JUPITER SEA & AIR SERVICES PVT. LTD, EGMORE – CHENNAI, INDIA.
E-MAIL : Robert.sands@jupiterseaair.co.in
Mobile : +91 98407 85202
Corporate
News Letter for Friday September 29, 2023.
:: Today’s Exchange Rates ::
Source : The Economic Times. R
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CURRENCY |
PRICE |
CHANGE |
%CHANGE |
OPEN |
PREV.CLOSE |
DAY's LOW-HIGH |
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83.1975 |
-0.042496 |
-0.051052 |
83.23 |
83.24 |
83.1325- 83.245 |
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|
1.0535 |
0.0032 |
0.30468 |
1.0503 |
1.0503 |
1.0491- 1.0536 |
|
|
100.9112 |
-0.215302 |
-0.212903 |
101.0057 |
101.1265 |
100.9013- 101.0231 |
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|
87.3545 |
-0.546501 |
-0.621723 |
87.3977 |
87.901 |
87.3162- 87.4394 |
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|
149.253 |
-0.376999 |
-0.251954 |
149.63 |
149.63 |
149.208- 149.561 |
|
|
1.2204 |
0.0069 |
0.568599 |
1.2135 |
1.2135 |
1.212- 1.2206 |
|
|
106.663 |
-0.002998 |
-0.002811 |
106.673 |
106.666 |
106.576- 106.713 |
|
|
0.5566 |
-0.0017 |
-0.304504 |
0.5568 |
0.5583 |
0.5566- 0.5574 |
/// Sea Cargo News ///
India begins anti-dumping probe on drawer sliders, sulphur
black imports from China
India has initiated a probe into the alleged dumping of drawer
sliders by Chinese firms in the country. It has also initiated an anti-dumping
probe on sulphur black imports from China.
The period of investigation is FY23. In both
cases, the Directorate General of Trade Remedies (DGTR) said that there is
sufficient prima facie evidence of injury being caused to the domestic industry
by dumped imports from China.
“The authority initiates a suo motu
anti-dumping investigation on the imports,” it said. The anti-dumping probe on
sulphur black imports from China has been initiated based on a complaint filed
by Atul Ltd. The period of investigation is April 2022-March 2023.
MSC's second-hand ship shopping spree continues despite
declining vessel values
Reports this week that MSC has purchased the 2013-built 9,403 teu
Joseph Schulte for a price of around $55m confirmed that the top-ranked carrier
has not lost its appetite for acquiring second-hand container tonnage.
According to Alphaliner, MSC purchased the
ship from the vessel’s insurers trumping rival CMA CGM in the bidding process.
The consultant noted that if confirmed, the acquisition would take MSC’s
unprecedented buying spree of second-hand tonnage since August 2020 to an
eye-watering 324 ships.
MSC’s aggressive raids on the S&P
containership market enabled the carrier to overtake Maersk as the largest
carrier in terms of capacity in early January 2022.
Since then, its continued purchase of
second-hand ships, coupled with the arrival of newbuild vessels has seen the
gap between the two widen significantly – according to Alphaliner data, MSC’s
fleet currently has a total capacity of 5.3m teu, compared to Maersk’s 4.1m
teu.
How China uses shipping for surveillance and control
Ninety percent of the world’s trade is shipped by sea, bringing finished goods, components, and commodities to markets around the globe. But maritime trade is not only critically important—it’s also fragile, easily disrupted by pandemics, port bottlenecks, or large ships getting stuck in canals.
While maritime embargoes during wartime have
been a staple of conflicts since the days of the Spanish Armada, today’s
warfare won’t require a flotilla to keep essential goods from reaching their
destination.
Instead, adversaries can paralyze shipping
by weaponizing information. The Chinese government has spent the past three
decades trying to gain access and influence in the open seas, strategic
shipping lanes, and foreign ports in Asia and around the globe.
China owns, co-owns, or operates some 96
foreign ports globally, with its portfolio constantly expanding—most recently
in Hamburg, Germany, and the Solomon Islands. Of course, foreign ownership or
control of ports and logistics operations is not an intrinsic hazard; companies
from the Netherlands, Singapore, and the United Arab Emirates own and operate
dozens of overseas ports.
ABB to
power Samskip’s new hydrogen-fuelled container ships
ABB will deliver a comprehensive power distribution system for
two newbuild short-sea container ships of the global logistics company Samskip
Group headquartered in Rotterdam, Netherlands. In particular, the vessels will
be among the world’s first of their kind to use hydrogen as a fuel.
The order was booked in the second quarter of 2023, but
financial details were not disclosed. Also, the 135-meter ships are due for
delivery in the third quarter and the fourth quarter of 2025, respectively.
Both vessels will be operating between Oslo Fjord and Rotterdam, a distance of
approximately 700 nautical miles.
In addition to the integration of hydrogen fuel cells, ABB’s
comprehensive package includes the new, compact version of ABB Onboard DC Grid™
power distribution system that will ensure the optimal use of energy on board.
Moreover, the vessels will also feature ABB’s energy storage
solution control, with the industry-leading automation technology, ABB Ability™
System 800xA, ensuring seamless operation of onboard equipment.
According to ABB, "Fuel cells turn the chemical energy from
hydrogen into electricity through an electrochemical reaction. With the use of
renewables to produce the hydrogen, the entire energy chain will be clean.
Hydrogen fuel cell technology is considered as one of the most promising
solutions to support shipping industry’s decarbonization agenda, with the
potential to significantly reduce greenhouse gas emissions and increase energy
efficiency."
Samskip’s vessels will be powered by a 3.2 MW hydrogen fuel cell
each, with diesel generators installed for back-up.
South Korea’s flagship box line HMM is set to become a minor
shareholder in compatriot shipping outfit Polaris Shipping, which focuses on
operating very large ore carriers.
HMM and state-backed ship finance institution Korea Ocean
Business Corporation are participating as financial investors in Woori Private
Equity Asset Management (Woori PE), a private equity fund headed by Woori
Financial Group.
Woori PE has been chosen as the preferred buyer to acquire
Polaris Shipping from its owners, Kim Wan Jung and Han Hee Seung, who want to
exit the shipping business. Kim and Han control Polaris through a combined
stake of 86.38% held through direct holdings and through their holding company
Polar Energy & Marine. Aeneas-NH Private Equity Fund, a consortium of NH
Private Equity (a unit of Nonghyup Bank) and Aeneas Private Equity, holds the
remaining 13.62%.
China’s state-owned COSCO Shipping Bulk had also bid for Polaris
and there were concerns about foreign ownership of Polaris, which transports
iron ore and coal to South Korean steelmaking group POSCO and the national
utility group Korea Electric Power Corporation.
Polaris, which owns 29 bulk carriers (including 18 VLOCs) and
two LR2 tankers, will be sold for between KRW400 billion (US$301 million) and
KRW500 billion (US$376 million). HMM will be contributing KRW60 billion (US$45
million) and KOBC, KRW40bn (US$30.1 million).
The company’s net profit fell 32% year-on-year to US$92.54
million in 2022. While money-making, Polaris had weathered several crises that
saw the company delaying its past attempts at an initial public offering, most
notably the sinking of Stellar Daisy in March 2017 and the grounding of Stellar
Banner in February 2020.
In August, Kim and Han were probed by the police over the
transfer of some US$37 million from Polaris’ funds to Polar Energy &
Marine, resulting in Seoul Metropolitan Police Agency’s Financial Crimes
Investigation Unit raiding Polaris’ office, seizing financial reports and hard
disks.
The money was moved as loans and management rights, according to
the local media reports.
VICT
handles largest boxship arriving in Australia
CMA CGM Pelleas
is deployed on the A3C service, which starts and finishes in Taiwan after a
round trip via China then on to Sydney, Melbourne and Brisbane.
Port of Melbourne's Victoria International Container Terminal
(VICT) welcomes the 10,000 TEU container ship CMA CGM Pelleas.
VICT’s chief executive officer, Bruno Porchietto, says that
super-sized vessels like CMA CGM Pelleas are likely to become more common at
the VICT terminal. "There is a global trend by shipping lines toward the
use of larger ships, which are more efficient due to their carrying
capacity," commented Porchietto.
Meanwhile, VICT’s expansion project is making good progress
following the recent arrival of two new quay cranes from China. The cranes
are the largest in Australia and form part of a US$150 million expansion that
will boost the Australian terminal's capacity up to 1.25 million TEUs when it
is completed in late 2023.
VICT’s parent company, International Container Terminal
Services, Inc. (ICTSI) has so far invested more than US$640 million in its
Melbourne operations.
Hapag-Lloyd
starts rollout of Starlink to its fleet
Following a successful pilot phase, German ocean carrier
Hapag-Lloyd has decided to proceed with the rollout of Starlink satellite
internet technology across its vessel fleet.
Since May, crew members aboard four pilot Hapag-Lloyd ships have
had the opportunity to test the Starlink technology and the feedback from these
trials has been very positive, according to Hapag-Lloyd.
In particular, at 350 meters in length, the container vessel is
the largest ever to dock in an Australian port. The ship is nearly 43 meters
wide.
"The high-speed satellite Internet has revolutionised
communication for seafarers, enabling seamless video calls and streaming services,"
said the company in a statement.
The Starlink satellite network offers an impressive bandwidth of
up to 250 megabits per second, facilitating private use and enabling
Hapag-Lloyd to conduct remote maintenance and vessel inspections.
Hapag-Lloyd believes this innovation will result in cost savings
and an increase in service quality.
The Hamburg-based shipping company noted that the next steps for
the rollout of the free and fast Internet offer on board include completing the
ordering of the technology and antenna installation by the end of the current
year and the stepwise activation of the service on the company's ships, that is
set to commence in early 2024.
Dr. Maximilian Rothkopf, COO at Hapag-Lloyd, commented, "We
are very happy to provide our seafarers with Starlink's high-speed satellite
internet and thus to enhance their well-being on board. But also for Fleet
Management the change in communication and connectivity will be huge."
:: Air Cargo News ::
Air India targeting pharma trade with air freight fleet capacity set to quadruple
Tata Group-owned Air India – in the midst of a massive fleet expansion – is devising new strategies to grab a larger share of air cargo trade as the emerging economy concentrates on manufacturing.
The airline has some 470 aircraft from Airbus and Boeing on order,
with deliveries mostly scheduled to begin in 2025, which it estimates would
quadruple overall belly cargo capacity at full-scale operations. “The cargo
division has made and is making several transformational changes to be more
agile, responsive and integrated to the needs of the industry,” the carrier
told The Loadstar.
“The planned changes encompass several strategic, tactical,
technological and commercial aspects of the organisation.” And this accelerated
growth programme has been two-pronged. Air India recently rolled out a bonded
trucking solution to aggregate cargo from interior locations for connections
out of Delhi, its busiest cargo hub.
The carrier said the road feeder network is already live on nine
market points, such as Delhi-Mumbai, Delhi-Chennai, Delhi-Kolkata,
Delhi-Bengaluru, Delhi-Hyderabad, Kochi-Chennai, Kochi-Bengaluru,
Kochi-Hyderabad and Goa-Mumbai.
Speedcargo trials at Etihad show how AI can improve air
cargo operations
Recent trials are leading to the wider adoption of AI-powered
solutions to optimise air cargo services, despite a number of challenges that
continue to persist. For both cargo operators and handlers, some of the areas
of interest for potential deployment of AI include customs and compliance,
route optimisation and inventory management.
Handlers are talking about AI-powered robots for example, that can
help reduce turnaround times and labour costs by speeding up loading and
unloading processes and improve cargo security with real-time monitoring of
potential threats on the apron or warehouse.
Other trials have shown that AI-compatible chatbots and customer
service systems can provide real-time updates to shippers and consignees,
improving communication and customer satisfaction. A few months ago, Etihad
Cargo announced plans to use AI to maximise cargo capacity on its flights.
This followed a proof-of-concept agreement in 2021 signed with
Singapore-based tech-start-up company Speedcargo, to boost efficiency, digitise
and standardise cargo handling across the airline’s network.
dnata gets IATA environmental management certification
dnata
has become the first combined air services provider to receive the
International Air Transport Association’ (IATA) environmental management
certification as a recognition of its unwavering commitment to sustainability
across its diverse portfolio of businesses in the United Arab Emirates (UAE).
IATA
Environmental Assessment (IEnvA) is a certification programme developed to
independently assess the commitment of aviation stakeholders such as airlines,
airports, cargo handling facilities, freight forwarders, and ramp handlers, to
continuously improve their environmental and sustainability performance.
IATA’s
comprehensive evaluation encompassed 74 mandatory and all three optional
modules, rigorously assessing dnata’s sustainability practices and efforts
across its extensive operations in the UAE. In addition to its corporate
Headquarters, ground handling and cargo businesses, dnata’s airport hospitality
brand, marhaba, and inflight catering joint venture, Alpha Flight Services
(Alpha), have also been certified through IEnvA’s hospitality module. DUBZ,
dnata’s baggage technology and logistics company, also received the
certification. This remarkable outcome attests to dnata’s commitment to
maintaining the highest standards of sustainability.
dnata recently
announced that it was on track to reduce its carbon footprint and waste to
landfill by 20% by 2024 as part of its two-year green operations strategy.
Previously, the company committed US$ 100 million to implement green technology
and initiatives across its businesses to achieve its strategic objectives. The
company’s recent key initiatives include continued significant
investment in infrastructure, green ground support solutions and process improvement.
Photo:
FedEx
FedEx said it has continued to focus on cost saving initiatives
in response to weak express demand as it reported revenue of $21.7bn in its
first quarter 2024, ended August 31.
The company attributed a 19% improvement in reported net income
to $1.1bn to its ‘DRIVE’ programme t0 improve operational efficiency and reduce
expenses.
“First quarter results improved primarily due to the execution
of the company’s DRIVE program initiatives and continued focus on revenue
quality. The improvement in operating results was partially offset by ongoing
demand weakness,” said the company.
First quarter 2024, ended
August 31. Source: FedEx
Revenue at FedEx Express was down 9% year over year, but the
division benefited from reduced operating expenses. “Volume remained pressured though total
Express volume declines moderated sequentially,” noted Brie Carere, executive
vice president, chief customer officer.
FedEx Express operating income increased 18% during the quarter.
“Cost reductions and transformation efforts at FedEx Express included
structural flight reductions, alignment of staffing with volume levels, parking
aircraft, and shifting to one delivery wave per day in the US, all of which
more than offset the impact of lower revenue,” added John Dietrich, executive
vice president, chief financial officer.
At FedEx Ground, first-quarter revenue was up 3% year over year
driven by a 1% increase in volume and 3% increase in yield.
FedEx Ground operating income increased 59% during the quarter,
primarily due to yield improvement and cost reductions. Cost per package
declined more than 2%, driven by lower line-haul expense and improved dock and
first- and last-mile productivity.
“Across the Ground and Express, volumes improved sequentially,
aided by the threat of a strike at our primary competitor. We onboarded new
customers who valued our service and were committed to a long-term partnership
with FedEx, explained Carere.
At FedEx Freight, revenue was down 16% driven by a 13% decline
in volume, said FedEx. FedEx Freight operating income decreased 26% during the
quarter driven by lower fuel surcharges and shipments, partially offset by base
yield improvement. FedEx Freight completed the planned closure of 29 terminal
locations during August.
“We started fiscal 2024 with strong momentum as our global
transformation actions take hold and drive improved results,” said Raj
Subramaniam, FedEx president and chief executive. “FedEx Ground had an
outstanding quarter which, when combined with improved earnings at FedEx
Express and expense controls across the organization, led to our
better-than-expected overall financial performance. “FedEx is well-positioned
to continue to deliver improved profitability while becoming an even more
flexible, efficient and data-driven organization.”
Looking ahead, FedEx will continue to focus on consolidating FedEx Express, FedEx Ground, and
FedEx Services into one company,
‘Federal Express Corporation’, by June next year.
Qatari Air
Bridge planes arrive at Benina Airport, Libya with aid
The seventh and eighth
Qatari planes from the Qatari Air Bridge arrived at Benina International
Airport, Benghazi, on Sunday (Sept 24, 2023) to assist the people affected by
floods and torrents east of Libya. The two planes carried 58 tonnes of
humanitarian and relief assistance as an urgent response to the humanitarian
situation in the areas affected by floods and torrents, bringing the total
Qatari assistance to those affected to 267 tonnes.
The assistance included
shelter essentials, electricity generators, foodstuff, as well as relief and
medical items provided by the Standing Committee for Rescue and Relief Works
and Humanitarian Aids for Afflicted Areas in Brotherly and Friendly Countries,
Qatar Fund For Development (QFFD), Qatar Red Crescent Society, alongside Qatar
Charity. “The State of Qatar affirms its
full solidarity with the State of Libya and in standing with its brotherly
people in facing the disaster of floods and torrents,” reads the release.
Norse Atlantic Airways partners with WebCargo
Norse Atlantic Airways
and WebCargo by Freightos, the leading air cargo booking platform, announced a
partnership to offer the European-based carrier’s capacities from the biggest
European Union cities for instant eBooking and payment on WebCargo. Norse
Atlantic will open up real-time booking for WebCargo’s thousands of forwarders
on its flights to and from Europe to seven destinations in the U.S. for
technology, perishables, and other shipments, says a release from Freightos.
"Of note, for those
forwarders booking to Latin America, Norse Atlantic operates out of Miami
International, the gateway to South America." Also Read - Freightos Q22023
revenue down marginally Manel Galindo, CEO, WebCargo says: “We’re excited to
play a supporting role in Norse Atlantic’s growth as their primary air cargo digital
sales platform.
It’s a win-win for
forwarders currently on WebCargo who will benefit from the increased cargo
capacity, and the speed and flexibility of WebCargo’s unparalleled platform has
the power to boost Norse’s cargo sales and brand growth."
Later this year, Norse
plans to open capacity from London to Barbados and Jamaica, and from Oslo to
Thailand, further expanding WebCargo’s footprint in Asia and the Caribbean, the
release added.
Norse Atlantic
exclusively operates Boeing 787 Dreamliners featuring innovative technologies
that make them greener including 25 percent lower CO2 emissions and 50 percent
quieter than the previous generation of aircraft, the release added.
IAG Cargo launches Constant Climate in Cincinnati
IAG
Cargo, the cargo division of International Airlines Group (IAG), is announcing
Cincinnati as its latest station in the United States to be approved to
transport time and temperature-sensitive healthcare products. Bringing the
total number of approved Constant Climate stations in the United States to 21.
This
newly established station will facilitate the movement of pharmaceuticals that
require precise time and temperature management between Cincinnati and London
Heathrow. It will leverage IAG Cargo’s extensive network which links six
continents to transport critical cargo such as vaccines, medicinal drugs and
clinical trial medication around the world. This service will be of special
interest to pharmaceutical customers located in Ireland and India whose
life-saving medicines frequently transit through London-Heathrow to the United
States.
Jordan
Kohlbeck, Head of Pharmaceutical at IAG Cargo, added: “We are very excited
about the opening of a new Constant Climate station at Cincinnati airport. The
opening of Cincinnati will allow us to support more customers globally and
provide another route by which they can utilise our cold chain solution to
transport their key pharmaceuticals. We look forward to working with our
partners and customers to increase our pharmaceutical offerings with this new
addition.”
IAG
Cargo’s Constant Climate product is a state-of-the-art cold chain solution that
caters specifically to the transportation of pharmaceuticals, such as vaccines,
biotech products, diagnostics samples, or any other temperature-sensitive
pharmaceutical material. During the first half of 2023, Constant Climate, IAG
Cargo’s cold chain product for transporting pharmaceutical products,
experienced a 45 per cent increase in the volume of pharmaceuticals transported
across its network compared to the previous year.
IAG
Cargo’s new 10,000m2 facility New Premia at London Heathrow, launched in May
2023, features a cutting-edge Constant Climate Quality Centre (CCQC) for
pharmaceuticals, with 27 dedicated cool cells and temperature facilities
available from +2°C to +8°C (COL), +15°C to +25°C (CRT) and -20°C (FRO)
ensuring sensitive shipments are held in a temperature-controlled environment
at all times.
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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