Jefferies.

India’s port volumes rose 7 per cent year-on-year (YoY) in August 2026, while global container freight rates increased 132 per cent from February levels, according to a report by Jefferies. The brokerage said freight rates increased amid tensions in the Middle East, early peak-season shipments and the Chinese Golden Week.

“Freight rates rose again amid Middle East tensions, early peak season/front-loading of shipments and the Chinese Golden Week, in our view,” Jefferies said. Government-owned Major Ports led the growth, with volumes rising 10 per cent YoY in August. Non-Major Ports also recorded 11 per cent YoY growth during the month.

However, the growth in ports was in contrast to the performance of Indian Railways. Container volumes handled by Indian Railways fell 3 per cent YoY in August, compared with a 10 per cent rise in port container volumes. “Indian Railways (IR) Container volumes declined 3 per cent YoY vs. 10 per cent YoY rise at Ports, impacted by Middle-East (ME) tensions in our view,” the report said.

Jefferies said transshipment volumes may have supported container traffic at Indian ports, helping them maintain growth despite geopolitical tensions. Among major cargo categories, iron ore volumes rose 30 per cent YoY in August, while container volumes increased 10 per cent and coal throughput grew 6 per cent.

Among private port operators, Adani Ports reported a 19 per cent YoY increase in volumes during August, with its domestic operations estimated to have grown 10 per cent. Non-Major Ports across key maritime states recorded mixed performance. Odisha ports reported a 39 per cent YoY rise in volumes, while Gujarat recorded 3 per cent growth. Maharashtra ports recovered with 8 per cent growth after declining in the previous period.

The rise in port activity was also supported by stronger trade flows. India’s export-import trade increased 18 per cent YoY in August. Containerisable trade, excluding petroleum, oil, lubricants, gems and jewellery, grew 21 per cent YoY, with exports rising 23 per cent and imports increasing 20 per cent.

Exports to the United States rose 22 per cent YoY, while shipments to the United Arab Emirates and Saudi Arabia declined between 17 per cent and 26 per cent. Meanwhile, India’s road freight sector continued to show momentum in early September. Freight tariffs rose 2 per cent month-on-month, supported by higher fuel costs and preparations for seasonal demand.

Medium and Heavy Commercial Vehicle truck registrations rose 40 per cent YoY in September so far, indicating continued momentum in the road logistics sector, Jefferies said. The report noted that road logistics remained strong even as rail container volumes were affected by geopolitical disruptions. (ANI)