JUPITER SEA & AIR SERVICES PVT. LTD, EGMORE – CHENNAI, INDIA.
E-MAIL : Robert.sands@jupiterseaair.co.in
Mobile : +91 98407 85202
Corporate
News Letter for Saturday July 29, 2023.
:: Today’s Exchange Rates ::
Source : The Economic Times.
|
CURRENCY |
PRICE |
CHANGE |
%CHANGE |
OPEN |
PREV.CLOSE |
DAY's LOW-HIGH |
|
82.25 |
0.300003 |
0.366081 |
82.27 |
81.95 |
82.1875- 82.3475 |
|
|
1.0976 |
-0.0003 |
-0.027329 |
1.0979 |
1.0979 |
1.0944- 1.0991 |
|
|
105.4059 |
-0.935799 |
-0.879992 |
105.2583 |
106.3417 |
105.0629- 105.4059 |
|
|
90.215 |
-1.0662 |
-1.168039 |
90.2954 |
91.2812 |
90.09- 90.4067 |
|
|
139.289 |
-0.190994 |
-0.136933 |
139.48 |
139.48 |
138.067- 141.082 |
|
|
1.2821 |
0.0025 |
0.195369 |
1.2796 |
1.2796 |
1.2763- 1.2824 |
|
|
101.96 |
0.186996 |
0.183739 |
101.67 |
101.773 |
101.648- 102.042 |
|
|
0.5889 |
0.0087 |
1.499485 |
0.5876 |
0.5802 |
0.5831- 0.5959 |
:: Sea Cargo News ::
Gautam Adani meets Sri Lankan President, discusses projects
The discussions included the development of the Colombo Port West
Container Terminal (WCT), the industrialist said. Wickremesinghe is on a
two-day visit to India.
Adani Ports and Special Economic Zones Ltd (APSEZ), a key
subsidiary of the diversified Adani Group, in March 2021 received a Letter of
Intent (LOI) from Sri Lankan authorities for the development and operations of
West Container Terminal (WCT) in Colombo.
APSEZ will partner with John Keells Holdings PLC, Sri Lanka's
largest diversified conglomerate, and with the Sri Lanka Ports Authority (SLPA)
as a part of the consortium awarded this mandate.
The WCT will be developed on a Build, Operate and Transfer basis
for a period of 35 years as a public-private partnership. The project is
expected to boost WCT's container handling capacity and further consolidate Sri
Lanka's locational advantage as one of the world's top strategic nodes along
the busiest global transhipment route.
The Colombo Port is already the most preferred regional hub for
transhipment of Indian containers and mainline ship operators with 45 per cent
of Colombo's transhipment volumes either originating from or destined to an
Adani port terminal in India.
Adani’s growth is very phenomenal as they have Port operations
literally in every Indian state on both East and West coast of India in
addition to Sri Lanka.
Animal export from Nashik to Sharjah restarts after 3 years
The export of live goats, from the Nashik airport to Sharjah,
which had completely stopped following the Covid-19 outbreak in 2020, has
restarted. HALCON, a joint venture of Hindustan Aeronautics Ltd (HAL) and the
Container Corporation of India (Concor), is engaged in exports.
Over the past three months, HALCON has exported 4,000 goats
through four air cargoes directly from Nashik to Sharjah. Another consignment
of 1,000 goats and sheep will take off for Sharjah next week. The export of
live animals began at the Nashik airport in 2016.
Overall, 12,356 goats and sheep, worth Rs 3.5 crore, were exported
to Sharjah from Nashik’s air cargo complex through eight flights in July and
August that year. In 2019, HALCON exported 1.5 lakh goats and sheep to Sharjah
through 120 cargo flights. But the exports did not take place thereafter due to
the Covid outbreak.
“Now, the exports have begun once again after a gap of almost
three years. We have already exported 4,000 goats and sheep through four cargo
flights. This year, we have planned a total of 36 air cargo flights,” said
HALCON officials.
No loss to India due to removal of retaliatory customs
duties on eight US products: Minister
The removal of retaliatory customs duties on eight American
products, including apples, walnuts, and lentils, will not result in a loss to
the country, Parliament was informed on Friday. India had imposed these duties
on 28 US products in retaliation to America's move to increase import duty on
certain steel and aluminium goods.
During Prime Minister Narendra Modi's recent visit to Washington,
both sides decided to resolve six trade disputes at the World Trade
Organisation. India also agreed to remove the duties.
The government has decided to remove retaliatory customs duties on
import of almonds (fresh or dried, in shell), walnuts, chickpeas, lentils,
apples, medical diagnostic reagents, and boric acid, Minister of State for
Commerce and Industry Anupriya Patel said in a written reply to the Rajya
Sabha.
''The removal of retaliatory tariffs or cuts in import duty with
the US does not result in a loss to India,'' she said. ''It simply means that
the additional duties imposed as a response to the US measures are no longer
applicable and the MFN (most favoured nation) tariff rates as applicable to all
countries prevail,'' she added.
India set to become $6 trillion economy by 2030: Standard
Chartered research
Rajat Bhattacharya, Senior Investment Strategist at Standard
Chartered said that by 2030, the nation is projected to reach a remarkable
milestone of being a $6 trillion economy. Standard Chartered’s India research
team projected that India is set to transform into a $6 trillion economy by
2030.
This projection is supported by several factors, including a
remarkable increase in per capita income and strong structural growth drivers.
Additionally, India’s macroeconomic stability serves as a significant positive,
further cementing its position as one of the world’s leading economies. By
2030, India is poised to secure its position as the world’s third-largest
economy, trailing only behind the United States and China.
This achievement will mark a significant milestone for the
country, further solidifying its role as a major player in the global economic
landscape. In an interview, Rajat Bhattacharya, Senior Investment Strategist at
Standard Chartered said that by 2030, the nation is projected to reach a remarkable
milestone of being a $6 trillion economy.
He Said, “Our India research team expects India to be $6 trillion
economy. India is $3.5 trillion now, and it is expected to be $6 trillion
economy by 2030 and that is primarily driver by domestic growth, organic
growth, housing consumption.”
According to him, one of the standout achievements in India’s
economic journey is the expected doubling of per capita income by 2030. As the
economy grows and income disparities reduce, a larger portion of the population
will experience improved living standards, thus creating a more prosperous and
equitable society.
Further talking about India’s strong structural growth drivers,
Bhattacharya said these drivers include a large and young population, rising
digitalisation, increasing urbanisation and an expanding middle class with
higher disposable incomes. Such factors are instrumental in driving
consumption, investments and overall economic development.
Drought threatens return of shipping disruption on US
waterways
The current spell of seriously hot weather is threatening disruption on US inland waterways, and beyond. Water levels on the Mississippi and Ohio rivers are falling at an alarming rate – near the city of Cairo, the level of the Ohio River dropped six feet in one week and experts predict a further decline of four feet before the end of the month.
On the Mississippi, the water is forecast to recede three feet in
the St Louis area, and about six feet around Memphis. Such declines would push
both rivers to low stage classification, when barges may run aground and
shipping lanes have to be narrowed.
Drought has afflicted virtually the entire midwestern US, and
rainfall in the eastern states has been below normal averages for the season.
And relief is not in sight, according to meteorologists. So far, the lower
water levels have not affected barge traffic, said Colin D’Abreo, CEO of Rhenus
Project Logistics.
But shippers and operators fear a repeat of last year, when low
water levels seriously disrupted shipping on the Mississippi at a time when
grain and soybean shipments were at their peak. On one day, more than 2,000
barges were stranded on the river after the closure of two sections.
Wildfires have also caused concern this summer, and this year the
problem has been extreme. BY the end of June, fires had already
Destroyed more forest acreage than in the whole of 1995, the
previous record year, according to the Canadian Interagency Forest Fire Centre.
Smoke from forest fires in Canada, drifting down the east coast, caused a
temporary ground stop at New York’s LaGuardia Airport, due to poor visibility.
Hundreds of flights were delayed and dozens cancelled that day.
In June 2021, large forest fires in British Columbia severed rail
and road links from the coast to the Canadian interior, which seriously
aggravated the pile up of containers at the Port of Vancouver. Shippers have
ample cause for concern about climatic related disruption of their traffic in
the months ahead.
VOC Port allots land to ACME for Rs 52,474 Cr green hydrogen plant
V.O Chidambaranar Port Authority, the state-owned entity that runs
the port at Thoothukudi in Tamil Nadu, has issued a letter of intent to ACME
Cleantech Solutions Pvt Ltd to lease 222.79 acres of port land for setting up a
green hydrogen and green ammonia project with an investment of Rs 52,474 crore.
V O Chidambaranar Port has become the first port in India to
allocate land for production and export of green hydrogen. The land will be
leased on annual rentals set by the port authority for 30 years, government
sources said. V O C Port Authority has also leased 10 acres of land to ReNew
Power Ltd for storage and export of green hydrogen and ammonia.
The ACME plant will produce 3,000 tonnes per day of hydrogen.ACME
and ReNew Power were among 25 entities that responded to an expression of
interest issued by V O C Port Authority to set up green hydrogen and green
ammonia projects on port land.
“This is among the initiatives taken by V O C Port Authority to
develop a complete green hydrogen ecosystem for industries and become India's
export hub for green hydrogen,” a government official said. VOC Port is one of
the two major ports identified by the Ministry of Ports, Shipping and Waterways
to house green hydrogen and green ammonia plants in the country.
The ACME facility will be one of the largest plants in India and
potentially the largest in the world. The plant will produce green hydrogen and
ammonia which will help de-carbonise sectors such as fertilizers, power,
refining and steel among others.
Coastal shipping: Kerala to join hands with Gujarat
With the Vizhinjam deep sea port set to start operations within a
year, the Kerala Maritime Board (KMB) is exploring the possibility of
developing coastal cargo shipping with the support of the Gujarat Maritime
Board.
KMB chairman N S Pillai who held discussions with Gujarat Maritime
Board (GMB) during his recent visit to Gujarat, said the state needs to develop
coastal shipping to ensure the smooth movement of cargo from Vizhinjam.
“Many mother ships may visit Vizhinjam port and we need to develop
infrastructure to ensure smooth movement of cargo. The port department has
already started steps to develop minor ports. Besides, we want to improve cargo
traffic by sea from Mundra Port to Vizhinjam.
Already ships are operating in the Mundra - Kochi sector. We are
planning to organise a roadshow in Kochi with the support of mainline operators
in the shipping sector and the GMB has agreed to cooperate,” he said.
“The minor ports under GMB handle around 50 per cent of India’s
cargo movement and we have many things to learn from them. The Gujarat Maritime
University conducts many job-oriented courses which have acceptance all over the
world.
We held discussions on starting off-campus courses at our maritime
institutes in Kodungallur and Neendakara. We will take a final call after we
get the nod from the state government,” he said.
Railways set to commission double decker wagons which can carry SUVs
The Indian Railways, which remains the cost effective and popular
transportation medium for car manufacturers, is likely to introduce redesigned
double-decker auto transport wagons in next two weeks.
The wagons, redesigned in line with the industry demand, will help
in transportation of more cars, especially sport utility vehicles (SUVs),
thereby curbing emission and cutting cost.
“The wagon type ‘ACT1’ (auto car taller wagon) can transport SUVs
in both decks, as against the one in use currently which can only load sports
vehicles only in one deck,” said Manish Thaplyal, who as executive director,
Wagon, in RDSO is credited with redesigning the wagons.
Thaplyal on Thursday took charge as the divisional railway manager
(DRM) of Northern Railway, Lucknow division. The wagons that are currently in
use are known as bogie covered bi-level auto car wagons (BCACBM).
The BCACBM wagon has movable deck arrangement which permits
loading of small cars in both decks (upper and lower) and SUV’s in only lower
decks. One train with a rake of 27 wagons carries 318 small cars or 135 SUVs.
However, when introduced, a train with one rake of 33 ACT1 wagons will have the
capacity to carry 330 small cars or 264 SUVs.
Adani's $1.1 billion copper project to start operations
from March 2024
Billionaire Gautam Adani-led group's copper-producing factory at
Mundra in Gujarat will start operations from March next year, helping cut
India's dependence on imports and aiding energy transition, sources said.
Copper is known as the "metal of electrification" as deeper
electrification requires wires, which are primarily made from copper.
Technologies critical to the energy transition like electric
vehicles (EVs), charging infrastructure, solar photovoltaics (PV), wind and
batteries, all require copper. Kutch Copper Ltd (KCL), a subsidiary of the
group's flagship Adani Enterprises Ltd (AEL), is setting up a greenfield copper
refinery project for the production of refined copper with 1 million tonnes per
annum in two phases.
For Phase-1, capacity of 0.5 million tonnes per annum, KCL has
achieved financial closure through a syndicated club loan, sources with direct
knowledge of the matter said.
The first phase is expected to become operational by the end of
the current fiscal, they said. Adani, at the company's AGM a few days back,
stated, "Of the several projects underway, two of the key ones include the
Navi Mumbai Airport and the Copper Smelter, and both are on schedule".
The Rs.8,783 Crore greenfield project completed a full debt tie up
with a consortium of banks led by SBI earlier this year, they said, adding the
entire debt requirement of Rs. 6,071 Crore for Phase 1 has been provided by the
consortium of banks. The equity for the project has been invested by the parent
Adani Enterprises Ltd. In addition it has got all the major approvals in place
from the PMO to ensure timely execution.
Copper is the third most used industrial metal after steel and
aluminium, and its demand is rising on the back of fast growing renewable
energy, telecom and electric vehicle industries.
Global demand for copper from solar photovoltaic (PV)
installations alone is estimated to double to 2.25 million tonnes in the
current decade. Sensing this Adani Group has established the plant with all
permissions and approvals from the concerned government machinery and money
without any difficulty.
In addition, the plant will be producing 25 tonnes per annum gold,
250 tonnes of silver and 1500 kilo tonnes per annum sulphuric acid and 250 KTPA
phosphoric acid as by products.
One more feather in the hat of Adani group!
:: Air Cargo News ::
Air India eyes 20% share in air cargo biz in 2-3 years
Air
India plans to bolster its presence in the air cargo segment, with a target of
securing a 20% market share over the next 2-3 years by utilizing the airline’s
incoming fleet of wide-body aircraft that will double its capacity in the near-
to medium-term, two people familiar with the development said.
As part
of its strategy, the airline plans to engage with companies in the telecom,
electronics, and pharmaceutical industries that are key users of airlines to
ferry products. The airline is also working on sector-specific packages and
looking at long-term arrangements with large companies.
Air
India’s market share in the international cargo space was about 8% in 2019.
“There is a change of strategy in line with the expanding fleet of wide-body
aircraft. The airline is looking to establish direct channels. Discussions are
taking place with big exporters as well.
Electronics
is one sector where there is potential and preliminary talks have taken place
with companies along with telecom and pharmaceuticals," one of the
officials aware of the development said on condition of anonymity. The cargo
capacity of the full service carrier is set to get a boost as brand new Airbus
A350 aircraft joins the airline’s fleet by the end of the year.
The
airline, which currently has 124 aircrafts, recently received approval from the
Indian Civil aviation regulator for its Rolls Royce powered A350s and will now
start preparing for the induction of the wide body aircraft. Air India plans to
induct 6 new Airbus A350s, five leased Boeing B777-LR and nine other Boeing B777-ER
by the end of current fiscal year, increasing its wide body fleet by 30%.
Air Cargo Service from Bhubaneswar by September
Odisha
MSME Principal Secretary Saswat Mishra tells that air cargo service will start
from Bhubaneswar Airport by September of this year, which will provide much
needed impetus to the exporter of the state to thrive in international market.
Talking
at the World Trade Day and Annual Members Meet 2023 programme organised by
World Trade Centre (WTC) Bhubaneswar Friday, He said that a meeting in this
regard recently held, in which all stakeholders were participated.
To start
air cargo service, infrastructure development is being done in full swing at
airport, expected to finish soon. After that Bureau of Civil Aviation officials
will visit to take note of the development. Stakeholders meeting also planned
with Indigo Cargo where exporters can discussed directly with them on many
aspects. He added.
On this
occasion, chief guests of the event Santosh Sarangi, IAS, Director General of
Foreign Trade, New Delhi, GoI said that, ‘‘India set target to achieve 2
trillion dollar export by 2030, one trillion each in merchandise and services.
Currently our export in 450 billion dollars and to reach one trillion dollar
mark, we need to grow 12 percent year-on-year.
Atlas Air takes delivery of four planes for MSC
Atlas
Air has announced that it has taken delivery of four Boeing 777-200 Freighters,
which it will operate on behalf of its customer Mediterranean Shipping Company
(MSC), as part of a previously announced long-term aircraft, crew, maintenance,
insurance (ACMI) agreement.
The four
planes will operate for MSC and will complement the existing weekly service for
the world’s largest shipping company. Currently, MSC is offering
around-the-world service to airports such as Mexico City (NLU), Indianapolis
(IND), Liege (LGG), Seoul (ICN) and Xiamen (XMN).
Michael
Steen, Chief Executive Officer, Atlas Air Worldwide, said: “Building on the
successful launch of MSC’s Air Cargo Solution, we are very pleased to welcome
this second 777 delivery as part of our long-term strategic partnership.
"We
expect our remaining two 777 aircraft to be delivered in the fourth quarter.
“We value the trust that MSC has in Atlas Air to support the expanding
requirements of their global network, and are excited to leverage our expertise
and industry-leading solutions.”
FedEx enhances International Priority Service in India, cuts transit time to key export markets
In a bid
to improve transit time for exporters, FedEx Express, on Monday said it will
enhance its International Priority (IP) service in India. FedEx in a statement
said the move would improve the efficiency of goods circulation and enable
customers to seize global opportunities.
Accordingly,
with this enhancement, shipments can now be delivered to major markets and
territories around the world within two to three business days. FedEx Express
says this represents at least a one-day improvement compared to previous
transit times for major markets.
“By
providing a day-definite delivery service that combines speed and reliability,
FedEx offers customers the ability to ship urgent and critical shipments.
Additionally, this enhancement includes FedEx door-to-door and customs-cleared
services,” a statement said.
With the
move, transit time for shipments from India to the US can now be delivered
within two to three business days. Similarly, shipments to major markets in
Europe can be delivered within two business days and major markets in Asia
Pacific, Middle East and Africa (AMEA) can now be covered within two to four
business days.
Menzies Aviation and Bangalore Airport agree to expand air cargo
Menzies Aviation, the leading service partner to the world’s airports and airlines, has affirmed its commitment to India with a new joint venture with Bangalore International Airport Limited (BIAL), the operator of Kempegowda International Airport Bengaluru (BLR Airport).
Operating
as Menzies Aviation (Bengaluru) Private Limited (MABPL), the new partnership
will be the sole provider of domestic cargo operations at BLR Airport while
also providing international cargo services for a period of 15 years, which
commenced at the end of May 2023.
As part
of the agreement, MABPL is responsible for handling international
exports/imports at an existing on-site cargo facility that has the capacity to
handle 210,000 tonnes.
MABPL
will increase the capacity by 40,000 tonnes in a phased manner by the end of
this decade and the cargo terminal will continue to benefit from Menzies’
operational expertise and industry-leading excellence in safety, efficiency and
sustainability.
MABPL
will also become the sole operator at a new domestic cargo facility once
completed, handling an initial 250,000 tonnes of cargo, with scope to increase
to 400,000 tonnes.
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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