JUPITER SEA & AIR SERVICES PVT. LTD, EGMORE – CHENNAI, INDIA.
E-MAIL : Robert.sands@jupiterseaair.co.in Mobile : +91
98407 85202
Corporate News
Letter for Thursday Se[tember 01, 2022.
Today’s Forex Rates : Source –
The Economic Times
|
CURRENCY |
PRICE |
CHANGE |
%CHANGE |
OPEN |
PREV.CLOSE |
DAY's LOW-HIGH |
|
79.46 |
-0.510002 |
-0.637742 |
79.915 |
79.97 |
79.445- 79.93 |
|
|
1.0022 |
0.0025 |
0.250075 |
0.9997 |
0.9997 |
1.002- 1.0055 |
|
|
93.2719 |
-0.180901 |
-0.193574 |
93.447 |
93.4528 |
93.2076- 93.5156 |
|
|
79.64 |
-0.0233 |
-0.029248 |
79.8388 |
79.6633 |
79.5498- 79.9346 |
|
|
139.566 |
0.845993 |
0.609857 |
138.73 |
138.72 |
139.021- 139.683 |
|
|
1.1582 |
-0.0127 |
-1.084633 |
1.1709 |
1.1709 |
1.1569- 1.162 |
|
|
108.766 |
-0.069 |
-0.063399 |
108.692 |
108.835 |
108.622- 108.896 |
|
|
0.5745 |
-0.0026 |
-0.450521 |
0.5772 |
0.5771 |
0.5741- 0.5778 |
:: Sea Cargo News ::
Chennai Port handles highest ever heavy melting scrap in a single day
Chennai Port Authority on 24-08-2022, handled an import shipment
of 7237 MT of heavy melting scrap in a single day, surpassing its previous
record of 4500 MT in handling this cargo in April this year.
The steamer agent was M/s Merchant Shipping Service Pvt. Ltd.,
while the stevedore was M/s BMP Steels Pvt. Ltd.
The proposed Indian Ports Bill, 2022, will likely confront resistance by state governments and private shipping entities because it would concentrate power at the Centre.
The proposed Maritime State Development Council (MSDC), under the new bill, will confer a lot of regulatory powers on the central government because it will be headed by the minister for ports, shipping and waterways, shipping industry executive said.
“The MSDC will have no representation from private participants and in case of a divided council, the chairman will make the final decision. Such a provision provides unbridled power to the central government and does have some potential for misuse,” a senior executive at a major port operator said.
The issue of transferring many of the powers of state governments
to the MSDC was also a major cause of concern in previous versions of the Bill.
“Certain provisions in the new Bill are not in the interest of states and
tramples over the powers and functions of many state maritime boards, rendering
them almost redundant," a former member of the Gujarat Maritime Board
said.
Ports ministry to recast Mormugao monetisation tender to attract more bids
The ministry of ports, shipping, and waterways is likely to
restructure the Rs 842 crore tender for monetising the assets of Goa’s Mormugao
Port, according to senior officials with knowledge of the proceedings. The
tender received only two bids in the preliminary technical round, one of which,
by Adani Ports and Special Economic Zones (APSEZ), might be disqualified.
The project is part of the Centre’s national monetisation pipeline, which is expected to yield Rs 6 trillion by 2024-25. Ports are meant to be 2 per cent of the pipeline. Though the initial plan was to monetise 31 cargo berths valued at Rs 12,828 crore by the end of 2024-25, the shipping ministry, under its flagship Sagarmala project, has already added more than 50 new public private partnership (PPP) projects in the medium-term pipeline.
APSEZ, the largest port operator in the country, has faced
disqualification from four tenders at three major ports. This was after a
Special Purpose Vehicle (SPV) of APSEZ terminated a contract with Visakhapatnam
Port in 2020 invoking the force majeure clause pertaining to events beyond the
control the parties in the said contract.
Felixstowe strike could be extended through to Christmas
Workers at the Port of Felixstowe, who have launched an ongoing
strike over wages from 21 August, have not come to an agreement with CK
Hutchison, the Hong Kong-based port owner.
General secretary of the British trade union Unite, which represents the workers in the dispute, Sharon Graham pointed out that the strike could continue until the end of the year, if Felixstowe Dock and Railway Company, the port operator owned by Hutchison Ports UK Ltd, does not improve its offer. During negotiations on 8 August, the port operator offered a 7% pay rise and a single payment of £500 (around €600 or US$600), but the union rejected the company’s settlement.
Addressing the striking dockworkers, Sharon Graham said, “The company [Felixstowe Ports] is making an absolute fortune. It could pay 50% more on wages and still be in profit. We are asking for 10%. What is the problem? The company needs to come clean and open the books about their untold billions."
TN joins other states to help achieve Centre's target of $5 trillion economy
As several states have lined up strategies to make India a $5
trillion economy by 2026-27, Tamil Nadu -- one of the most developed states of
the country -- has issued a request for proposal (RFP) for appointing a
consultant which would help it become a $1 trillion economy by 2030.
According to the RFP document issued by the state government for selecting a consultant, the main objective of the exercise is to develop an economic strategy and roadmap for Tamil Nadu to realise the aim of becoming a $1 trillion economy by 2030.
The prospective consultant is expected to identify key requirements and enablers to realize the targets. Tamil Nadu government's efforts to become a $1 trillion economy is in alignment with similar efforts being made by other states like Uttar Pradesh, Madhya Pradesh and Maharashtra among others to contribute towards making India a $5 trillion economy.
Prime Minister Narendra Modi had during his Independence Day speech in 2019, had given a call for making India a $5 trillion economy by 2024-25. However, due to the Coronavirus pandemic, the target has now been pushed to 2026-27.
Tamil Nadu unveils footwear, leather goods policy; inks 5
MoUs
Chief minister of India’s Tamil Nadu state M K Stalin recently unveiled the 'Tamil Nadu Footwear and Leather Products Policy 2022' as the state government signed five memoranda of understanding (MoUs) for investment worth ₹2,250 crore in the footwear and leather sector.
The policy aims at attracting ₹20,000 crore in investment in the leather sector by 2025 and in creating jobs for 2 lakh. The state signed the MoUs with KICL SEMS, Wagon International, KICL, Walkaroo and KICL (footwear cluster) to generate 37,450 jobs.
Requesting industry representatives to globally popularise
products made in Tamil Nadu, Stalin said the policy would transform the state
into the most favoured destination for manufacturing footwear and leather
products in Asia.
The chief minister was addressing the Tamil Nadu Footwear and Leather Sector Conclave 2022. He also laid the foundation stone for a ₹400-crore mega footwear manufacturing park at Panapakkam, Ranipet, according to media reports from the state.
The policy will increase the productivity of existing players. Tamil Nadu has emerged as a natural leader in the footwear segment, contributing 26 per cent to the national manufacturing output and 48 per cent of the national exports.
Govt to restrict wheat flour export
India, the world’s second-largest wheat grower, on May 13, had banned private wheat exports to manage its food security needs, keeping a window open for overseas shipments only on the specific request of a foreign government to “meet their food-security needs”.
The decision to ban wheat export following a drop in the output
due to a scorching early summer. Production of wheat is estimated to have fallen
nearly 2.5% to 106.8 million tonnes, according to the government’s fourth
advance estimates released on August 17.
The ban on export of wheat had increased the demand for wheat flour in foreign markets, the statement read. Export of wheat flour from India registered a growth of 200% during April-July 2022 compared to the corresponding period in 2021, the release said.
“The approval (to the changes in export policy) will now allow putting a restriction on the export of wheat flour which will ensure a curb on rising prices of wheat flour and ensure food security of the most vulnerable sections of the society,” a statement from the commerce ministry stated Thursday.
CMA CGM to deploy second vessel on Shaka 2 service
CMA CGM Group is proud to announce that they will now operate 2 out of 9 vessels on the SHAKA 2 service, jointly with their fellow partner.
In
addition to "CMA CGM DON PASCUALE", CMA CGM will phase-in "CMA
CGM LA SCALA", with a nominal capacity of 8,500 TEU.
M/V
"CMA CGM LA SCALA" voyage 0SSD5W1MA ETA Shanghai September 30th,
2022, ETA Durban October 29th, 2022
Current
rotation will remain unchanged: Shanghai - Ningbo - Tanjung Pelepas - Port
Louis - Durban - Tanjung Pelepas - Hong Kong – Shanghai.
DHT Holdings to sell a 2008-built VLCC, for $37 million
DHT
Holdings, Inc. announces that it has entered into agreement to sell
the DHT Edelweiss, a 2008 built VLCC, for $37.0 million.
The vessel is not fitted with an Exhaust Gas Cleaning System
and is due for its 3rd Special Survey and
installation of a Ballast Water Treatment System in the first quarter of
2023.
The
Company expects to deliver the vessel to its new owner during the
third quarter.
The
sale will reduce the average age of the Company’s fleet and improve its AER and
EEOI metrics.
The
vessel’s outstanding bank debt of about $12.2 million will be repaid
in connection with the sale and the Company expects to record a gain
of about $6.8 million in the third quarter of 2022.
Following
the above mentioned sale and the recently announced
retrofit program, 100% of the Company’s fleet will be
fitted with Exhaust Gas Cleaning Systems by the first quarter of 2023.
::// AIR
CARGO NEWS //::
Cargo handling facility at Chandigarh Intl. Airport to go
live in about a month
Back in
July 2022, we reported that Chandigarh International Airport’s cargo handling
dreams were still waiting to come true as it awaited approvals from the
Customs. In another recent update, sources say that preparations are in order
to fully operationalise the cargo facility at the Chandigarh International
Airport in a month’s time.
Chandigarh
International Airport Limited (CHIAL) has acquired all the necessary approvals
and the Airport Authority of India Cargo Logistics and Allied Services Company
Limited (AAICLAS), a specialised cargo operation agency, is already closing in
on the agreement. AAICLAS was roped in by CHIAL in a Board Meeting on 20th
August.
The
3-acre facility inside the airport will be handed over to the AAICLAS for
operations and it will be up and about in a month’s time. The fully-operationalised
cargo facility will add a new dimension to the airport.
The
decision was finalised in the Board meeting on August 20. We will provide the
covered structure and they will install the set-up and operationalise it.”
Rakesh Ranjan Sahay, CEO, CHIAL.
Employees at SpiceJet claimed on Wednesday that their salaries had been delayed for the second consecutive month despite the low-cost airline's claim that the payments were being made in a "graded format.
"Employees of SpiceJet alleged that the
payment of salaries to staff, including flight crew, for the month of July was
delayed and that many still had not received Form 16 for the fiscal years
2021–2022.
"The salary disbursal was timely for June.
Also, the salaries are yet to match the pre-COVID-19 levels. The salaries being
disbursed to captains and first officers are not even 50 per cent of what they
used to be before the pandemic outbreak in March 2020," an employee told
PTI.
SpiceJet asserted that salary distribution has
begun in a "graded format". "We have started crediting salaries
from today. Like the previous month, salary will be credited in a graded
format," the the airline told PTI in a statement.
The SpiceJet Human Resources team told staff
about the delays in an internal message on Wednesday, stating that the
"past few months have been difficult" due to "superlative fuel
price hike" and also "historically lean period of July-September."
"We have started to see some green shoots of relief with reduction in fuel
price effective August 1.
Passenger demand is also expected to be strong as we enter our traditional strong season in end-September," the commu- nication read. "However there are few milestones to be reached as we tread these difficult times and overcome the impact of the adverse business environment as we move along.
In view of the foregoing, the salaries for the month of August shall be released in a staggered manner starting end-August until mid of next month, as completed in the previous month," it said. Numerous pilots have recently departed SpiceJet as a result of the pandemic and persistent pay problems. Both first officers and captains of its Boeing 737 fleet were among them.
"It was difficult to continue on a salary
which was one-third of what I got three years ago. There were also provident
fund- and tax-related discrepancies in our payslips because of which many of us
ended up paying more taxes even as the salaries we got did not merit those
taxes," a former SpiceJet pilot, part of the post-COVID exodus, told PTI. The stress problems brought on by financial
violations have frequently been reported by the flight crew and pilots.
SpiceJet's Chief Financial Officer Sanjeev Taneja
resigned on Wednesday. The resignation comes amid reports of widening losses
and a series of mid-air incidents. His
resignation is with effect from August 31, 2022.
The low-cost airline reported a loss of Rs 789
crore for the quarter ended June 30. In the same quarter a year ago, it had
seen losses of Rs 729 crore. The company
had also registered a loss of Rs 485 crore for the quarter ended March.
It may be mentioned that the March quarter results had been delayed due to a cyber security attack.
SpiceJet said it would raise funds up to $200 million. However, a number of banks have raised concerns about loans to the carrier.
The Board has identified a candidate for the
Chief Financial Officer's position, the company said.
"The vacancy shall be filled in the month of
September 2022 and the necessary disclosure regarding such appointment shall be
made upon completion of all formalities," it said.
Earlier today, employees at the airline company
said that their salaries had been delayed for the second consecutive month,
despite the company's claim that the payments were being made in a "graded
format."
The payment of salaries to staff, including flight crew, for the month of July
was delayed, employees said. Many still had not received Form 16 for the fiscal
years 2021–2022, they added.
Boeing
announced an order from UPS for eight more 767 Freighters. The incremental
order will increase UPS's 767 Freighter fleet to 108 airplanes, enabling the
global carrier to further modernize and sustainably grow its fleet.
"The
additional 767s will help us continue to deliver what matters to UPS customers
around the world. This is a very versatile aircraft that we operate across
every region of the globe," said UPS Executive Vice President and
President U.S. Nando Cesarone. "With these aircraft, our fleet will
continue to be among the most modern in our industry, meeting our customers'
needs while improving our efficiency, sustainability and reliability."
Air
cargo continues to play a crucial role in global trade, from supporting supply
chains to expanding e-commerce. The International Air Transport Association
(IATA) has estimated that global air cargo revenue in 2021 was more than double
the revenue in pre-pandemic 2019.
"This
repeat order from UPS is a testament to the outstanding cargo capabilities of
the 767 Freighter and further demonstrates Boeing's market leadership in the
freighter segment," said Ihssane Mounir, Boeing senior vice president
of Commercial Sales and Marketing. "UPS will operate more than 100 767
Freighters with this order and will build its fleet of Boeing and Boeing-heritage
airplanes to more than 260 airplanes. We are honored to play an important role
in UPS's efforts to operate a more sustainable, more efficient
fleet."
UPS
will begin taking delivery of these new airplanes in 2025, with an additional
767-300 Boeing Converted Freighter (BCF) entering service in late 2023. This
purchase builds on UPS's order for 19 767 Freighters in December 2021.
Based
on the 767-300ER (Extended Range) passenger jet, the 767 Freighter carries up
to 52.4 tonnes of revenue cargo with intercontinental range, serving as a
flexible platform for long-haul, regional and feeder markets. UPS was the
launch customer for the 767 Freighter in 1995 and has purchased a total of 108
of the model. The carrier currently operates 238 Boeing freighters including
the 747, 757, 767 and MD-11.
According
to Boeing's 2022 Commercial Market Outlook forecast, carriers will require
2,795 more dedicated freighters over the next 20 years, including 940 new
widebodies, 555 widebody converted freighters and 1,300 standard body
conversions. The global freighter fleet will grow to 3,610 airplanes by 2041,
up from 2,250 today. Today, Boeing freighters account for 90% of the world's
freighter capacity, flying millions of tonnes of goods around the globe.
Lufthansa
Cargo will offer its customers additional capacities in its medium-haul network
on specially converted Airbus A321 freighters. The first cargo flight of its kind
took off from Frankfurt to Dublin in March 2022. Due to the positive response
from the market and the continuing high demand from the eCommerce and Same-Day
segments, a second aircraft of this type will enter scheduled service from
October.
The
second A321F with registration D-AEUA is currently undergoing conversion in
Singapore. The twin-engine, technically advanced narrow-body aircraft is
powerful and fuel-efficient at the same time. It is identical in design to the
first A321 freighter (D-AEUC, 'Hello Europe'): A total of 28 tons of payload is
available on 14 pallets and container positions on the main deck and ten on the
lower deck. Lufthansa Cargo can continue enlarging its footprint by offering
the known quality service and product in the fast growing eCommerce segment.
Similar
to the first A321F, the second aircraft will also be based at the Frankfurt hub
and operated by Lufthansa CityLine under wet lease agreement. Both A321Fs will
operate under Lufthansa Cargo flight numbers. As a Group company, Lufthansa
CityLine has worked intensively in recent months on the technical and
operational preparation of the first two converted aircraft of this type in
Germany.
The
new destinations in the intra-European network include Birmingham (BHX), London
(LHR) and Madrid (MAD). The existing destinations Istanbul (IST), Tel Aviv
(TLV), Malta (MLA), Tunis (TUN), Dublin (DUB), Manchester (MAN) and Cairo (CAI)
will continue to be served, while Istanbul and Tel Aviv will see additional
frequencies.
Etihad Cargo, the cargo and logistics arm of
Etihad Aviation Group, has reinforced its commitment to the US market with the
introduction of an additional 50 tonnes of belly capacity via four new weekly
direct passenger flights to John F. Kennedy International Airport (JFK) from 15
November 2022.
With the addition of these flights, the carrier
will offer a total of 11 weekly flights between Abu Dhabi and New York. Also
Read - First autonomous underground cargo delivery system to be ready by 2031
In addition to offering 11 weekly flights to JFK, New York, Etihad Cargo
provides the capacity to other key destinations in the US via freighter and
passenger flights to Chicago and Washington D.C.
The carrier operates nine flights per week to
Chicago O'Hare International Airport and daily flights to Dulles International
Airport, Washington. The introduction of additional capacity to Etihad Cargo's
winter schedule brings the total cargo capacity into and out of the US to 1,084
tonnes per week.
Existing daily services will continue on Etihad's
new Airbus 350 aircraft, which has been deployed on the New York route since
June 2022. The new flights will be operated with a Boeing 787-9 Dreamliner.
These aircraft types are two of the most efficient
in the world, providing significantly less fuel burn and CO2 emissions than
previous-generation twin-aisle aircraft. Etihad Cargo also operates two
dedicated Boeing 777 freighter flights per week to Chicago via Europe,
supported by an offline network.
I reckon you have found this information useful. Have
a nice day!
Courtesy :
CAN, CFG & ISN.
Hope
you enjoyed reading the news. Have a nice day.
Thank
you and kind regards
Robert
Sands, Joint Managing Director
Jupiter
Sea & Air Services Pvt Ltd
Tel :
+ 91 44 2819 0171 / 3734 / 4041
Fax :
+ 91 44 2819 0735
Mobile
: + 91 98407 85202
E-mail
: robert.sands@jupiterseaair.co.in
Website
: www.jupiterseaair.com
Branches
: Chennai, Bangalore, Mumbai, Coimbatore, Tirupur and Tuticorin.
Associate Offices : New Delhi, Kolkatta, Cochin & Hyderabad.
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