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

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

Government-owned Major Ports led the growth, recording a 10% YoY increase in volumes during August. Non-Major Ports also posted 11% YoY growth, while ports in Maharashtra recovered with an 8% increase after declining in the previous period.

Port growth outpaces rail container volumes

The increase in port activity contrasted with the performance of Indian Railways. Container volumes handled by Indian Railways declined 3% YoY in August, compared with a 10% YoY increase in port container volumes.

Stronger trade flows also supported port activity. India’s export-import trade increased 18% YoY in August, while containerisable trade, excluding petroleum, oil, lubricants, gems and jewellery, grew 21%. Exports increased 23%, while imports rose 20%.

Exports to the United States increased 22% YoY, while shipments to the United Arab Emirates and Saudi Arabia declined between 17% and 26%.

Road freight sector maintains momentum

India’s road freight sector continued to show momentum in early September, with freight tariffs rising 2% month-on-month amid higher fuel costs and preparations for seasonal demand.

Registrations of Medium and Heavy Commercial Vehicles increased 40% 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 container volumes on rail were affected by geopolitical disruptions.