Shipping Corporation of India has hiked freight rates for container cargo shipments from India to Europe, Mediterranean, Black Sea and Red Sea trade routes.

The increase will be $250 per 20-ft containers and $ 500 for 40-ft containers from February 1, 2014.

This is in line with the increase in global freight rates across segments, including tankers and bulk cargoes, in the last three months.

In November, when the upswing in markets was beginning, the company had announced a freight rate hike of up to $ 500 for 40-ft containers on the India-Europe sector, which was effective from December 1. The hike is to offset pressures on account of fuel price hike, the rupee movement and reduction in traffic due, a senior SCI official said.

Even with the hike, the rates are far below those about a year ago. The rate for a standard 20-feet container was at $ 1200 a year ago, while currently the rate is about half of it.