JUPITER SEA & AIR SERVICES PVT. LTD,
EGMORE – CHENNAI, INDIA.
E-MAIL : Robert.sands@jupiterseaair.co.in Mobile : +91
98407 85202
6Corporate News Letter for Tuesday March 26, 2024.
:: Today’s Exchange Rates ::
Source : The
Economic Times RATES
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CURRENCY |
PRICE |
CHANGE |
%CHANGE |
OPEN |
PREV.CLOSE |
DAY's LOW-HIGH |
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83.15 |
-0.019997 |
-0.024043 |
83.07 |
83.17 |
83.0425- 83.165 |
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1.0908 |
-0.0014 |
-0.128181 |
1.0922 |
1.0922 |
1.0887- 1.0943 |
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106.2018 |
0.641396 |
0.60761 |
106.4373 |
105.5604 |
106.1095- 106.4373 |
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90.7585 |
0.612495 |
0.679448 |
90.8948 |
90.146 |
90.523- 90.955 |
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151.092 |
-0.167999 |
-0.111067 |
151.26 |
151.26 |
150.267- 151.457 |
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1.2738 |
-0.0047 |
-0.367614 |
1.2785 |
1.2785 |
1.2726- 1.2803 |
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103.486 |
0.097 |
0.093821 |
103.243 |
103.389 |
103.172- 103.657 |
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0.5506 |
0.002 |
0.36456 |
0.5498 |
0.5486 |
0.549- 0.5533 |
/// Sea Cargo News ///
Indian Navy getting back
35 Somali pirates and cargo worth over a million dollars
Hours after the Indian Navy intercepted a cargo ship hijacked by Somali pirates in a massive high-tempo operation involving drones, navy vessels and marine commandos, it said on Saturday it is bringing back the 35 captured pirates to India for trials.
The pirates, who had hijacked MV Ruen in December last year, had been using the Maltese-flagged bulk cargo vessel to hijack other vessels transiting through the region. The Navy identified this while carrying out extensive surveillance in the region, including monitoring of traffic in areas of interest, as part of ongoing maritime security operations.
After sustained pressure and “calibrated actions” by the Navy for
40 hours on Friday and Saturday, all 35 Somali pirates surrendered on Saturday evening.
All 17 crew members of MV Ruen were also safely evacuated from the pirate
vessel without any injury. As per the Navy, the vessel has also been sanitised
for the presence of illegal arms, ammunition, and contraband.
“The seaworthiness of MV Ruen will be assessed on Sunday and the vessel which is carrying approximately 37,800 Tons of cargo worth more than one million dollars will be brough safely to India,” it said.
INS Kolkatta was supported in the operation by Patrol vessel INS Subhadra and also by Marine Commandos (PRAHARS) who were air dropped by a C-17 aircraft of the Indian Air Force on Saturday afternoon. Additionally, the pirate vessel was kept under surveillance by remotely piloted High Altitude Lond Endurance (HALE) aircraft and P8I maritime reconnaissance aircraft.
Since 2008, the Indian Navy has deployed units in the Gulf of Aden and the East Coast of Africa towards anti piracy patrols and a total of 3,440 ships and over 25,000 seafarers have been safely escorted as per official data.
Large container ships and ferries to return to Odesa ports soon
Large container ships and ferries may soon return to Odesa ports.
Such transportation may return to Ukraine in a few weeks. "All container
terminals are ready to handle container ships.
Almost all of them are involved in the transshipment of agricultural and other products, but containers are a priority for them, and they are negotiating with potential shipowners and container lines. I hope that we will get the first call within two or three weeks," said Deputy Minister of Community Development, Territories and Infrastructure Yurii Vaskov.
Meanwhile, according to media, the first container ship will sail through the sea corridor in a few days, much earlier than Vaskov said. Transportation by sea ferries will also resume within a week. Earlier this week, Oleksandr Kubrakov, Deputy Prime Minister for Reconstruction and Minister for Communities, Territories, and Infrastructure, said that container transportation on the Danube from the ports of Izmail and Reni, as well as on the Black Sea from the ports of Odesa, would help unload the border with Poland.
The corridor from Russia to India through Azerbaijan is beyond the reach of Western sanctions
The author of the article claims that for centuries, trade
relations with European countries have been a “mainstay” for the Russian
economy. After the West began imposing unprecedented sanctions on Moscow,
Russia has been increasingly expanding its connections with the Persian Gulf
countries, as well as with India and China.
The article asserts that the so-called “southern route” will become a key component of Russia’s plans. On this section of the route from Russia to India, a railway line with a length of 160 kilometers will be located.
The cost of the project will reach 1.7 billion dollars. It is
expected that this transport route will connect the cities of Astara and Rasht
in Iran, as well as the north of the Islamic Republic and Azerbaijan with
Russia. “This will be the final link of the railway branch between Russia and
Iranian ports on the Persian Gulf coast, which will provide easy access to
centers such as India’s trading capital, Mumbai,” reports NYT.
X-Press Feeders garners top accolade as #1 Feed Operator at Colombo Ports Awards 2024
X-Press Feeders, the world’s largest independent feeder carrier
announced its triumph as the recipient of the #1 Feed Operator Award at the
Colombo Ports Awards 2024, under-scoring X-Press Feeders’ commitment to
excellence and innovation within the maritime industry.
The award selection criteria, as outlined by the Colombo Ports Awards committee, spot-lighted X-Press Feeders’ outstanding performance in terms of the total volume of fleet liners handled. The company’s dedication to understanding clients’ needs and delivering reliable and efficient solutions, coupled with its ability to navigate global challenges, has positioned it as a frontrunner in the industry. This marks the third consecutive year that X-Press Feeders has secured this honour.
X-Press Feeders has played a pivotal role in transforming the Port of Colombo into a regional hub, providing a wider feeder network that covers 15 services over Colombo. This strategic expansion has not only enhanced connectivity but has also reinforced Colombo’s position as a key maritime gateway in the region.
Founded in 1972, X-Press Feeders stands as the world’s largest independent feeder carrier, offering reliable and cost effective service solutions to meet customer’s feeding requirements. Operating across Asia, Europe, the Americas, Middle East and Africa, the company handled 6.4 million throughput TEUs in 2022.
Boasting a fleet of 110 Vessels, servicing 80 regular routes and serving 700 clients globally. Noteworthy achievements include its significant contribution to the Port of Colombo, surpassing 550,000 teus in 2021, 650,000 teus in 2022, and exceeding 600,000 teus in 2023.
Central to its success is the company’s adeptness in comprehending and adapting to the ever evolving global challenges and customer demands. With a steadfast commitment to client centricity and adaptability, X-Press Feeders stands as a beacon of resilience and forward thinking within the industry.
Global toy majors
shifting focus from China to India, exports jumped 239%
What may be a loss for China in toy manufacturing is turning out to be a gain for India. India’s toy industry made rapid strides between FY15 and FY23 with exports increasing by a whopping 239 per cent and imports declining by 52 per cent, resulting in the country becoming a net exporter.
A mandatory requirement of the Bureau of Indian Standards (BIS)
approval for the sale of toys in India, protectionism, China-Plus-One strategy
and an increase in basic customs duty to 70 per cent have led to a boom in
India's toy industry.
According to industry players, while global brands like Hasbro, Mattel, Spin Master, and Early Learning Centre depend more on the country for sourcing, major manufacturers like Italian major Dream Plast, Microplast, and Incas are gradually shifting focus to India from China. Prior to the BIS regulation, India's dependence on China for toys was 80 per cent, which has now decreased.
Niti Aayog comes up with
roadmap to boost exports from MSMEs
NITI Aayog has made a case for a single information portal for exporters to promote e-commerce exports and improve access to finance, especially for micro, small & medium enterprises (MSMEs). In a report titled ‘Boosting Exports from MSMEs’, the Aayog said India has several portals that help exporters access information, most of which offer incomplete or outdated information.
“Therefore, creating a one-stop information data intelligence
portal, using an Al-based interface will be essential to impart information to
MSMEs,” the report said, adding that this portal will answer all the queries of
a potential exporter related to market tariffs, required paperwork, sources of
finance, service providers, available incentives, and potential customers.
The report also suggested introducing an annual financial reconciliation process for e-commerce exporters, exemption of import duties on rejects or returns, granting exemption on reconciliation requirements for shipments up to USD 1,000 and creating a green channel clearance for e-commerce exports.
On easing of merchandise exports, the Aayog has suggested relaxations for MSMEs from certain compliance requirements for a period, while putting in place a process for time bound disbursement of incentives so that working capital is not blocked for MSMEs.
The deep integration of China with the global value chain
In the current global economic environment, China's economy has demonstrated its resilience and potential. How should the developing trend of China's economy be viewed? In what ways are the advantages of China's economic development reflected?
Global Implications of China's Economic Growth is a five-part series examining the questions given. The fifth article focuses on the integration of China's economy with the world. Liu Chunsheng, a special commentator on current affairs for CGTN, is an associate professor at the Central University of Finance and Economics in Beijing.
The article reflects the author's opinions and not necessarily the views of CGTN. In recent years, China has played an increasingly important role on the global stage. With its strong growth momentum and significant contribution to global economic expansion, China has become a vital engine of global economic growth.
In 2023, China's contribution to global economic growth continued
to exceed 30 percent, further solidifying its position as a major driver of the
world economy.
400 tonnes of Indian potatoes reach Benapole port
The consignments of 400 tonnes of potatoes imported from India
through Benapole Land Port are set to be released tomorrow. Earlier, the
potatoes arrived in two shipments on Saturday evening as the Bangladesh
government had given permission for the import in a bid to stabilise the
market.
Director of the Benapole Land Port Rezaul Karim confirmed this, saying the potatoes were carried by 16 Indian trucks. Integrated Food and Beverages is the importer of potatoes while the exporting company is PepsiCo India Holdings Pvt Ltd. The government of Bangladesh already permitted the imports of rice, pulses, wheat, eggs, onions and green chillies to keep the supply chain normal.
Official sources said Transmarine Logistics Limited C&F Agent filed the necessary documents to assess and deliver the potato consignments from the port. “On Thursday, 400 tonnes of potatoes in 16 Indian trucks reached. The import cost of the potatoes per tonne is US$ 194,” said Transmarine Logistics Limited C&F Agent Manager Masum Billah.
US sanctions shipping company, targeting Iran and Houthi rebels
Lady Sofia, a Suezmax oil tanker owned by the Marshall
Islands-registered company Vishnu Inc, engaged in a ship-to-ship transfer with
the recently sanctioned vessel Mehle.
The US Department of Treasury unveiled on March 15 new sanctions on shipping company Vishnu Inc and its oil tanker accused of delivering illicit shipments to China in support of Iran and Houthi rebels in Yemen, S&P Global reported.
Treasury said the Lady Sofia, a Suezmax oil tanker owned by the Marshall Islands-registered company Vishnu Inc, engaged in a ship-to-ship transfer with the recently sanctioned vessel Mehle.
The Mehle, disguised as a nonexistent vessel called the Amor, used
identification spoofing technology to falsely broadcast its location as the
South China Sea while offloading its cargo to the Lady Sofia near Singapore,
according to the department.
Treasury on Jan. 12 identified the Mehle as property of Cielo Maritime Ltd, which was sanctioned for having assisted Sa'id al-Jamal, an accused Houthi financial facilitator that the US Office of Foreign Assets Control first designated and sanctioned in June 2021.
Mexico could be back
door for Chinese imports into US
Growth in demand for container shipping imports from China into Mexico in January 2024 increased by 60% compared to 12 months ago, further fuelling suspicions it has become a back door into the US.
According to analysts at Xeneta, 117,000 TEU was shipped in
January of this year compared to 73,000 TEU in January 2023. Annual growth in
container shipping between China and Mexico had already increased by 34.8% in
2023 compared to just 3.5% in 2022.
Peter Sand, Xeneta Chief Analyst, believes the latest data may be further evidence of businesses attempting to circumvent tariffs on goods imported from China into the US, which have ramped up during the ongoing trade war between the nations.
“The strength in trade between China and Mexico was building
during 2023 but the latest data for January 2024 reveals a massive increase. It
is probably the fastest growing trade on planet Earth right now.
A sizeable proportion of the goods arriving in Mexico by ocean will likely be trucked into the US, which gives rise to the suspicion that the increase in trade we are witnessing is due to importers trying to circumvent US tariffs.
Shipping company halts
port stopover amid rising security concerns in Haiti
In response to the escalating security concerns in Haiti, French
shipping giant CMA CGM announced a shift in its operations over the weekend.
The company has decided to suspend its routine stopovers in Haiti, opting
instead for the Port Lafiteau terminal located to the north.
This move comes as a direct response to the deteriorating safety conditions, aiming to ensure the continuity of service without compromising the security of its operations and personnel. Port Lafiteau, situated approximately 20 kilometers from the Haitian capital, Port-au-Prince, is now the recommended alternative for shipping services to and from the island nation.
CMA CGM emphasizes that Port Lafiteau will be served by the weekly CAGEMA 2 service, featuring vessels from its own fleet, thus maintaining a reliable shipping route for its clientele. Furthermore, CMA CGM reassures its customers that services to the northern part of Haiti will proceed unaffected, with regular stopovers at Cap-Haïtien continuing as planned.
Royal Caribbean adjusts
itineraries due to safety concerns :
Earlier in the week, Royal Caribbean, a leading cruise line, also took pre- cautionary measures by suspending visits to Labadee, a popular cruise destination on Haiti’s northern coast. This decision reflects growing concerns over the nation’s security situation, which has seen a significant uptick in violence.
This decision reflects Royal Caribbean’s prioritization of the safety and security of its passengers, crew and the communities it visits. Royal Caribbean’s Global Security and Intel Team is actively monitoring the situation in Haiti. The company has temporarily adjusted its sailing schedules to avoid the troubled area, promising ongoing evaluations and direct communication with guests regarding future itinerary updates
Haiti’s deepening crisis : These operational changes by CMA
CGM and Royal Caribbean occur against the backdrop of Haiti’s protracted
political and humanitarian turmoil.
The country’s capital has witnessed the rise of heavily armed
gangs exerting control over significant areas, leading to reports of widespread
violence, including killings, kidnappings and sexual assaults. The resulting instability has displaced
hundreds of thousands of individuals, further exacerbating the nation’s plight.
As Haiti faces these daunting challenges, the international maritime and cruise industries responses underscore the far reaching impact of the country’s crisis on global commerce and tourism. The suspension of port stops, while a protective measure for companies and their clients, also highlights the urgent need for stability and security in Haiti, essential for the nation’s recovery and re-integration into global community.
/// Air Cargo News ///
SATS strengthens European cargo handling capability, capacity with Swedish acquisitions
SATS has proposed the acquisitions of two Stockholm Arlanda
operators for some $12 million. SATS has announced the proposed acquisition of
Terminal & Transporttjänst i Sigtuna AB (TT) and APH Logistics AB (APH) by
its wholly-owned subsidiary, WFS Sweden AB, for SEK94 million ($12.1 million).
According to SATS, the move will strengthen the group's presence in the Stockholm market and its specialised cargo handling capability, as well as add new capacity for growth. Both TT and APH operate out of Stockholm Arlanda, the largest airport in Sweden.
TT provides cargo handling and transportation services to airlines, freight forwarders and time-critical medical suppliers, while APH specialises in border inspection services with perishable and cold chain facilities, which complements the air cargo services provided by TT. The group says it has been focused on advancing its twin-engine growth strategy by strengthening its core operations in Singapore and replicating its capabilities to expand internationally.
Dubai-Europe air
cargo tonnages continue surge: WorldACD
Air cargo tonnages from Dubai to Europe are continuing to boom
while overall global demand has broadly stabilised following a strong return of
Asia Pacific volumes since the Lunar New Year (LNY) dip in early February,
according to the latest weekly figures from WorldACD Market Data.
"Analysis of week 10 (March 4-10) reveals that Dubai-Europe tonnages were at three times their level (+205 percent) this time last year, and around seven percent up compared with the previous week.
As WorldACD has highlighted in recent weeks, certain key Asia-Europe sea-air hubs such as Dubai, Colombo and Bangkok have experienced exceptionally high air cargo demand to Europe since the start of this year, in large part linked to the disruptions to Asia-Europe container shipping caused by the attacks on vessels in the Red Sea.
Dubai-Europe tonnages have been particularly strong at more than double their level in recent weeks compared with this time last year. And the continuing surge in week 10 indicates this trend is showing no signs of weakening four weeks on from LNY."
Delhi LG approves setting up of SEZ, FTZ at Delhi’s IGI Airport
Delhi L-G VK Saxena has given the
go-ahead for setting up a Special Economic Zone (SEZ)/Free Trade Zone (FTZ), at
the Indira Gandhi International Airport over an area of five acres, a move that
will give a major economic boost to the capital, the LG Office said in a press
release.
According to the LG Office,
“Related to the Cargo Infrastructure and other allied activities, this SEZ/FTZ
once operationalized will give a massive fillip to the logistics sector and
catalyse the economic growth apart from spinoffs for generating employment”.
The LG approved the proposal taking note of the strategic importance of
developing an FTZ/SEZ at the Airport hub, after ensuring that DDA gives a
go-ahead for the same as per provisions of MPD-2021, the release stated.
“The SEZ would create economic
activities through exports, warehousing, trading and provisions for related
services at the Airport complex.
It will also liberalize and
reduce procedural complexities in terms of applications, licensing, clearances
and other regulations and reduce red tape, apart from providing tax benefits to
entrepreneurs,” the release said. The official press note stated that the
Ministry of Civil Aviation, Government of India has identified Delhi as a Pilot
Air Cargo Hub which requires Tier 1, 2 and 3 level infrastructure while DIAL
already has developed Tier 1 & 2 infrastructure by way of developing two
cargo terminals and logistics centres at the Airport, it will achieve Tier 3
once an SEZ / FTZ comes up at the Airport complex.
“DIAL proposed the setting up of
two multi-product SEZs at the IGI Airport over an area of 2.02 hectares each (5
acres) and requested for Delhi Government’s recommendation under SEZ Rules,
2006. Thereafter, the Industries Department, GNCTD sought clearance of DDA in
the matter,” the release stated.
“Since the development of Delhi
as per the Master Plan of Delhi comes under the purview of DDA, the Industries
Department vide its letter dated December 7, 2023, requested DDA to provide
their input on whether the development of such infrastructure at the Delhi
Airport is permitted as per the Master Plan 2021,” the LG Office said.
DDA vide its letter dated January 3, 2024, after taking into
consideration, traffic impact assessment and development control norms for
transportation, laid out in MPD-2021, conveyed its consent subject to
regulations in this regard, laid down by the Airport Authority of India (AAI),
it said.
“After the LG’s approval, the in-principle consent/agreement of
GNCTD along with observations of DDA, will be conveyed to the Ministry of
Commerce, GoI, ” the release stated.
DIAL transships over 80 lakh kgs of Bangladeshi cargo in one year
GMR led Delhi International Airport Ltd (DIAL)
has achieved a significant milestone by transshipping over 80 lakh kgs of
Bangladeshi cargo to international destinations in the last one year.
The first batch of transshipment cargo left Delhi Airport on March 5, 2023. Since then, Delhi Airport has helped transship Bangladeshi Cargo to various international locations including Spain, Netherlands, and France. Delhi Airport has trans-shipped over 5.17 lakh MT of international cargo between April 2023 and January 2024.
This achievement not only cements Delhi
Airport’s status as the foremost Cargo hub in Southeast Asia but also catalyzes
a favorable domino effect throughout the aviation industry. The transshipment
facility for Bangladeshi cargo first began on February 26, 2023, paving the way
for a faster and cost-effective route of shipping export cargo inter -nationally.
Since then, Delhi Airport has helped tranship over 80 lakh kgs (8000 MT) of readymade garments to European nations including Spain, Netherlands, and France. The European Union is the second-largest export destination for Bangladeshi apparel, followed by UK and Canada. The first batch of cargo, which left Dhaka on February 26, 2023, arrived at Delhi Airport on March 3, 2023, and proceeded for its destined location in Spain on March 5, 2023.
The Government of India’s approval on February
7, 2023, allowing Delhi International Airport Limited (DIAL) to serve as a
Cargo Transshipment hub between Bangladesh and other global destinations, has
significantly boosted international ties and the national economy.
This decision has not only reduced shipment
costs for manufacturers but has also led to a daily increase in the export of
international cargo via Delhi Airport, covering a spectrum of products, from
ready-made garments (RMG) and handlooms to footwear, leather products, jute
products, and pharmaceuticals.
The success of transshipment has not only marked
a significant milestone in fostering economic growth and international
cooperation but has also triggered positive developments in the aviation
sector.
The Bangladesh cargo influx into Delhi has motivated airlines to enhance their capacity at Delhi Airport, providing Indian exporters with more options in terms of capacity, destinations, and economically beneficial choices.
Understanding the need for quick turnaround time
for Cargo, Delhi Airport has installed 28 dual view x-ray machines for
international general Cargo processing. Keeping in mind the increasing cargo
inflow, five extra x-ray machines have been augmented for handling Bangladesh
cargo to avoid any congestion for General Cargo. State-of-the-art cargo
facility at Delhi Airport, connects businesses to 67 international locations
and has handled 5.17 lakh MT of international cargo between April 2023 and
January 2024.
Commenting on the development, Sanjiv Edward, CEO-Cargo, GMR Airports, said, “Delhi Airport has been playing a pivotal role in enhancing the bilateral trade ties between India and Bangladesh, particularly in facilitating the seamless export of Bangladeshi cargo to global markets.
This achievement of transhipping over 5.17 lakh MT of international cargo in a year marks a significant milestone in our commitment to fostering economic growth and international cooperation.
The state-of-the-art transshipment facility at Delhi Airport has not only paved the way for a faster and cost-effective route for shipping export cargo but has also positioned Delhi Airport as a key international cargo hub, bridging the gap between East and West.”
IAG Cargo launches new service between Barcelona and Miami
IAG Cargo, the cargo
division of International Airlines Group (IAG), has announced a new service
between Barcelona and Miami. The route will run three times a week to Miami
International Airport from 31st March 2024, increasing to four services from
June to September.
Barcelona is one of IAG Cargo’s four hubs, alongside London Heathrow, Madrid, and Dublin, and is home to two of the IAG Group’s airlines, LEVEL and Vueling. Miami will mark IAG Cargo’s fifth direct connection to the United States from Barcelona, which already encompasses Boston, Los Angeles, New York’s JFK and San Francisco.
This new route adds to almost 200 weekly connections between Spain and the United States. Barcelona is well positioned to connect the United States and the rest of Europe, with an extensive trucking network into nearby countries.
Miami
is the world’s largest gateway to Latin America and the Caribbean and offers
two-way cargo traffic, linking the Americas with Europe. It is renowned as a
hub for the distribution of perishable products, hi-tech commodities,
telecommunications equipment, textiles, pharmaceuticals and industrial
machinery. The introduction of this service is being made possible by adding a
sixth aircraft to LEVEL’s fleet.
Camilo
Garcia Cervera, Chief Sales and Marketing Officer at IAG Cargo said: “The
transatlantic corridor is an important part of our network and supports so many
of our customers. Miami is a thriving logistics hub, strategic for air freight.
With our already well-established network connecting major cities in the United
States with Europe, this new route will enhance our connectivity even more.”
IAG
Cargo also restarts services between Barcelona and San Francisco from 31st
March, with four weekly frequencies.
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
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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