JUPITER SEA & AIR SERVICES PVT. LTD, EGMORE – CHENNAI, INDIA.
E-MAIL : Robert.sands@jupiterseaair.co.in Mobile : +91
98407 85202
Corporate News
Letter for Wednesday April 17, 2024.
:: Today’s Exchange Rates ::
Source : The
Economic Times RATS
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CURRENCY |
PRICE |
CHANGE |
%CHANGE |
OPEN |
PREV.CLOSE |
DAY's LOW-HIGH |
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83.5375 |
0.077499 |
0.092858 |
83.51 |
83.46 |
83.4725- 83.56 |
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1.0619 |
-0.0005 |
-0.04706 |
1.0624 |
1.0624 |
1.0603- 1.0635 |
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103.9725 |
-0.219696 |
-0.210857 |
103.7972 |
104.1922 |
103.6085- 104.0461 |
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|
88.7703 |
-0.145401 |
-0.163527 |
88.6001 |
88.9157 |
88.5288- 88.8596 |
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154.482 |
0.201996 |
0.130928 |
154.28 |
154.28 |
154.135- 154.606 |
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1.2441 |
-0.0005 |
-0.04018 |
1.2446 |
1.2446 |
1.2409- 1.2456 |
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|
106.234 |
0.026001 |
0.024481 |
106.175 |
106.208 |
106.175- 106.437 |
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0.5408 |
-0.0001 |
-0.018491 |
0.541 |
0.5409 |
0.5401- 0.5415 |
/// Sea Cargo News ///
MSC cargo ship, with 17 Indians onboard, seized for 'violating maritime laws', Iran says
Iranian foreign ministry on Monday said Iran's Revolutionary Guards seized the MSC Aries cargo ship because the freighter "violated maritime laws". Tehran said it had no doubt that the vessel was linked to Israel. On April 13, Iran's Revolutionary Guards seized the Portuguese-flagged cargo ship, which had 17 Indians onboard, in the Strait of Hormuz. Iran's statement comes hours after external affairs minister Dr S Jaishankar spoke to his Iranian counterpart on the issue.
Jaishankar said he took up the issue of 17 Indian crew members of
the cargo ship with Iran counterpart H Amirabdollahian. Earlier, government
sources had confirmed that New Delhi was in touch with Iranian authorities
through diplomatic channels, both in the Iranian capital, Tehran and in New
Delhi, to ensure the security, welfare and early release of the Indian
nationals.
Meanwhile, in response to the escalating tensions between Israel
and Iran, ministry of external affairs (MEA) on Sunday issued a statement
expressing serious concern over the potential threat to regional peace and
security. “We are seriously concerned at the escalation of hostilities between
Israel and Iran which threatens the peace and security in the region”, the MEA
said in the statement.
Iran’s Revolutionary Guards had seized the freighter in the Strait
of Hormuz days after Tehran vowed to retaliate for a suspected Israeli strike
on its consulate in Damascus on April 01. Iran had said it could close the
crucial shipping route.
In response to reports of the seizure of the MSC Aries, Israeli
Foreign Minister Israel Katz accused Iran of piracy and military spokesperson
Rear Admiral Daniel Hagari said it would “bear consequences for choosing to
escalate this situation any further”.
Tensions have soared across the Middle East since the start of
Israel’s campaign in Gaza in October, with Israel or its ally the US clashing
repeatedly with Iranian aligned groups in Lebanon, Syria, Iraq and Yemen.
An Indian delegation in Singapore has sought to partner with
global shipping industry to explore new technologies and the potential of using
methanol and ammonia as ship fuels, a senior government official said on
Monday.
The Indian delegation is here to participate in the Singapore
Maritime Week, which is being attended by over 10,000 delegates from around the
world.
"We are here to seek out collaborations for all new
technologies and explore the potential of using methanol and ammonia as ship
fuels with the shipping industry stakeholders," Bhushan Kumar, joint
secretary, Ministry of Ports, Shipping and Waterways, said on the sidelines of
the event.
Methanol and ammonia are considered as cleaner alternatives to
conventional maritime fuels. Green ammonia and methanol, produced from
low-carbon sources, help in reducing carbon emissions. "We have to
continue working on green fuel. At this stage it may be commercially not very
attractive, but we have to optimize and improve the solutions to make it
commercially viable," Kumar told PTI.
The global maritime industry is set for tougher and more
challenging times after Iran ramped up West Asia tensions by launching an
unprecedented drone and missile attack on Israel, causing supply chain
disruption and increasing the probability of choking shipping routes, experts
here have said. Iran's attack on Israel marks a distinct escalation in
hostilities by bringing the two nations into direct conflict.
Iran and its proxies launched 330 missiles and drones on Israel
late on Saturday night in retaliation to an alleged attack by Israel on a
diplomatic mission of the Islamic Republic in Damascus on April 1 in which
several people, including two top commanders, were killed.
The
seafarers will suffer and the industry will face a manpower squeeze as sailors
will not want to board ships and new recruits will be discouraged from joining
the shipping industry, according to Captain Pradeep Chawla, CEO and Founder of
Marine PALS.
“There
will be fear of being captured”, he said pointing to the 18 Indian Seafarers
held on board MSC Aries that had been captured by the Iranians. Ship owners are
more worried about their vessels out there and their board rooms are busy
working out rescue efforts, diverting attention from the decarbonisation of the
industry, said the shipping industry stalwart.
If
the Persian Gulf is closed and other routes are choked, the US, as a net oil
exporter, will benefit from higher prices, said on oil industry executive at
the Maritime Week on condition of anonymity. “We are set for a tumultuous
marker,” he added.
The
Iranian threat had led to worldwide diplomatic initiatives to thwart a possible
further conflagration in the region already struggling with Israel’s offensive
in Gaza following a terror attack carried out by Hamas in its territory on
October 7 and also regular exchange of fire between the Jewish state and
Lebanese Shia faction Hezbollah, which joined the war in solidarity with Hamas.
Shipping industry braces
for more disruptions as Iran-Israel conflict to further drive up freight rates,
travel times
The recent back-and-forth attacks between Iran and Israel has added another ingredient to the already stormy mix Indian shipping and trade are in. Rates are expected to rise around 20-25 percent from already elevated level in the next few weeks if disruptions continue amid ongoing tensions surrounding the Red Sea, senior government officials and industry industry experts said. "If you look at the shipping container rates originating out of southeast Asia to Europe, let alone India to Europe, prices are nearly 40-50 percent higher compared to last year. With the new escalations, shipping rates may rise further if peace is not restored in a couple of weeks," a senior government official said.
The official added that the average shipping cost for a 40-foot
container for the Southeast Asia-India-European Union route was around $ 3,077
in March. He added that shipping rates had dipped in March after a slowdown in
attacks on commercial vessels by Yemen’s Houthi rebels, but rates are expected
to rise once again.
Several shipping companies have been forced to suspend transit
through the Middle East maritime route, which has led to longer shipping times
and an increase in costs, as tensions remain high over strikes on ships in the
Red Sea by Iran backed Houthi rebels based in Yemen.
Government imposes port
restrictions for exporting essential commodities to Maldives
The notification, issued under the Foreign Trade (Development
& Regulation) Act, 1992, incorporates specific conditions for exporting
essential commodities under the prohibited/ restricted category to Maldives.
Export of essential commodities falling under the
prohibited/restricted category to Maldives will now be permitted only through
four designated Customs Stations which include Mundra Sea Port, Tuticorin Sea
Port, Nhava Sheva Sea Port (JNPT), and ICD Tughlakabad. The move comes as part
of the bilateral trade agreement between the Government of India and the
Government of Maldives.
Earlier on April 5, India had removed the restrictions on export
of specified quantity of nine products including potatoes, onions, eggs, rice,
wheat flour and sugar to Maldives for the current fiscal year.
The two nations had signed a trade agreement in 1981, which
provides for export of essential commodities.
Iran’s seizure of the 15,000 teu MSC Aries over the weekend is a
cause for grave concern for pretty much anyone involved in global supply
chains. Footage of Houthi rebels storming a car-carrier in the Red Sea is one
thing, it is quite another to witness Iranian national forces seizing an
MSC-chartered vessel in the Straits of Hormuz on the basis of its links to
Israel – the vessel’s owner is Zodiac Maritime, which although UK-based is
controlled by Israel’s Ofer family.
It means carriers of all types – container, tanker and bulker –
will have to rethink their Arabian Gulf networks and which vessels they deploy
to the region. According to vesselsvalue.com, Zodiac Maritime’s fleet is 140
vessels: 36 bulkers, 50 containerships, 40 tankers, five LPG carriers and eight
ro-ro car-carriers.
More worrying for the wider trade is the terrifying prospect that
Iran could decide to effectively cut-off Dubai, as well as Arabian/Persian Gulf
gateway ports such as Dammam in Saudi, Qatar’s Hamad and Iraq’s Umm Qasr, all
of which had recent calls from the MSC Aries before it was seized.
Meanwhile the presence of US naval bases at several locations in
the Gulf would suggest that there are only a few, small steps from closing
Hormuz to dangerously escalating the conflict.
In the immediate future however it is almost a certainty that
insurance costs will rise with war risk premiums implemented, and most likely
accompanied by freight rates.
'Dry port' gains significance in light of upcoming China-Kyrgyzstan-Uzbekistan railway project
Construction of a railway "dry port" in Kyrgyzstan gains
significance in light of the upcoming China-Kyrgyzstan-Uzbekistan railway
project.
According to the Kyrgyzstan Chamber of Commerce and Industry, this
statement was made during a meeting in Xi'an between a Kyrgyz delegation led by
the President of Kyrgyzstan's Chamber of Commerce and Industry, Temir Sariyev,
and the leadership of the Xi'an International Inland Port Group.
The organisation expressed interest in the construction of the
port, which had been previously discussed during negotiations between the
presidents of Kyrgyzstan and China. It is expected that the construction of the
railway port in Kyrgyzstan will be a significant step in the development of the
China-Central Asia-Europe transport corridor and will contribute to the trade
growth of the entire region.
Meanwhile, the Xi'an International Inland Port Group is already
implementing a similar project. Since October 2023, Kazakhstan Railways and the
Xi'an Inland Port have been constructing a joint "dry port" in
Kazakhstan's Almaty.
It is expected that the construction of the new terminal in Almaty
will increase the region’s throughput capacity. Additionally, the terminal is
anticipated to serve as a consolidation centre for trains arriving from
multiple destinations in China. A “dry port”,
an inland intermodal terminal linked directly by road or rail to a
seaport, serves as a hub for transferring sea cargo to inland destinations.
The China-Kyrgyzstan-Uzbekistan railway, a planned 454 kilometre
rail line, is intended to connect China’s and Uzbekistan’s railways through
Kyrgystan’s territory and further link up with the European railway network
through Turkmenistan, Iran and Turkiye.
HMM to sharply expand container ship fleet by 2030
HMM Co., South Korea’s sea flag carrier, on Monday unveiled a plan
to sharply expand the fleet of container and bulk carriers by 2030 to
strengthen its global competitiveness, although a plunge in freight rates and a
slowdown in major economies paint a grim picture for the shipping industry.
The company, a majority owned by Korea Development Bank (KDB) and
Korea Ocean Business Corp. (KOB), plans to increase its cargo capacity to 150
twenty-foot equivalent unit (TEU) by 2030 from the current 92 TEU. One TEU
equals one 20-feet container. The 150 TEU is equivalent to the combined load
capacity of 130 container ships.
92 TEU is the maximum cargo volume of 84 container carriers. For
bulk carriers, HMM plans to nearly double its cargo capacity to 12.28 million
dead-weight tonnage (DWT), equivalent to 110 vessels by 2030. That compares to
the current 6.3 million DWT, or 36 ships. DWT is a measure of the weight a ship
can carry.
HMM will unveil details about the mid term growth plan within the
first half of this year. It holds a mere 2.7% share of the global container
shipping market, according to the Ministry of Oceans and Fisheries.
The announcement came after its two largest shareholders’ attempt
to sell a majority of HMM to South Korea’s leading poultry processor Harim Co.
in a US$5 Million deal collapsed in February 2024.
To comply with global environmental standards, HMM is also
considering achieving zero emissions to 2045, five years ahead of its original
plan. To do so, it will improve energy efficiency, build eco friendly vessels
and secure low emission fuels.
The ministry said that the Korean Ocean Business will inject fresh
capital into domestic shipping firms by acquiring their green bonds.
The state run agency will also offer new loans to Korean shippers
with high environmental, social and governance ratings at lower interest than
the market average.
/// Air Cargo News ///
Vietjet Air Cargo, Teleport sign deal for Ho Chi Minh City-Delhi lane
Teleport, an integrated logistics solutions provider, will be
managing the exclusive commercial rights of Vietjet Air Cargo’s New Delhi – Ho
Chi Minh City belly space.
"This is leveraging off the back of Teleport’s capability
built from its existing exclusive commercial rights delivering the same
end-to-end total cargo management enabled by technology, for all six airlines
under AirAsia since 2018," says a release from Teleport.
The agreement marks the start of a deeper partnership between
Vietjet Air Cargo and Teleport to better serve the growing air cargo demand
coming in and out of Southeast Asia, the release added.
"In November 2023, Vietjet Air Cargo and Teleport signed a
memorandum of understanding to mutually extend its network, combining
Teleport’s Southeast Asia air logistics network with Vietjet’s Asia Pacific
flight network."
Hong Kong, Memphis
remain on top of busiest cargo airports worldwide
Airports Council International (ACI) World has today unveiled the
preliminary top 10 busiest airports worldwide for 2023 with Hong Kong
International Airport (HKIA) remaining in top rank followed by Memphis
International Airport and Shanghai Pudong International Airport.
Anchorage Airport ranks 4th and is followed by Incheon
International Airport in 5th. HKIA handled 4,331,976 (4.3 million) tonnes of
cargo in 2023, an increase of 3.2 percent YoY while down by 9.9 percent
compared to 2019.
"Air cargo volumes are estimated to have decreased by 3.1
percent year-over-year (-4.6 percent versus 2019), to close to 113 million
metric tonnes in 2023. Air cargo volumes in the top 10—representing around 26
percent (29.6 million metric tonnes) of the global volumes in 2023—lost 3.5
percent in 2023 year-over-year.
The decline can be attributed to the ongoing geopolitical tensions
and disruptions to global trade and supply chains," it reads.
Aerios drives digital transformation of air cargo charter industry
The air cargo charter industry is ready to be transformed with the
launch of Aerios, software specially designed to meet the sector's complex
needs. "By replacing disparate systems and manual processes with a single
digital workflow, Aerios aims to address long-standing inefficiencies that have
hampered the industry," says an official release.
Simon Watson has founded Aerios, a separate company from
CharterSync as an independent business within the CargoTech group, the release
added. "Aerios introduces cutting-edge software designed to connect
carriers, brokers and charter professionals into a single digital ecosystem.
The system, powered by real-time data and artificial intelligence,
aims to streamline operations, enhance decision-making and maximise
revenue." Watson says: "We created Aerios to fill a glaring gap in
the air cargo charter industry.
Our software does more than just digitalise existing operations;
it transforms them, giving access to operational data and market intelligence
in real-time. This means fewer errors, faster and more informed decisions,
allowing our clients to scale their operations in a cost efficient manner,
whilst driving for increased revenue”.
The software offers features designed to modernise the industry
including:
· Centralisation
of communications for improved collaboration and cross team efficiency.
· Real
time data analysis for informed decision making from a request level through to
more strategic planning; and
· Revenue
optimisation by offering a new route to market that increases visibility on
capacity and availability data.
Photo: Cathay CargoCathay Cargo has resumed Ho Chi Minh City freighter flights
after a four-year suspension due to the pandemic.
A flight carried out on April 4 was the first since December
2019. The weekly flight, CX3148, will operate from Ho Chi Minh City in Vietnam
every Thursday, with the freighter first originating from Hong Kong to Hanoi,
then routing to Ho Chi Minh City before returning to Hong Kong.
This will supplement Cathay Cargo’s current six freighter
flights per week from Hanoi to Hong Kong. Cathay Pacific has been operating
passenger services between Vietnam and Hong Kong since 1949. The very first
flight carried a significant amount of cargo, including diplomatic mail as well
as seafood and vegetables.
Testament to the significance of the Vietnam market to its
global freighter network, Cathay Cargo commenced full freighter services from
Ho Chi Minh City and then Hanoi in March 2008.
In 2023, Cathay Cargo shipped an average of almost 2,000 tonnes
of cargo from Vietnam every month, of which about 600 tonnes were carried on
Cathay Pacific’s twice-daily passenger flights from Ho Chi Minh City.
These comprised mainly garments, footwear, fruits, and live and
frozen seafood, headed to key destinations such as Hong Kong, the Chinese
Mainland, North East Asia, Australia and North America.
In addition to greater cargo capacity, the resumption of the
freighter service will give shippers in Ho Chi Minh City access to Cathay
Cargo’s main-deck solutions, namely Cathay Expert for odd-sized shipments, as
well as freight designated as Cargo-Aircraft-Only, such as certain dangerous
goods.
Regional head of cargo southeast Asia Ashish Kapur said: “We are
very excited to welcome our freighter back to Ho Chi Minh City again. With
factory activities resuming and air cargo demand picking up, it is timely for
us to resume our freighter service from the economic heart of Vietnam.
“Together with our existing twice daily passenger flights
serving the city, the addition of our freighter service will give local
businesses more choices, especially in terms of our specialised solutions that
can be tailored to suit their needs.
“Whether it is the latest fashion wear from the factories, fresh
dragon fruit from the farms or live seafood from the ocean, we are committed to
partnering with them on their journey to bring the best of Vietnam to Hong Kong
and the rest of the world.”
Country manager for Vietnam and Cambodia Nicolas Masse said:
“Our dedicated team in Ho Chi Minh City has been eagerly awaiting the
resumption of our freighter service. We have been working hard to ensure we are
operationally ready on the ground and able to respond quickly to our customers’
needs, whatever they may be. Our team of experts are certainly looking forward
to working with our cargo handling agents to deliver the best service to our
customers.”
Photo:
Malaysia Airlines via Meantime Communications
Malaysia Airlines (MH) has added Maastricht Aachen Airport (MST)
to its network with plans to operate a scheduled weekly cargo service to the
Dutch cargo airport using an Airbus A330-200 freighter operated by its cargo
arm MASkargo.
The first inbound flight is set to arrive from Kuala Lumpur in
early April and will make MST only the second airport in Europe that MH flies
to after Schiphol Amsterdam Airport (AMS).
“This is an important opportunity for MST, as since Royal
Schiphol Group (RSG) invested in 40 per cent of the airport last year, we have
seen our operations consistently growing,” said Jonas Van Stekelenburg, MST
chief executive.
“Our new runway and close partnership with AMS are among the
many reasons we can offer MH a great option to fly inbound and outbound cargo
to and from.
“Our location, high performing team, and efficiency are widely
known to attract cargo flights, but being part of RSG is accelerating our
growth and popularity within Europe as a top cargo destination.”
RSG invested a 40% stake in MST last year, with the other 60%
held by the region, the province of Limburg.
Since then, both shareholders have invested €30m in the new
runway, which was renewed last year, and MST are currently investing more than
€40m in further upgrades to the infrastructure and hardware of the airport.
MH are the second airline to confirm business with MST this
year. In January, Royal Jordanian Airlines was welcomed back after a hiatus due
to the renewal of their air fleet.
MASkargo has three production A330-200Fs, each with a capacity
of 61 tonnes.
Lufthansa operates first Brussels-Chicago B777 freighter
flight
Lufthansa Cargo operated its first direct freighter flight from Brussels International Airport (BRU) to Chicago O'Hare International Airport (ORD) on April 3, 2024, using its Boeing 777 freighter.
As announced earlier in
March 2024, the new service, which is Lufthansa Cargo's first direct Belgium to
U.S. freighter connection, will operate twice a week on Mondays and Wednesdays
and will mainly carry pharmaceuticals and life sciences.
“This is a big step as
it is the first time we are connecting Belgium directly to the American
continent with a cargo aircraft and therefore all members of the Lufthansa
Cargo Executive Board took part in this groundbreaking event,” Lufthansa Cargo
wrote in a LinkedIn post.
Ulla Kuntze, director
sales and handling Belgium of Lufthansa Cargo, explains, “We are very happy to
now serve our customers in the Belgian market with a direct connection to
America. The capacity offered with a B777F freighter twice a week will connect Brussels
Airport as a very important hub, especially for the time-critical
pharmaceutical business.”
Challenge Technic '24 expansion plans: New aircraft and partnerships
To enhance its aviation
maintenance services and capabilities, the maintenance arm of Challenge
Group—Challenge Technic—is embarking on a significant expansion initiative in
2024. Challenge Technic is preparing to enhance its presence through strategic
developments, building on its solid six-year reputation for reliability.
While making this
announcement, Challenge Technic's CEO and Accountable Manager, Erlingur Petur
Ulfarsson, emphasised the company's dedication to providing quality service. He
states that rather than striving to be the cheapest, the company maximises flight
hours for clients and ensures minimal turnover.
Challenge Technic will
add three new aircraft to its fleet as part of its expansion plan,
significantly increasing its maintenance workload. The company is also creating
a new line station and an A-Check line in the hangar and hiring additional
staff to manage the increased workload.
Challenge Technic has added three new customers
to its maintenance portfolio, bringing nine additional aircraft. Leav Aviation
GmbH will have two A320s serviced in the Cologne, Germany hangar starting March
1, 2024. The company is implementing a new activity-based system in 2024 as
part of its digital transformation journey.
Challenge Technic is
committed to sustainability, adopting electric vans, waste recycling programs
across three countries, and energy-saving measures at all line stations. In
April 2024, a new large hangar will be unveiled as a significant milestone in infrastructure
expansion.
This hangar will be able
to host a B747, which responds to the increasing demand for hangar space. This
expansion aims to cater to customer needs and pave the way for offering new
services to attract further business.
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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