JUPITER SEA & AIR SERVICES PVT. LTD, EGMORE – CHENNAI, INDIA.
E-MAIL : Robert.sands@jupiterseaair.co.in
Mobile : +91 98407 85202
Corporate
News Letter for Tuesday May 30, 2023.
:: Today’s Exchange Rates ::
Source : The Economic Times.
|
CURRENCY |
PRICE |
CHANGE |
%CHANGE |
OPEN |
PREV.CLOSE |
DAY's LOW-HIGH |
|
82.63 |
0.059998 |
0.072663 |
82.58 |
82.57 |
82.5125- 82.6825 |
|
|
1.0712 |
-0.0011 |
-0.102578 |
1.0724 |
1.0723 |
1.0706- 1.0744 |
|
|
102.0109 |
-0.075195 |
-0.073659 |
101.9801 |
102.0861 |
101.8751- 102.1534 |
|
|
88.552 |
-0.098297 |
-0.110882 |
88.621 |
88.6503 |
88.5062- 88.7434 |
|
|
140.374 |
-0.226013 |
-0.160749 |
140.10 |
140.60 |
140.116- 140.919 |
|
|
1.2358 |
0.0014 |
0.113415 |
1.2341 |
1.2344 |
1.2336- 1.2372 |
|
|
104.231 |
0.025002 |
0.023992 |
104.243 |
104.206 |
104.044- 104.305 |
|
|
0.5892 |
0.00 |
0.00 |
0.5874 |
0.5892 |
0.5868- 0.5893 |
:: Sea Cargo News ::
First mother ship to berth at Adani Ports Vizhinjam in
September
The much-delayed Kerala's flagship project- Vizhinjam Port finally
appears to be nearing completion. According to the state government, the first
mother ship from China having 40 cranes will arrive in September and berth at
the Port.
Port
authorities also point out that the port is expected to be fully operational by
2024 September. Upon its completion, the port will prove to be a game changer
not just for Kerala but for the entire country as 80 per cent of transshipments
to India which currently takes place at Colombo, Singapore and Dubai, will
arrive at Vizhinjam.
During
the commencement of the port by Adani on December 5, 2015, Gautam Adani had
announced that the first ship will berth there on September 1, 2018, in a
record time of less than 1,000 days.
Inked
during the Congress-led UDF government under Chief Minister Oommen Chandy
(2011-16), the work for the port began at the fag end of Chandy's tenure, but
after the Pinarayi Vijayan government took over, due to numerous reasons, the
pace could not be followed. The total cost of the port project is Rs 7,525
crore for which the state government has contributed 500 acres of land.
Even
though the authorities now say that the first mother ship will berth in
September 2023, last year the State Ports Minister Ahamed Devarkovil had said
that the first ship will berth in March 2023 and the first phase of the port
would be commissioned in 2023 September.
According
to the agreement, Adani will operate the port for 40 years, extendable by 20
more years, while the state government will get a portion of the revence from
the port after 15 years.
According
to the project, a record one lakh jobs which included and indirect ones will be
created and hence the arrival of the first mother ship in September 2023 is eagerly
awaited.
Visakhapatnam port attains fourth position in cargo handling in India
The
Visakhapatnam Port Authority (VPA) handled 73.73 million tons of cargo for the
fiscal 2022-23 and achieved fourth position among all the major ports in the
country, and attained second position on the East Coast, according to a release
here on Tuesday.
During
the financial year, the port handled 73.73 MT against 69.03 MT during the
corresponding period of previous year, with a growth rate of 7%, the release
added. The VPA chairman Madhaiyaan Angamuthu attributed the growth rate to the
collective efforts of every stakeholder and assured that the port would attain
further top rank in the country in future.
FESCO added Mundra port to its deep sea service
FESCO Transportation Group expands the geography of its Deep Sea
service with the call at the Indian port of Mundra, FESCO says in its press
release. Now, FESCO Baltorient Line (FBOL) connects China, India and the
North-West Region of Russia.
The first call of the service from China to the port of Mundra was
on 21 May 2023. Then, FESCO’s ship left for Saint-Petersburg. Transit time is
25 days. At the first phase, the frequency is once a month in both directions
with a plan to increase the frequency to one call every fortnight.
The bulk of cargo carried by the line is made by consumer goods,
products of the chemical and metallurgical industries. FESCO Transportation
Group is one of the leading public transportation and logistics companies in
Russia with operations in ports, rail, integrated logistics and shipping
business.
Diversified but integrated asset portfolio enables FESCO to
provide door-to-door logistics solutions and control almost all steps of the
intermodal transportation value chain.
FESCO controls the Commercial Port of Vladivostok, rail operators
Transgarant and Dalreftrans, operator of container platforms Russkaya Troyka,
dry terminal facilities in Novosibirsk, Khabarovsk and Tomsk. FESCO operates
over 135,000 containers and about 10,000 container platforms. FESCO’s fleet numbers 33 vessels deployed
primarily on its own sea service lines.
Export ban on wheat to continue in the current year
The ban on export of wheat and wheat
products will continue in the current year, a senior government official said
on Tuesday. The ban had been imposed in May last year due to reduced wheat
output.
"We will not allow exports of
wheat," said Subodh K Singh, additional secretary, department of food,
adding that the country is not a primary wheat exporter and has exported wheat
only when there's been a surplus. The Centre's procurement of wheat, crucial
for keeping its wholesale rates under control, is much below the target of 34
million tonnes despite prices continuing to increase.
The procurement by Food Corporation of India
(FCI), which purchases wheat on behalf of the government, stood at 26.14
million tonnes on May 21, and is expected to touch 27 million tonnes by the
time government procurement and the harvest season draw to an end.
The government will be left with 8.5-9
million tonnes for open market interventions, said Singh. The procurement in
Uttar Pradesh, the largest producer of the grain, has dropped to 2.09 million
tonnes from the estimated 3.5 million tonnes.
Russia to commence direct shipping service by 25th between Karachi and Saint Petersburg
A direct containerized shipping service
between Karachi and Saint Petersburg is going to be launched by May 25, 2023,
signalling a transformative shift in bilateral trade between Pakistan and Russia.
The launch of a direct containerized
shipping service between Karachi and Saint Petersburg is set to reshape trade
relations between both countries, with immense business opportunities and the
potential to extend bilateral trade up to USD$20 billion, said Abdullah Farooq,
CEO of Pak Shaheen (PVT) Ltd.
He said the maiden Russian vessel, part of
the Neco Line service, loaded with 2000 transshipment containers, is scheduled
to arrive at Karachi port on May 25, 2023, and would return to Russia with
Pakistani products, such as textiles, leather goods, and others.
The direct cargo service will drastically
reduce shipping time from a month to 18 days. The second direct ship is
expected to arrive at Karachi port by May 29. Currently, Pakistan’s exports to
Russia stand at USD$150 million, while imports hover around USD$300 million.
However, the implementation of this direct shipping service is anticipated to
boost Pakistani exports to Russia by USD$2.5 billion in the coming years.
India’s onion exports up 64% to 6-year high in FY23 on robust demand
Onion exports jumped 64 per cent in volumes
to hit a six year high at 25.25 lakh tonnes during 2022-23 on strong overseas
demand and higher supplies.
In value terms, onion shipments were up 22
per cent at $561 million over the previous year. Shipments rose on higher
purchases by large buyers such as Bangladesh, Malaysia, United Arab Emirates
and Sri Lanka. “Lack of competition over the past few months coupled with
higher overseas demand helped India export more onions during 2022-23,” said
Ajit Shah, President, Horticulture Produce Exporters Association.
“However, we couldn’t take the full
advantage of the global situation as countries such as the Philippines did not
open up its market for India, while preferring to buy the Chinese produce,” he
said. Shah said exports prospects for the current year look good. However, due
to the unseasonal rains, there is a lot of damage to the cargo, he said.
“Onion is available in plenty, but the good
quality produce is less. Presently, the market is down because of the higher
availability of poor grades and rain damaged produce in the market. How much of
this can be exported, we have to wait and see.” Shah said.
Hapag-Lloyd updates MIAX service port rotation
Hapag-Lloyd has announced their Middle East India Africa Express (MIAX) service will be adding the port of Hazira to its port coverage.
The
updated rotation will kick off with MV BEA SCHULTE V. 2323W expected to sail on
June 14, 2023.
The
new rotation of Hapag-Lloyd's MIAX service will be Jebel Ali, AE - Mundra,
IN - Hazira, IN - Nhava Sheva, IN - Colombo, LK - Durban, ZA - Tema,
GH - Tincan/Apapa, NG - Durban, ZA - Jebel Ali, AE
:: Air Cargo News ::
MSC Air Cargo adds GSSA
MSC Air Cargo. Photo:
Liege Airport
Recently launched MSC Air Cargo has selected the ECS Group to
act as its GSSA in North America, Europe and Mexico. The carrier said that ECS
would provide local coverage in the two regions and Mexico in “order to best
satisfy the customer demand, support our customers and maximize our capacity
utilisation”.
MSC Air Cargo was launched
in late 2022 and currently flies one B777-200F
between North America, Europe and Asia, operated by Atlas Air on an ACMI
basis. It plans to issue an update on its second aircraft in the coming
weeks. In total, Atlas Air will operate
four B777-200Fs on behalf of MSC.
Most recently, the carrier added a
new service between Incheon International and Indianapolis in the US. In Europe, the airline is utilising
Liege as its main hub.
Silk Way West the latest to gain lithium battery certification
Source:
Silk Way West AirlinesSilk Way West Airlines is the latest carrier to gain IATA’s CEIV
Lithium Battery certification.
The certification recognises that the carrier has implemented
processes and practices to mitigate the risks associated with the transport of
lithium batteries and that it complies with requirements.
The CEIV Lithium Batteries Certification is a global standard
developed by IATA to ensure the safe and secure handling of lithium batteries
throughout the supply chain, and to achieve standardisation and uniformity in
the scope, depth, and quality of the assessments conducted.
Silk Way West Airlines vice president of corporate quality
assurance and quality control Darko Vucic said: “We upgraded our knowledge of
IATA’s Dangerous Goods Regulations manual implementing the latest standards and
best practices related to the safe transport and handling of lithium batteries
with further improvement of our safety performance by developing safety risk
assessments specific to lithium batteries.
“The benefit for us, besides procedural improvements regarding
the transport of lithium batteries, is to ensure that we continue to maintain
the highest applicable.” The Baku-based
carrier is the latest to achieve the certification, others include: LATAM
Cargo, Qatar Cargo, National Air Cargo, Avianca Cargo and Turkish Cargo.
LATAM Cargo first airline
to be CEIV Lithium Battery certified
Source:
LATAM Cargo; L-R: Brendan Sullivan, IATA's Global Head of Air Cargo, and Andrés
Bianchi, CEO of LATAM Cargo
LATAM Cargo is the world’s first airline to receive IATA’s Center of Excellence for Independent Validators (CEIV) Lithium Battery certification.
CEIV Lithium Battery aims to improve safety in the handling and transportation of lithium batteries throughout the supply chain.
Said Andrés Bianchi, CEO of LATAM Cargo: “LATAM Cargo continuously evaluates its services and procedures to provide the highest safety standards, which is the main guiding principle for the LATAM Group.
“We are proud to be the first airline in the world to obtain
IATA’s CEIV Lithium Battery certification, which proves our commitment to
transporting a critical commodity both safely and reliably. We hope that more
players in the industry can become accredited in order to support the safe
transportation of a product that is key to air cargo growth.”
Lithium battery shipments -either on their own or in finished
products- must meet established global safety standards for manufacturing
process, testing, packaging, marking, labelling and documentation.
These requirements are key to the IATA Lithium Battery Shipping
Regulations (LBSR) and the IATA Dangerous Goods Regulations (DGR), which
combine regulatory and operational aspects based on advice from industry experts
and government regulators.
Said Frederic Leger, IATA Senior vice president commercial
products and services: “We congratulate LATAM Cargo on becoming the first
airline to achieve this certification.
“Increasing the number of CEIV Lithium Battery certified
stakeholders along the value chain will lead to a safer industry and a higher
recognition of this certification.
“Ultimately, we all want to see the entire supply chain CEIV
Lithium Battery certified – from origin, via the transit point, through to the
destination. IATA continues to lead the way in providing standards, regulations
and guidelines to improve overall quality and safety in the air transport
industry.”
The CEIV Lithium Battery family is IATA’s most recent CEIV
certification. It is in line with similar certifications for the handling of
pharmaceuticals, perishables, and live animals.
Strike Aviation scoops Air
Canada Cargo deal for Costa Rica
Photo: Air
Canada CargoAir Canada Cargo has selected Strike Aviation to provide General
Sales & Service Agent (GSSA) services for its new
freighter flights to Costa Rica.
The GSSA had previously been providing services for the
airline’s bellyhold operation to Costa Rica but this has now been expanded to
include the recently launched freighter service from Toronto.
Strike Aviation Group chief executive Frank Ziesemer said: “We
are delighted to strengthen our position in Latin America – one of our most
important business centers. We are also pleased that our successful activities
in this region have allowed Air Canada to recognise the potential of this cargo
route.”
Oliver Spors, managing director of Central America & Panama
at Strike, added: “We are proud to have acquired this freighter for the San
Jose to Toronto route and to spearhead the success of the Air Canada Cargo Team
in Central America. We hope to add more freighters in the upcoming months to
meet the demands of the local market.”
Strike said that Costa Rica is a hub for medical devices and
pineapple exports.
The twice-weekly freighter service was launched on May 19 and
utilises a 55-tonne capacity Boeing 767-300 freighter aircraft.
Freightos: transactions and revenues up in Q1 but losses deepen
Online booking portal Freightos saw the number of online
transactions grow rapidly in the first quarter but its losses deepened during
the period as a result of one-off costs.
During the first quarter, revenues at the company increased by
9.8% year on year to $4.8m on the back of a 100% increase in transactions to a
record 229,000.
First quarter adjusted earnings before interest, tax,
depreciation and amortisation (ebitda) slipped to a loss of $5.8m this year
from a loss of $3.3m last year and the company registered a net loss of $49.3m in
Q1 2023 versus a $4.2m loss in 2022.
The company, which owns airfreight booking portal WebCargo,
explained the net loss was largely down to a one-time non-cash share listing
charge of $46.7m incurred upon the business combination
with Gesher I Acquisition Corp.
The weaker adjusted performance was driven by public company
costs – as it listed on the Nasdaq stock exchange
in New York – and increased investment in
growth.
Freigthos founder and chief executive Zvi Schreiber was positive
about the performance on the back of an increase in booking transactions.
“The first quarter of 2023 set yet another record number of
transactions on the Freightos platform,” he said. “Growth continued despite the
headwinds from a contracting global freight market.
“We continue to see strong profit margins and positive unit
economics as our ecosystem encompasses more buyers and freight service
providers than ever, including a 29% year-over-year increase in the number of
unique buyer users.”
He added: “Global freight’s digitalisation is continuing at the
rapid pace we’ve been witnessing since 2019. We’re seeing strong, persistent
adoption of instant digital bookings that span the entire freight procurement
lifecycle, from manufacturers to forwarders to carriers, as well as indicators
that our market share in our fastest-growing segment, air cargo eBookings,
continues to expand.
“In addition, we’re seeing positive initial growth in both our
payment and data solutions, which help us to continue to grow revenue.”
Chief financial officer Ran Shalev said: “Taking into account
market conditions, we continue to invest in growth while carefully monitoring
spending, both in terms of hirings and expenses, and have already taken actions
to reduce full-year spending.
“Our Adjusted ebitda losses primarily reflect our investments in
research and development and new customer acquisition which we believe will pay
off handsomely given our strong retention and high-margin positive unit
economics.”
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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