JUPITER SEA & AIR SERVICES PVT. LTD, EGMORE – CHENNAI, INDIA.
E-MAIL : Robert.sands@jupiterseaair.co.in
Mobile : +91 98407 85202
Corporate
News Letter for Wednesday March 01, 2023.
:: Today’s Exchange Rates ::
Source : The Economic Times.
|
CURRENCY |
PRICE |
CHANGE |
%CHANGE |
OPEN |
PREV.CLOSE |
DAY's LOW-HIGH |
|
82.66 |
-0.189995 |
-0.229324 |
82.71 |
82.85 |
82.625- 82.755 |
|
|
1.0616 |
0.0007 |
0.065981 |
1.061 |
1.0609 |
1.0582- 1.0626 |
|
|
99.8184 |
0.622398 |
0.627443 |
99.7065 |
99.196 |
99.4705- 99.9776 |
|
|
87.674 |
0.255005 |
0.291704 |
87.6273 |
87.419 |
87.518- 87.8179 |
|
|
136.766 |
0.576004 |
0.422941 |
136.19 |
136.19 |
136.117- 136.848 |
|
|
1.211 |
0.0046 |
0.381294 |
1.2064 |
1.2064 |
1.2028- 1.2114 |
|
|
104.64 |
-0.032997 |
-0.031524 |
104.629 |
104.673 |
104.577- 104.891 |
|
|
0.6047 |
-0.0048 |
-0.787525 |
0.6083 |
0.6095 |
0.6043- 0.6085 |
:: Sea Cargo News ::
Flour millers import 14,000 tonnes wheat so far to
re-export as atta
Some players have made a case for opening up of exports of wheat
flour Flour millers have, so far, imported about 14,000 tonnes of wheat under
the advance authorisation scheme for processing into wheat flour ( atta) since
November 2022 when flour export, otherwise banned, was allowed under the
scheme, according to official sources.
Small-scale
millers and traders argue that this is a small amount compared to the demand
for wheat flour from the expat community, as only large players, with adequate
infrastructure, have been in a position to benefit from the advance
authorisation scheme.
Some
have made a case for opening up of exports of wheat flour, so that all millers
can benefit from it, with adequate restrictions to ensure there was no domestic
shortage or price rise.
“The
advance authorisation scheme may help a couple of big companies, such as ITC,
who have the infrastructure to import wheat, process it and re-export in the
form of atta. But the process is so cumbersome that normal traders are not
interested,” a Delhi-based miller, who did not wish to be named, told.
Russia & India Introduce Direct Novorossiysk – Mumbai
Shipping Route
Russia’s Far Eastern Shipping Company (FESCO) has begun a new
direct shipping route between Novorossiysk on Russia’s Black Sea Coast and
Mumbai on the West coast of India.
The
company stated that “FESCO Indian Line operates on the route
Novorossiysk-Ambarli (Turkey)-Nhava Sheva (India)-Mundra (India) and back. The
main cargo traffic on this service is food products, cellulose, polymer
materials and others. Hazardous cargo is also accepted for shipping.”
The
Nhava Sheva and Mundra ports are parts of the overall Mumbai port complex. The
city is India’s commercial hub possessing an affluent consumer population in
its own right as well as rail and road transport networks to the rest of the
country.
Novorossiysk
is on the Russian Black Sea coast and is the Black Seas largest regional port.
It is listed on the Moscow Stock Exchange and services Russian sea trade with
regions of Asia, Middle East, Africa, Mediterranean, and South America.
It is
the busiest oil port in the Black Sea and the terminus of the pipeline from the
Tengiz Field, developed by the Caspian Pipeline Consortium.
India foreign trade crosses $1tn in 2022. Record $100bn imports
from China widen deficit
India’s international trade crossed the $1 trillion mark for the
first time in the year ending December 2022. However, data from the Ministry of
Commerce and Industry show that this has come with a record high trade deficit
— over $85 billion — with China.
An analysis of the official data also highlights the rising
concentration of the neighbouring country in India’s overall imports over the
past 10 years. According to the data for January-December 2022, with exports
worth $453 billion and imports to the tune of $723 billion, India’s overall
international trade reached $1.17 trillion, 21 per cent above the previous
year’s $969 billion.
India’s trade deficit — excess of imports over exports — stands at
$270 billion, about 51 per cent higher than $178 billion in 2021. An analysis
of India’s foreign trade statistics shows that while international trade has
risen by 15 per cent on average in the past 10 years, both India’s exports and
imports have become slightly more concentrated, or limited to fewer countries.
India to soon trade in rupee with UAE, Malaysia and Nigeria
After Russia, trade settlement in Indian rupee will soon be
possible with the UAE, Malaysia and Nigeria. The rupee-dirham trade settlement
is expected anytime soon as senior finance and bank officials from India are on
a three-day trip to Abu Dhabi to finalise the details of the deal.
A report by Business Standard quoted sources saying India may also
ink pacts with Malaysia, and Nigeria to facilitate settlement of international
trade in local currencies by next month. Once effective, the transaction costs
for exporters and importers will be reduced.
As per the report, officials from India’s central bank – Reserve
Bank of India (RBI) – are in discussion with their counterparts in UAE, Nigeria
and Russia over the last few months to work out on rupee trade mechanism with
the local currencies of the countries.
UAE is India’s third largest trading partner after US and China.
The report quoted people aware of the development saying discussions with the
UAE are at an “advanced stage” and talks with Malaysia and Nigeria are
progressing well. “Memorandums of understanding (MoUs) can be signed as early
as next month,” they said.
Ministry of Corporate Affairs approves revised demerger
plan of SCI
The Ministry of Corporate Affairs, on Thursday, approved the
revised demerger plan of Shipping Corporation of India (SCI). Under the revised
plan, Rs 1000 crore will be transferred to the non-core assets.
The moe will pave way for divestment of SCI, which is expected to
be completed by FY24. According to an exchange filing on BSE, SCI board had
approved the Demerger Scheme for hiving off the identified non-core assets of
the company on August 3, 2021.
Subsequent to the instructions of Ministry of Ports, Shipping and
Waterways (MoPSW), SCI incorporated a 100 per cent subsidiary Shipping
Corporation of India Land and Assets Limited (SCILAL) in November 2021 for the
demerger of 'non core' assets.
The approval for strategic divestment of SCI was given by the Union
Cabinet in November 2019. "Preliminary Information Memorandum (PIM) /
Expression of Interest (EOI) was floated on 22.12.2020 for strategic divestment
of entire 100% shareholding of Government of India (“GOI”) equity stake of
63.75% in Shipping Corporation of India Limited.
Hamad Port crosses 8mn container throughput mark since
becoming operational
Hamad Port has crossed the 8mn container throughput milestone since the start of operations in December 2016, indicating the growing importance of Qatar in the regional and international maritime space.
"This significant achievement reinforces the confidence the shipping lines have in Hamad Port’s facilities and QTerminals’ safe services, competency and performance," the terminal operating company said in a tweet.
The achievement of the 8mn TEUs (twenty-foot equivalent units)
mark will further encourage shipping lines to add Hamad Port in the rotation of
their mainline services calling the Middle East region and use it as one of the
regional transshipment hubs, according to QTerminals.
In 2022, Mwani Qatar continued its efforts to transform the
country into a vibrant regional trade hub by strengthening the role of Hamad
Port as a pivotal gateway for transshipment in the region. Hamad Port's
strategic geographical location offers opportunities to create cargo movement
towards the upper Gulf, supporting countries such as Kuwait and Iraq and south
towards Oman.
Utilisation
pushes freight rates down, except Atlantic, reports Sea-Intelligence
Sea-Intelligence analysis shows that during the pandemic period, a mix of high demand and loss of capacity due to vessel congestion resulted in record vessel usage rates, which in turn resulted in a rise in spot rates, both of which peaked in February 2022.
However, vessel utilisation has fallen significantly since then;
in the case of the Transpacific, it has now returned to pre-pandemic levels,
whereas in the case of Asia-Europe, it initially fell below pre-pandemic
figures but has now returned to pre-pandemic levels.
Source: Sea-Intelligence.com, Sunday Spotlight, issue 602 According to Sea-Intelligence, depending on whether utilisation
is growing or declining, the dynamic between utilisation and market rates
changes. When Transpacific utilisation was rising, spot rates stayed largely
constant at a low level until a trigger point of around 90% nominal vessel
utilisation caused a sharp rise in spot rates.
"When utilisation levels started to decrease since the peak
in February 2022, we see a much more linear relationship between utilisation and
spot rates, as illustrated in Figure 1 for the Transpacific trade," said
Alan Murphy, CEO of Sea-Intelligence.
Murphy went on to explain, "We see the same general pattern
for Asia-Europe, although with a bit more noise. Overall, the rate developments
in the Transpacific and Asia-Europe trades match expectations very well, if the
assumption is a market operating with a close link between supply, demand, and
pricing."
However, as Sea-Intelligence data shows, there appears to be no
obvious link between utilisation and spot rate levels in Transatlantic traffic.
Unlike the Transpacific and Asia-Europe trades, falling utilisation levels have
so far had no effect on trade pricing, suggesting that another mechanism must
be at work in setting rate levels for this particular trade.
Container
vessel catches fire in Gulf of Riga, crew abandons the ship
Escape / Source:
Latvian navy
A fire broke out in the engine room of the Dutch-flagged
container ship Escape, while it was sailing in the Gulf of Riga in Latvia on 22
February.
All the crew members of the vessel abandoned the ship after
unsuccessful attempts to extinguish the fire. The 15 seafarers evacuated the
vessel using a lifeboat before a nearby cargo ship Kairit transfer them to
Riga.
The cause of the fire incident is still unknown and it is not
yet clear whether Escape was carrying hazardous cargo. The route of the boxship
was from the port of Klaipeda in Lithuania to the port of Riga in Latvia.
According to the Latvian naval's release, the ship carries
"dangerous cargo", without specifying the precise nature of the
cargo. Later, it was stated that the cargo consisted of polymers and paint
materials, though these have not caught fire.
Two tugboats, Stella and Orion, which are equipped with water
tanks and foam generators, seem to have been involved in the fire
extinguishing.
::
Air Cargo News ::
Noida International Airport to be operational by Sep,
2024, informed the UP Government
The much-anticipated Noida International Airport- the country’s
largest airport, is set to open in September 2024. The airport’s construction
in Greater Noida in the National Capital Region (NCR), has been accelerated
with nearly all of the requisite land obtained.
UP Chief Secretary Durga Shankar Mishra, who inspects the progress
of Noida International Airport on a monthly basis, informed about the
development. The officer said that the airport would be open to the public in
September 2024, with flights beginning soon thereafter.
Flughafen Zrich AG, the operator of Zurich Airport in Switzerland,
which won the contract to develop and manage the airport for 40 years starting
in 2019, is also optimistic that the project would be completed on schedule,
informed the HS.
At the Global Investors Conference 2023 in Lucknow, Daniel
Bircher, CEO of Zurich Airport Asia, had declared that the Noida International
Airport will be a real embodiment of Swiss efficiency and Indian friendliness.
“Noida International Airport will act as a gateway to ease of doing business in
Uttar Pradesh,” he added. The airport, according to the chief secretary, is an
ambitious initiative of UP.
Dip in international cargo handled at Mangaluru International Airport
The international cargo handled at the Mangaluru International
Airport has seen a dip in the last two months, after the stoppage of a daily
SpiceJet flight to Dubai.
On average, AAI Cargo Logistics and Allied Services Company
Limited (AAICLAS) used to handle around 8-10 tonnes of international cargo
every day. However, currently, it is reduced to almost half, said KA
Sreenivasan, senior manager (cargo), AAICLAS, Mangaluru. International flights
operating to UAE, Kuwait, Bahrain, Saudi Arabia, Oman, and Qatar, airlift
perishables like vegetables and fruits from Mangaluru.
Sreenivasan said that until December 15, SpiceJet, Air India
Express, and Air India flights used to carry cargo to various Gulf countries.
However, after the stoppage of the SpiceJet flight to the UAE on December 15,
only AIE and AI have been continuing the cargo services. IndiGo, which also
serves the Gulf sector, does not lift cargo.
“SpiceJet had a daily flight to Dubai, and it carried about 2-3
tonnes to Dubai, on every trip. However, the cargo sector has not been affected
by ongoing airport recarpeting work at MIA,” said Sreenivasan.
Kenya Airways Cargo looks to expand freighter fleet
Kenya Airways Cargo is looking to expand its freighter fleet
following the success of its cargo-only flights during the Covid pandemic.
Speaking on the sidelines of the Air Cargo Africa event in
Johannesburg, Kenya Airways’ cargo director Dick Murianki said the carrier
would initially look to add to its existing short-haul freighter fleet, which
currently consists of two B737-300Fs.
Murianki said that the carrier was hoping to add two B373-800Fs,
which have better range and can reach further afield than the existing
freighters.
“They can go from Nairobi to the Middle East and India and even
have the range to reach Istanbul and southern Europe carrying around 20 tonnes,”
he explained.
He said that once the two B737-800Fs are in place, the carrier
would then examine long-haul freighters.
On the reasoning behind the freighter investments, Murianki said
that during the Covid crisis the airline had expanded its cargo operations
using its passenger aircraft.
“We developed a customer base during the Covid time that is
yearning for more, especially to the Middle East and India,” he said.
Speaking at a conference session later in the day, Kenya Airways
chief executive Allan Kilavuka said that two
B787-9 Dreamliners had been used on cargo-only flights to
long-haul destinations in China and Europe during the pandemic, with each
aircraft able to carry around 50 tonnes per flight.
He said the operation had “proved the case” for long-haul cargo
flights. He added that outbound volumes during the cargo-only operation had
been much stronger than inbound, but there could be an opportunity to use the
airline’s home base of Nairobi as an import hub for the rest of Africa.
Freighters – compared with bellyhold operations – would also
allow the carrier to operate long-haul flights to airports where the passenger
demand isn’t strong enough to justify the use of larger aircraft, he added.
FedEx faces threat of pilot
strike
Photo: FedEx
The FedEx Express Master Executive Council (MEC) of the Air Line Pilots Association, Int’l (ALPA) has unanimously approved a resolution setting the stage for a strike authorisation vote.
Contract negotiations between the pilots and FedEx management have stalled, and no future talks are scheduled, said ALPA in a press release on February 22. The parties have been in negotiations since May 2021.
“The decision to move closer to a strike authorisation vote is the result of nearly six months of federally mediated negotiations that has led to our disappointment with FedEx management’s actions at the bargaining table,” said Captain Chris Norman, FedEx MEC chair.
The FedEx pilots will utilise the full resources of the Railway
Labor Act (RLA) as permitted by law—up to and including a strike—to get an
industry-leading contract, said ALPA. Under
the RLA, before a strike can occur, the pilots must be released by the National
Mediation Board, and a 30-day cooling-off period must be exhausted.
The strike authorisation vote is another necessary requirement. “FedEx
pilots are committed to reaching a deal with management, but we will not waiver
in our commitment to deliver a contract that rewards pilots for their
sacrifices to build FedEx into the global leader it is today,” said Norman.
“Although a strike authorisation vote has not been called at
this time, our customers and shareholders should be aware that the pilots may
be headed in that direction shortly.”
Founded in 1931, ALPA is the largest airline pilot union in the
world and represents more than 67,000 pilots at 39 U.S. and Canadian airlines.
Visit ALPA.org or follow us on Twitter @ALPAPilots.
ECS Group subsidiary Wexco Group has signed a GSSA contract with
Teleport, the logistics venture of Capital A (formerly known as AirAsia) that
covers Australia operations for three airlines.
The contract covers AirAsia X, Thai AirAsia X, and Indonesia
AirAsia, for all belly capacity originating from Australia and New Zealand.
The contract puts Wexco in charge of filling a total of 43
flights per week out of Sydney, Perth, and Melbourne, with an average weekly
uplift of 120 tons.
With this, both Teleport and Wexco Group are expected to
facilitate the strong movements of perishable cargo, health food supplements,
electrical goods, general cargo (consolidations), and mail within the region.
AirAsia X’s 22 weekly flights operated with widebody A330-300
aircraft, include daily services from Sydney to Auckland, and Kuala Lumpur.
Kuala Lumpur is also served four times a week out of Melbourne,
and four weekly from Perth. The airline’s main hub offers a multitude of
connections across its vast Asian network, covering prime global cargo hubs such
as Taipei in Taiwan, and Incheon in South Korea.
“We are excited to collaborate with Wexco as a partner, who
brings onboard their robust experience and quality customer service to help
better serve our cargo customers in this region. This is in line with
Teleport’s growth strategy for Australia and New Zealand, where businesses here
can also take advantage of our extensive ASEAN network for further distribution
into the region” said Francis Antony, group head of cargo commercial at
Teleport.
Thai AirAsia X runs seven weekly flights, also deploying
A330-300 widebodies: three weekly services from Melbourne to Bangkok, and four
weekly flights from Sydney to Bangkok. These flights can be booked to connect
to popular cargo destinations within the Asia Pacific region, namely Japan and
India, amongst others.
Indonesia AirAsia operates 14 weekly flights operated with
narrowbodies A320 aircraft, twice daily between Perth and Denpasar.
EMEA cargo crime continues
to climb
Cargo thefts from supply chains in Europe, the Middle East and
Africa (EMEA) more than doubled to 8,548 incidents in 2019 and involved losses
of product worth well over €137m, according to the Transported Asset Protection
Association (TAPA).
The incident rate is the highest recorded in TAPA’s 23-year
history and reflects criminal attacks on all modes of transport; air cargo,
ocean freight, road freight and rail freight.
In its Incident Information Service (IIS) Annual Report 2019,
the association also reveals average losses for major cargo crimes of €536,889
and an average daily loss in the EMEA region last year of €378,058.
The intelligence data is based on cargo losses reported to
TAPA’s IIS by international law enforcement agencies, insurers, manufacturers
and logistics service providers.
Despite the high numbers, however, the association continues to
emphasise that it is still not receiving reports on the large majority of cargo
crimes it believes are taking place across the region.
In 2019, the number of incidents rose 114.7% to 8,548 versus 3,981
in 2018.
The biggest single loss reported to TAPA’s IIS in 2019 was the
theft of €17.4m of jewellery/precious metals stolen from an Origin Facility in
Gauteng province in South Africa. This was one of 19 crimes with 7- and
8-figure loss values.
Trucks continued to be the biggest target for cargo thieves,
featuring in some 95% of all freight losses in the EMEA region.
The lack of secure truck parking remained one of the most
significant contributors to these crimes, with drivers forced to park their
vehicles at service stations, in laybys and on industrial estates while taking
mandatory rest breaks.
Qatar Airways Cargo partners with iNOMAD, an all-in-one air cargo
platform
The partnership with iNOMAD will enable better connectivity for one of the airline’s major customers in South Korea, Woojung Air and also help the airline increase its footprint in South Korea as SMEs operating with Woojung Air will be able to compare Qatar Airways Cargo’s offerings on the iNOMAD portal. Woojung Air is a prominent consolidator in South Korea and one of the top customers of Qatar Airways Cargo.
Mr.
Guillaume Halleux, Chief Officer Cargo at Qatar Airways said, “Digital
transformation is high on our agenda as part of our VISION 2027 and Next
Generation Strategy. The integration and partnership with iNOMAD brings
multiple benefits to our customers in South Korea such as enhanced visibility
of our capacity, rates as well as real time confirmation of their shipments.
Customers can benefit from instant access to these features at their fingertips
and that is the huge advantage digitalisation brings in.”
Joon-suk Yim, the CEO of iNOMAD, said, "Its strength is to promote the
accessibility of air cargo service by optimizing extensive logistics data for
clients and provide boundless service and information to both IATA/CASS members
and non-members in real-time. Developing this business, we are grateful and
proud to start a new partnership with Qatar Airways, a top-tier airline, that
can provide us with vital information in expanding our logistics
service.”
He also added, "We aim to become a search engine for the air logistics
field in which clients can check the information they need in real-time,
regardless of time and place. We thus plan to do our best to nourish our
customized services to build a stronger partnership, cherishing the meaningful
opportunity to join Qatar Airways Cargos' digital transformation."
iNOMAD is an air cargo platform, Korea-based, with a cutting-edge logistics
system created by its own software development team and air logistics experts.
They have designed the system to transmit and receive information from
logistics-related service providers and master loaders including airlines.
Being the first company connecting API(application program interface) with
airlines in Northeast Asia, the platform is operating as an online all-in-one
portal that provides air cargo booking, rates, schedule, tracking, etc.
Starting from South Korea, they have been rapidly expanding the business to
Hong Kong (established in 2022) and Vietnam (to be launched in 2024).
iNOMAD signed an MOU with Cello Square of Samsung SDS in June 2022 to build up
its customer base by presenting competitive rates. Along with this, iNOMAD is
now expecting the opening of a logistics center of 20,000 square meters in Sep
2023 as an air cargo platform terminal in the Incheon International Airport,
one of the most active airports in the world, which would be a milestone in
developing a smart logistics system. The logistics center will be equipped with
various smart devices and a security x-ray inspection system to provide safe
and advanced logistics services.
I reckon you have enjoyed reading the above useful
information.
Have a nice day.
Thanks & kind regards
ROBERT SANDS, Joint Managing Director
Jupiter
Sea & Air Services Pvt Ltd
Casa
Blanca, 3rd Floor
11, Casa
Major Road, Egmore
Chennai – 600
008. India.
GST Number
: 33AAACJ2686E1ZS.
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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