JUPITER SEA & AIR SERVICES PVT. LTD, EGMORE – CHENNAI, INDIA.
E-MAIL : Robert.sands@jupiterseaair.co.in Mobile : +91
98407 85202
Corporate News
Letter for Monday September 26, 2022.
Today’s Forex Rates : Source –
The Economic Times
|
CURRENCY |
PRICE |
CHANGE |
%CHANGE |
OPEN |
PREV.CLOSE |
DAY's LOW-HIGH |
|
80.99 |
0.129997 |
0.160768 |
81.09 |
80.86 |
80.77- 81.25 |
|
|
0.9711 |
-0.0125 |
-1.270847 |
0.9837 |
0.9836 |
0.9707- 0.9852 |
|
|
90.1634 |
-1.1437 |
-1.252586 |
91.0879 |
91.3071 |
89.69- 91.243 |
|
|
79.0708 |
-0.653099 |
-0.819201 |
79.7023 |
79.7239 |
78.8408- 79.8556 |
|
|
143.132 |
0.742004 |
0.521107 |
142.40 |
142.39 |
141.765- 143.289 |
|
|
1.0945 |
-0.0316 |
-2.806145 |
1.1261 |
1.1261 |
1.0934- 1.1274 |
|
|
112.136 |
0.783005 |
0.703174 |
111.25 |
111.353 |
111.078- 112.336 |
|
|
0.5667 |
-0.0077 |
-1.340534 |
0.5706 |
0.5744 |
0.5653- 0.5716 |
:: Sea Cargo News ::
What is National Logistics Policy and how it will cut
transport cost
Prime Minister Narendra Modi on his 72nd birthday announced the National
Logistics Policy (NLP) to improve the logistics sector in the country for the
movement of goods. The policy is expected to focus on areas such as process
re-engineering, digitisation, and multi-modal transport.
The
government plans to improve efficiency across various sectors and address
issues of the high cost of logistics. “The need for a national logistics policy
was felt since the logistics cost in India is high as compared to other
developed economies. It is imperative to reduce the logistics cost in India for
improving the competitiveness of Indian goods both in domestic as well as
export markets," an official statement said on Friday.
Global supply chains poised for relief as ship congestion
eases
Shipping container traffic that
had been severely congested during the pandemic is clearing and shipping prices
are falling by a record margin in a sign that snags that had bedeviled global
supply chains are finally easing.
According to Nomura Research
Institute, the number of container vessels waiting offshore of the Port of Los
Angeles-Long Beach has declined from more than 100 in January — when it was at
its highest — to less than 10.
The ship traffic jam at West
Coast ports began in late 2020 due to the spread of COVID-19. Port workers, as
well as the truck drivers that transport containers inland, were in short
supply, greatly reducing the capacity to handle loads.
Ships were forced to wait
offshore. The backlog worsened from summer last year, when it took about 30
days to ship from Asia to the West Coast, two to three times longer than usual.
The longer the voyage takes, the fewer vessels are available, and the world’s overall transport capacity is reduced. Traffic jams were also occurring at ports on the U.S. East Coast and in Europe, creating disruptions in maritime logistics that became a major factor in global supply constraints.
SBI asks exporters to trade with Bangladesh in rupee, taka
Top lender State Bank of India
has asked exporters to avoid settling deals with Bangladesh in the dollar and
other major currencies as it looks to curb exposure to Dhaka's falling
reserves, according to an internal document and a source.
Bangladesh's $416-billion
economy is battling rising prices of energy and food as the Russia-Ukraine
conflict widens its current account deficit, and dwindling foreign exchange
forces it to turn to global lenders such as the International Monetary Fund
(IMF).
"The country is facing a
shortage of foreign currency due to higher import bills and weaknesses of
Bangladeshi taka against dollar in recent times," the SBI said in an Aug.
24 letter sent to its branches and seen by Reuters.
The letter and its contents have
not previously been reported. The SBI did not immediately respond to an e-mail
seeking comment. The decision not to increase exposure to the dollar and other
foreign currencies in relation to Bangladesh stemmed from the current economic
situation and the neighbouring nation's shortage of foreign currency, the bank
said in its circular.
Sugar export quota to be announced soon, enough wheat stock
in India: Food Secretary
Addressing the 82nd AGM of
Roller Flour Millers Federation of India, Food Secretary Sudhanshu Pandey said
that there is sufficient wheat stock in the country.
He further assured that action
against hoarders will be taken, if needed arises, to boost domestic supply. To
keep a check against hoarding, the government may consider steps like asking
for disclosure of wheat stocks by traders and imposing stock limits, he said.
The Food Secretary was speaking
about the sudden price rise of wheat. He pointed out that wheat prices have
gone up due to "speculative trading". Pandey pointed out that wheat
is coming slowly into the market as speculators are still hoarding in
anticipation of price rise.
Pandey said the government's
wheat production forecast is around 105 million tonnes in the rabi season of
2021-22 crop year (July-June) while the trade estimates are 95-98 million
tonnes.
Pandey assured that the
production is enough to meet the domestic demand even if trade estimates are to
be believed. The country has exported 4.5 million tonnes of wheat till now in
this fiscal year.
Currency
internationalisation: India pushes for rupee trade with Cuba
The Centre is pushing for
bilateral trade with Cuba and its settlement in rupee as a part of its strategy
to internationalise the domestic currency.
A delegation from Cuba,
including officials from its central bank, met Indian government officials and
banks last month to discuss bilateral trade and settlement using the Reserve
Bank of India’s (RBI’s) payment mechanism in rupee, said people aware of the
matter.
Since the Cuban nation has
opened up its economy and is looking to implement reforms to attract
investments from India, Cuban banks have evinced interest in opening special
rupee vostro accounts (SRVAs) with Indian banks.
The move is an effort by the
Centre to lay the groundwork for the central bank’s new framework for trade
settlement in rupee, pushing for the local currency’s internationalisation.
The meeting was held on the
directions of the Department of Financial Services under the Ministry of
Finance, said an official. In July, the RBI had unveiled a mechanism to settle
international transactions in rupee to promote the growth of global trade, with
emphasis on exports from India.
CSSC wraps up delivery of CMA CGM’s 15,000 TEU newbuilds
After three years and six
months, China State Shipbuilding Corporation (CSSC) has completed and delivered
ten 15,000 TEU containerships to its French partner CMA CGM.
The occasion was marked by the
delivery of the LNG-powered containership CMA CGM Greenland. The boxship is a
sister vessel to four LNG-fueled containerships CMA CGM Patagonia (delivered in
September 2021), CMA CGM Kimberley (delivered in December 2021), CMA CGM
Everglade (delivered in January 2022) and CMA CGM Galapagos (delivered in June
2022).
The latest e-methane-ready
boxship will sail under the French flag operating the Mediterranean Club
Express (MEX) route connecting Asia with the Middle East and southern Europe.
To remind, the company ordered
five LNG-powered sister ships from China State Shipbuilding Corporation’s
(CSSC) Jiangnan shipyard back in 2019 together with another five 15,000 TEU
ships that were booked at CSSC’s subsidiary Hudong-Zhonghua Shipbuilding. The
five-vessel series features a container capacity of 15,254 TEU and each vessel
can carry 1,800 refrigerated containers.
::// AIR
CARGO NEWS //::
SpiceJet pilots to get 20 per
cent hike in salary from October
SpiceJet has offered a 20 per cent salary hike to its pilots, days after it had put nearly 80 pilots on leave without pay. This latest rise in salaries follows a 6 per cent hike announced last month.
This development comes amid
reports that the struggling airline received the first tranche of the Emergency
Credit Line Guarantee Scheme (ECLGS) payment of around Rs 125 crore last
week.
Captain Gurucharan Arora,
SVP-Flight Operations at SpiceJet, said in a mail, “Keeping with our commitment
of increasing salaries in a calibrated manner as our business improves, the
salary for the month of October will see an increase of around 20 per
cent for our Captains and Senior First Officers.”
The mail added that the
airline has received loan approval under the Centre’s ECLGS scheme, adding the
first tranche of this loan has already been received. It also mentioned that
the airline is looking to raise an additional USD 200 million.
The loss-making airline had
a few days back sent nearly 80 pilots on leave without pay for three months.
SpiceJet, which has been making losses for the past four years, is actively
scouting for funds to stay afloat.
SATS in “ongoing discussions” over potential WFS acquisition
Photo:
WFS
Singapore-based handling company SATS has
confirmed it is in “ongoing discussions” regarding a potential acquisition of
cargo handler Worldwide Flight Services (WFS).
SATS said in a press release on September
21 that no formal agreement has been made yet.
“While the company is in ongoing
discussions regarding a potential acquisition of Worldwide Flight Services, no
definitive terms or formal legal documentation (including the consideration)
have been agreed upon,” said SATS.
It added: “One of SATS’ strategic
priorities is to expand its network and capabilities in Asia and across the
globe. The company is therefore constantly on the lookout for acquisition
opportunities.
“Discussions concerning the potential
acquisition are developing and there is no certainty that it will proceed or
will materialise.”
Paris, France headquartered WFS has itself
been pursuing growth and acquisition opportunities.
Last year the company made two acquisitions
in the US, taking over Pinnacle Logistics in September and Mercury Air Cargo towards the end of the
year.
The company also purchased French handler R.A.Hand in August last year.
Based at Changi Airport, SATS provides food
and gateway services for customers including airlines, cruise lines, freight
forwarders, postal services and e-commerce companies.
Its gateway services include ground
handling services incorporating air cargo.
SATS is active in China, India, Japan, Malaysia and the Middle East.
Amazon Air slows expansion as e-commerce demand flattens
Amazon's fleet of leased or outright owned freighters is growing. Photo
by Dave Lindberg
Amazon Air has “greatly reduced” its
overall rate of expansion since March in response to a slowdown in e-commerce
sales figures, according to new research.
Total Amazon Air flight activity grew by
3.8% between August 2021 and March 2022, compared to 14.3% during the previous
six months, found researchers at Chaddick Institute of Metropolitan Development
at DePaul University in Chicago.
“The slowdown reflects Amazon’s move to
slow the rate of facility expansion, the flattening trajectory of online sales,
and softer demand for air-cargo services in general,” said the institute’s
research report.
“The reported size of Amazon Air’s fleet
remained at 87 to 88 planes for most of the period from March to September,
although several planes appear to be imminent.”
Amazon Air, which has invested heavily in its operations in recent years, grew from 187 flights per day in March 2022 to 194 flights in
September. Its growth over the past year has been around 18.4%.
Partner flights also appear to have stayed
about the same, said the research.
The report also found the company has
scaled back plans for facilities and warehouses and reduced its existing stock,
a distinct change from its previous “overly optimistic estimates” though
concerns about a slow Christmas season may be the reason for some of the
reductions, said the report.
Despite a downturn in its overall expansion, Amazon Air is heavily expanding at CVG. This investment has boosted average Amazon Air activity there from 26 to 44 flights daily, a 71% increase.
There are also now more night-time flights
that have positioned the airline to deliver “more next-day fulfilment from its
vast warehouse network in Kentucky, Indiana, and Ohio.
However, in July, it said plans to develop air cargo facilities at Newark Liberty International
Airport in New Jersey had been scrapped.
Amazon Air is prioritising growth in Europe,
particularly in Leipzig and Milan, and partner-flight activity in Europe
remains extensive, found the report.
Intra-European Amazon Air flights grew from
36 to 44 daily between March and this month, not including partner flights.
Since March, Amazon Air has also added
three US airports to its network: El Paso, Texas; Las Vegas, Nevada; and Lihue,
Hawaii.
Amazon Air’s expanding capabilities at CVG
augment “Buy with Prime,” a programme announced in April that allows merchants
to offer fast and free delivery to Amazon Prime members, said the research.
The report concluded that: “Amazon’s CVG
hub has moved notably in the direction of becoming a large-scale and night time
operation akin to that of FedEx’s and UPS’s largest hubs.
“At the same time, its operations remain
much more decentralised than its competitors.”
Through the rest of this year and early
2023, the institute expects a resumption in the growth of Amazon Air’s fleet,
with the possible addition of 7-9 planes by March 2023, but said it no longer
expects its fleet to surpass 100 by the end of this year.
The institute also expects further
development of night-time operations at CVG and at other hubs and the
development of an expansive network of “overnight” flights in Europe, mirroring
the overnight network developing in the US.
It added that while it doesn’t anticipate
Amazon entering the consumer-to-consumer segment in the near future, it does
expect the company to grow its share of the delivery business being handled by
FedEx, UPS, and the US Postal Service “that does not involve purchases on its
online platform, in part due to rollout of Buy with Prime and Fulfillment by
Amazon”.
In February this year, Air Cargo
News reported that Amazon is looking to ramp up its freight forwarding business.
FedEx has also recently announced cost reduction initiatives.
Airbus expands outsize air cargo capabilities
The CH53 helicopter was successfully loaded into the Beluga during the
test exercise. Photo: AirbusAirbus is expanding its outsized air cargo
capabilities with a new loading system for the Beluga A300-600ST aircraft for
military cargo.
The total lifting capacity of the Airbus
Defence and Space-developed loading system to move outsized military cargo into
the A300-600ST reaches 35 tonnes.
Airbus successfully tested the capability
of the loading system, which requires no crane for its use and can be relocated
to the aircraft’s destination, during a verification exercise with the German
armed forces, the system’s first customer.
The exercise involved loading a CH53
military medium-lift helicopter into the Beluga.
“The demand for outsized air cargo
capability is on the rise. Capacity is scarce and, in light of current
geopolitical developments, many customers are looking for new, fast and
efficient solutions. This is exactly what we offer with our BelugaST fleet,”
said Michael Schoellhorn, chief executive of Airbus Defence and Space.
“Our teams have been working on a
remarkable solution to facilitate a speedy, efficient and autonomous handling
to load heavy military cargo onto the aircraft. “Speed, agility and autonomy
are crucial elements for our customers when it comes to such operations.”
The system enables arrangements for the
loading of a CH53 in a reduced state of dismantling to be completed within less
than 1.5 hours while the actual loading process into the Beluga aircraft can be
accomplished in about an hour.
This self-funded cargo loading system and
jig was developed and manufactured in 1.5 years. Prior to announcing plans to offer the
services of its existing BelugaST fleet earlier
this year, the fleet of five aircraft was solely used for the transport of
large aircraft sections between various Airbus sites as part of the company’s
production system. The BelugaST fleet is
being replaced by six new BelugaXLs based on the larger A330-200 platform.
National Airlines adds
nose-loading B747-400 freighter
'Nose Door' loading capability of B747-400ERF aircraft. Photo: National
Air Cargo
National said the B747-400ERF, registration
N663CA (MSN 35237), features a nose door and a large side door and has a
maximum gross payload of 128 metric tons.
The airline said the nose door loading
capability, which gives National the capability to move customers’ shipments of
any length, which is not possible with the B777 freighter. The airline said the aircraft is also
particularly suitable for pharmaceuticals, seafood, perishables, and other cold
chain shipments.
“The introduction of the B747-400 ERF
aircraft is part of our greater vision to modernise our fleet and enhance our
service offerings for our customers. Our prime focus is not just rapid fleet
expansion, but also to offer newer and innovative air freight solutions to the
post-Covid global market to meet growing specialized cargo demands,” said
Christopher Alf, chairman of National Air Cargo Holdings, Inc.
The airline said it will continue to add
more freighter aircraft to its fleet in the coming months. National Airlines is
an FAA-certificated Part 121 air carrier, with a fleet of B747-400Fs.
UK customs offers continued
use of CHIEF in urgent cases
UK customs (HMRC) will allow companies to
continue using the CHIEF declaration system if they have a valid reason beyond
the planned switchover date.
The existing CHIEF declaration system will
be switched over to the Customs Declaration Service (CDS) on September 30, but
HMRC said that companies will given the opportunity to continue using the
existing system if they have a clear business reason, which prevents the
declaration being made via CDS.
The move was welcomed by UK forwarder
association BIFA and software firm Agency Sector Management (ASM). Peter
MacSwiney, chairman of ASM, added: “We felt that the state of readiness across
all parties in the supply chain, from Customs intermediaries through to
traders, was not sufficiently advanced to ensure a smooth transition.
“There was concern that if CHIEF was
actually turned off there would not be sufficient numbers of CDS-ready
organisations to prevent serious cargo backlogs at air and seaports.”
Robert Keen, director general of the BIFA,
said: “In 2019, when HMRC announced its proposed plan for completing delivery
of the new CDS, and migrating traders from CHIEF to the new platform, we
expressed the view that the timetable would be challenging.
“In the intervening period, BIFA has worked
very closely with ASM, as well as the Community Service Providers (CSPs),
through our Customs Policy Group and roles within the Joint Customs Consultancy
Committee (JCCC), to represent the views of BIFA members and others that submit
Customs declarations to HMRC.
“Having made further representations via
the programme board seeking clarifications on behalf of our members, we are
reassured to hear that it is HMRC’s intention to allow CHIEF badge holders to
apply for a discretionary extension, which will give all concerned a further
short grace period to finalise their transition and for software developers to
complete their system development.
“But, the important thing to remember is
that that this discretionary period is short and designed to facilitate those
traders who are close to, but have not fully migrated to CDS. So anyone with
their head in the sand over transition from CHIEF to CDS really needs to act
fast.”
In August, HMRC warned that 3,500 companies have yet to register for its new import system and could lose the ability to
import goods.
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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