JUPITER SEA & AIR SERVICES PVT. LTD, EGMORE – CHENNAI, INDIA.
E-MAIL : Robert.sands@jupiterseaair.co.in Mobile : +91
98407 85202
Corporate News Letter for Monday April 29, 2024.
:: Today’s Exchange Rates ::
Source : The Economic TimesRATS
|
CURRENCY |
PRICE |
CHANGE |
%CHANGE |
OPEN |
PREV.CLOSE |
DAY's LOW-HIGH |
|
83.35 |
0.019997 |
0.023997 |
83.30 |
83.33 |
83.2975- 83.3675 |
|
|
1.0728 |
-0.0002 |
-0.018631 |
1.073 |
1.073 |
1.0719- 1.0753 |
|
|
104.3235 |
0.0522 |
0.050062 |
104.1604 |
104.2713 |
104.1229- 104.4922 |
|
|
89.4851 |
0.103996 |
0.116352 |
89.3584 |
89.3811 |
89.3142- 89.5999 |
|
|
156.775 |
1.125 |
0.722775 |
155.65 |
155.65 |
154.973- 156.824 |
|
|
1.2509 |
-0.0005 |
-0.039952 |
1.2514 |
1.2514 |
1.2494- 1.2541 |
|
|
105.627 |
0.028999 |
0.027462 |
105.588 |
105.598 |
105.414- 105.709 |
|
|
0.5321 |
-0.0035 |
-0.65347 |
0.5355 |
0.5356 |
0.5317- 0.536 |
/// Sea Cargo News ///
Government of India issues fresh guidelines
to protect ship movement in the Persian Gulf
The Indian government has put the country’s Navy on high alert to
respond quickly to calls of distress from ships, both Indian and foreign flag
carriers, moving through the strife-torn Persian Gulf region, where tensions
have escalated since Iran launched a missile strike against Israel on Saturday.
India’s shipping ministry has
reached out to the Indian Navy to coordinate any efforts to rescue ships in
distress and respond to incidents that compromise the security of shipping
lines in these sensitive regions—which include the Persian Gulf, the Strait of
Hormuz, the Gulf of Oman, the Gulf of Aden, the Bab-el-Mandeb Strait, the Red
Sea, the Somali Basin, and the Arabian Sea region.
“We have established a series of
protocols that have to be followed in case of ships movement in sensitive
regions. These are being followed with quick response available from the Navy
if the situation warrants,” said Capt. Anis Joseph, deputy nautical adviser and
senior deputy director general (technical/maritime security), Directorate
General of Shipping.
India to surpass Japan as 4th-largest
economy in 2025
India’s nominal gross domestic product will likely outstrip
Japan’s in 2025 to become the world’s fourth-largest economy, according to an
International Monetary Fund estimate, a year earlier than the previous
projection.
India’s GDP will likely total
$4.3398 trillion in 2025, compared with Japan’s $4.3103 trillion, the IMF said
in its latest estimate. The IMF’s forecast in October had India surpassing
Japan in 2026. In its April update, the IMF revised GDP forecasts for both
countries slightly in local currency terms, but the depreciation of the
Japanese yen looks to reduce Japan’s economy in dollar terms, hastening the
country’s decline in the rankings.
Japan’s GDP was eclipsed by
Germany in 2023. If it is overtaken by India, it will drop to fifth place. The
Indian rupee has largely remained flat against the dollar since the beginning
of 2023 due to what appears to be intervention by the Reserve Bank of India.
Currently, it stands at about 83 rupees per dollar. In its December 2023 report
on India, the IMF noted that the authorities’ intervention in the currency
market was likely beyond the level needed.
Although India suffered an
economic slump during COVID-19 pandemic, it has recorded high growth in recent
years. India’s middle class is expanding, nominal GDP per capita is currently
only in the mid $2,000 range. This is about fifth the level of China and close
to that of Bangladesh.
Arrival of larger ships at Ctg Port speeds up cargo delivery, cuts transit time, cost
The number of containers and
cargoes being handled at Chattogram Port, the country's primary seaport, has
surged in recent times, improving its trade efficiency, despite a decrease in
the number of ship arrivals.
Stakeholders have attributed
this growth to relatively larger ships now being able to dock at the port's
jetty with more containers and goods on board, improving trade efficiency.
According to the port's data, in the nine months from July to March of fiscal
year 2023-2024, 3,001 commercial ships from various countries docked at the
port.
The figure is a slight decline
from the 3,231 ships that arrived during the same period in the previous
financial year, marking a decrease of 7.12% in ship arrivals. However, despite
the decline, container handling at the port has increased by 7.64%, with
178,666 TEUs (twenty-foot equivalent units) more containers being handled
compared to the previous fiscal year. Similarly, cargo handling has also
witnessed an increase of 4.20%.
Sri Lanka-China research vessel saga and maritime diplomacy in Indian Ocean
China, a maritime power in the
South China Sea and the Indian Ocean in the 14th century, has now undertaken a
substantial expansion of its maritime infrastructure and naval fleet, poised to
rival the strength of the U.S. naval fleet in the years ahead.
In contrast to the United
States, which exerts control over approximately 750 bases in 80 countries and
surpasses the combined military expenditures of the next 10 nations, China's
military spending and global naval presence remain comparatively restrained.
The roots of Chinese naval
engagement in the Indian Ocean can be traced back to ancient times, reflecting
a longstanding maritime tradition. Evidence suggests that Chinese ships
frequented ports in Sri Lanka over the centuries, artifacts such as Chinese coins
and porcelain pottery found at major ancient ports in Anuradhapura and
Polonnaruwa kingdoms testify to the enduring maritime ties between China and
Sri Lanka.
As China expands its maritime
presence and infrastructure, it presents both challenges and opportunities for
cooperation. Despite concerns raised by India and other stakeholders regarding
Chinese activities there exists a significant opportunity for collaboration in
acquiring and devel- oping new technology, particularly in the field of marine
research and hydrography.
Srilanka’s proactive measures,
such as the development of a “Stranded Operational Procedure” for research
vessels and the establishment of a local hydrographic unit, demonstrate a
commitment to managing maritime activities transparently while safeguarding
sovereignty and regional framework of international law norms, could foster
mutual understanding and benefit all parties involved.
Baltimore update: Unified Command opens third temporary channel
The Captain of the Port
established the Fort Carroll Temporary Alternate Channel, which is on the
northeast side of the main channel in the vicinity of the Francis Scott Key
Bridge and will provide limited access for commercially essential vessels.
The action is part of a phased
approach to opening the main channel, says an update from the Unified Command.
"The third temporary channel is marked with government-lighted aids to
navigation and will be limited to transit at the discretion of the COTP.
It has a controlling depth of 20 feet, a 300-foot horizontal clearance, and a vertical clearance of 135 feet." The current 2,000-yard safety zone around the Francis Scott Key Bridge remains in effect and is intended to protect personnel, vessels and the marine environment.
No vessel or person will be permitted to enter the safety zone without obtaining permission from the COTP or a designated representative, the update added.
Russia warns Pakistan of banning rice
imports over phytosanitary concerns
Russia has warned Pakistan that
it would ban rice imports again if Moscow's phytosanitary concerns are not
addressed in future consignments after a quarantine organism was detected in
the rice consignment.
The warning came after Russia's
Federal Service for Veterinary and Phytosanitary Surveillance (FSVPS) issued a
notification regarding violations of international and Russian phytosanitary
requirements over a shipment of rice imported from Pakistan.
Dated April 2, the notification
highlights the presence of a quarantine organism, "Megaselia scalaris
(Loew)," in the rice consignment. Pakistan's trade representative at its
embassy in Russia was asked to carry out an immediate investigation into the
matter.
The Russian authorities have
written to the Pakistan embassy to prevent such violations and ensure all
Pakistani rice exporters follow phytosanitary standards to ensure the safety of
agricultural products traded between the two countries.
Russia had previously imposed a
ban on rice imports from Pakistan in 2019 because of health safety reasons.
Similarly, in December 2006, Russia stopped the import of rice from Pakistan
for not meeting food safety standards.
MV Abdullah reaches Dubai’s Al Hamriya Port a week after release by Somali pirates
The Bangladeshi-flagged ship MV
Abdullah has reached Dubai’s Al Hamriya Port a week after it was released by
Somali pirates. The ship reached the outer anchorage of the port on Sunday
afternoon Bangladesh time, said Mizanul Islam, a spokesperson for Kabir Group,
the parent company of the vessel’s owner SR Shipping. It was waiting to dock at
the port, Mizanul said.
Ship-tracking website
MarineTraffic has also reported that the ship was waiting to enter the port. On
Mar 12, Somali pirates seized control of the MV Abdullah and took the 23
sailors on board hostage.
The vessel was transporting
55,000 tonnes of coal from Mozambique to the United Arab Emirates at the time.
After capturing the vessel, the pirates moved it to the Somali coast and
regularly changed its position. Nine days after the vessel was hijacked, the
pirates contacted the owners through a third party. They were released last
Sunday.
The Dali & ever given: general average and salvage in ocean freight
The owner of the Dali, the
massive cargo ship that lost power and knocked down the Key Bridge on March 26,
killing six men, has declared “general average,” according to Darrell Wilson, a
spokesperson for the ship’s owner, Grace Ocean Private Ltd.
The incident has cost Baltimore
the loss of a key bridge and massive disruption to the US supply chain. For the
cargo on board, the cargo owners face the prospect of massive additional costs
as a consequence of the declaration of general average.
Another seminal incident was the
grounding of the large container vessel Ever Given within the Suez Canal while
transiting the Suez Canal on March 23, 2021, lodging herself against both banks
of the waterway.
The blockage caused vessels to
back up in the Mediterranean to the north and the Red Sea to the south. Before
the incident, the vessel sailed from the Malaysian port of Tanjung Pelepas.
Not only did the incident expose the fragility of the shipping routes, it also demonstrated the principles of the law of salvage, in relation to the salvors' claim in freeing the vessel. Similarly, the cargo owners had to pay higher additional costs because of the salvage.
In General Average and Salvage situations, the carrier has a right to lien the cargo. Where the cargo is insured under the usual ICC Clauses both the bond and the final amount of general average and salvage is covered under the insurance policy.
‘World’s first’ ammonia dual-fuel Aframaxes
ordered by MISC
Malaysia’s shipowner MISC has
ordered and chartered out, via its petroleum arm AET, ‘the world’s first’ two
ammonia dual-fuel Aframaxes. AET signed the shipbuilding contracts for these
two vessels with Chinese shipbuilder Dalian Shipbuilding Industry Co. (DSIC), a
subsidiary of China State Shipbuilding Corporation (CSSC).
What is more, AET has entered
into time charter party contracts (TCP) with Malaysian company PETCO Trading
Labuan Company (PTLCL), Petronas’ midstream services arm, for the tanker duo.
Through these vessels, PTLCL
will be able to transport its products to customers worldwide while
contributing to industry decarbonization by utilizing ammonia as a cleaner
alternative to conventional fuel.
The signing of these contracts
is said to represent a significant step forward in the partners’ efforts to
make ammonia a viable fuel for the maritime industry. “Congratulations to AET
and PTLCL for reaching a significant step of materialisation today since the
signing of the Memorandum of Understanding in February 2023.
Going forward, the MISC Group
plans to further collaborate with like minded industry players to drive the
development of the required ecosystem to support ammonia as a bunker fuel.
Together with Akademi Laut Malaysia and industry partners, it will continue its
work on training its seafarers “to safely manage” the new generation of ultra
low emissions tankers.
/// Air Cargo News ///
IndiGo places order for 30 Airbus A35 aircraft to enter long-haul markets
IndiGo has placed a firm order for 30 Airbus A350-900 aircraft
as the country’s largest airline is all set to enter the long-haul market (to
and from India) which is currently dominated by global airlines such as
Emirates and Qatar Airways. Among the Indian carriers, only Tata Group airlines
(Air India and Vistara) operates long-haul flights from India.
IndiGo said on Thursday this order will allow them to connect
various Indian cities to the world as A350s have the range to fly non-stop to
destinations such as western Europe, Australia and possibly the US.
IndiGo currently, has a fleet of narrow-body aircraft. It will
become the second airline in the country, after Air India, to induct the A350
craft. The exact configuration of IndiGo’s Airbus A350 will be decided at a
later stage, and the deliveries are expected to start in 2027. In addition to
the 30-plane order, IndiGo has purchased rights for an additional 70 Airbus
A350 family aircraft, at its discretion, for possible future needs under
certain conditions.
“For IndiGo, after pioneering the Indian skies with an
unprecedented journey, its fleet of 30 Airbus A350-900 aircraft will allow
IndiGo to embark on its next phase of becoming one of the leading global
aviation players,” said Pieter Elbers, CEO of IndiGo. The Gurugram-based
airline was earlier reported to be in talks with Boeing to induct wide-body
planes. Owing to troubles at Boeing, the discussions could not materialise and
IndiGo decided to extend its partnership with Airbus.
IndiGo’s A350 aircraft will be powered by Rolls Royce’s Trent
XWB engine. Ewen McDonald, chief customer officer, Rolls-Royce plc, said, “This
substantial order from IndiGo for our Trent XWB-84 engines is a great win for
Rolls-Royce…India is an important market for Rolls-Royce. Future promises to be
exciting, with major infrastructure developments and further growth expected in
air travel.”
Delhi HC asks DGCA to deregister 54 leased Go First planes
In a setback for Go First, the Delhi High Court on Friday
directed the country’s aviation regulator Directorate General of Civil Aviation
(DGCA) to go ahead with the process of deregistering 54 aircraft leased by the
grounded airline within the next five working days.
“DGCA shall forthwith and not later than five working days
process the deregistration applications filed by the 54 aircrafts,” the court
said. This order has the capability to derail the revival process of the
airline as it would leave minuscule assets for the two interested bidders.
It is also a big setback for creditors of the airline who were
looking to trim their exposure from the insolvency process. Resolution
professional of the airline, Shailendra Ajmera of consultancy firm EY, has
admitted claims of Rs 4,254 crore from the financial creditors. Including
operational creditors, the total admitted claims stand at about Rs 6,188 crore.
Two parties (a consortium led by SpiceJet’s Ajay Singh and
Nishant Pitti’s Busy Bee Airways, and another one from Sharjah-based Sky One)
have submitted bids to take over the airline. According to reports, Singh and
Pitti have jointly submitted a bid of Rs 1,600 crore for the airline.
“We will review the details of the order once we receive the
official document. Following this review, we will evaluate our position and
consider any necessary adjustments to our proposed offer for Go Air.
Our commitment remains to proceed in a manner that respects the
legal process and aligns with our strategic objectives,” said Pitti on behalf
of Busy Bee Airways. Pitti is co-founder and CEO of EaseMyTrip.
The order, however, offers a major relief to aircraft lessors
who have been working to reclaim their aircraft for about a year now when the
Wadia-family owned airline declared bankruptcy. Go First stopped flying on May
3, 2023, a day after it filed for bankruptcy.
Justice Tara Vitasta Ganju, while orally pronouncing the order,
restrained the resolution professional (RP) appointed under the insolvency law
to manage the airline, and its directors from moving or taking away the planes
or spare parts, documents, records and any other material.
The HC said the DGCA, Airport Authority of India and its
authorised representatives shall aid and assist the petitioner lessors and
grant them access to the airports.
British Airways resumes daily route to Abu Dhabi, strengthening UK-UAE
connections
British Airways returned to Abu Dhabi this morning as it touched down at Zayed International Airport. Customers and crew received a warm welcome following a four-year pause of the route.
British
Airways will operate a daily flight from London Heathrow to Abu Dhabi all year
around, using Boeing 787-9 during summer 2024. The new route adds to
their extensive global network and strengthens connections between UAE and UK –
whether customers are travelling for leisure, business or to visit relatives
and friends.
Flight
BA073 to Abu Dhabi departs London Heathrow at 22.25, arriving in Abu Dhabi at
08.30+1. The inbound flight to London (BA072) departs at 10.10, arriving
London Heathrow 15.20.
Elena
Sorlini, Managing Director and Chief Executive Officer at Abu Dhabi Airports,
said: "We extend a warm welcome to British Airways as they start
operating at Zayed International Airport with a daily schedule that promises to
enrich connectivity and invigorate both business and tourism. Our new
award-winning and cutting-edge terminal offers visitors an unparalleled
introduction to the vibrant UAE capital, where they will be greeted with
Emirati hospitality at its finest."
Calum
Laming, Chief Customer Officer at British Airways said: “We are really
excited to be celebrating our Abu Dhabi route launch. The new daily flight
connects Abu Dhabi with London Heathrow and beyond, providing our customers
with another amazing destination within our expansive global network and
further growing our connections with the UAE. With four cabins to choose
from, including First, we are confident customers will enjoy our exceptional
and original British Airways service brought to life by our incredible
colleagues.
And
on a personal level, it is an honour to return to the fantastic city and
Emirate of Abu Dhabi where I was lucky to live for the best part of a
decade."
Emirates clears vast majority of Dubai cargo backlog as capacity returns
Photo:
Emirates SkyCargoEmirates SkyCargo has cleared the vast majority of the cargo backlog
created as a result of last
week’s flash floods, while the latest data shows
capacity has returned to previous levels.
In its latest customer update, the Dubai-hubbed cargo carrier
said that as well as working its way through most of the backlog it had begun
to lift special cargo restrictions.
“Following the adverse weather in Dubai last week, Emirates
SkyCargo can confirm that we have now cleared the vast majority of the
backlogged cargo and resumed scheduled operations,” the airline said.
“With operations restored, we have lifted some of the
restrictions on special cargo and customers are encouraged to reach out to
their local Emirates SkyCargo office for the latest updates. We extend our
sincere apologies to all customers who have experienced disruptions and thank
you for your continued understanding.”
The UAE on Tuesday recorded its heaviest rainfall in 75 years as
almost 26cm of rain fell, resulting in the temporary closure of Dubai
International (DXB) and the cancellation of around 300 flights on Wednesday
alone.
Operations re-started slowly over the following days as water
continued to flood areas of the airport and access roads.
Source: Rotate
Figures from data provider and consultancy Rotate show that on
Saturday evening and much of Sunday, Dubai’s air cargo capacity over a 48-hour
period was actually up week on week as airlines caught up on service
disruption.
However, this has since dipped back into negative territory: the
latest Rotate statistics show that capacity (as of 14.20 UK time, April 22)
over the last 48 hours is down by around 4% week on week.
There are increases recorded on trade lanes to Europe, North
America and Africa but intra-Middle East, Asia Pacific and South America are
down on a week ago.
However, 4% down is an improvement on Friday afternoon when capacity was down by around 16% week on week.
Source: Rotate
EFW and MRO Japan collaborate on freighter conversions
A321. Photo EFW
German conversion firm Elbe Flugzeugwerke (EFW), Centre of Excellence for Airbus Passenger-to-Freighter (P2F) conversions and MRO Japan (MJP) have signed a memorandum of understanding (MoU) to collaborate in passenger-to-freighter (P2F) conversions.
Under the MoU, MJP will act as a subcontractor for EFW in P2F conversions and provide third party conversion services for the latter’s Airbus A320P2F/A321P2F programmes. With this collaboration, MJP will become Japan’s first conversion site for the new-generation Airbus narrowbody P2F aircraft.
Takashi Takahashi, MJP chief executive, said: “We are very
excited about the P2F collaboration and are committed to achieving success
together with EFW. We look forward to establishing a long-term strategic
cooperation between the two companies for Airbus P2F conversions.”
Japan’s freighter and logistics market is estimated by industry
researchers to expand at a compound annual growth rate (CAGR) of 4.2% between
2024-2029, with airfreight being the fastest growing market by mode of transport.
Airbus P2F aircraft are currently flying for a variety of
operators, including Yamato Holdings, one of Japan’s largest delivery service
companies.
“We look forward to welcoming MJP into our global family of P2F
conversion sites. The success of the A321P2F aircraft for our customer FUYO and
end customer Yamato Holdings, shows how the narrowbody Airbus P2F platform is a
perfect fit for the cargo transportation needs in Japan and the region,” said
Jordi Boto, chief executive of EFW, a joint venture between Airbus and ST
Engineering.
He added: “Partnerships with experienced and well-backed
solution providers such as MJP will provide the necessary strategic support as
we expand our conversion capacity to capture opportunities in the growing
Japanese air cargo market.”
EFW’s Airbus A320P2F/A321P2F programmes are developed in
collaboration with ST Engineering and Airbus, with EFW holding the Supplemental
Type Certificate and leading in the overall programme as well as marketing
& sales efforts.
To meet the demand for Airbus converted freighters, ST
Engineering and EFW set up a network of facilities across Asia Pacific, Europe
and the US to carry out conversions for their Airbus P2F programmes, which
comprise the A330P2F, A320P2F and A321P2F platforms.
Ukraine aims for transfer of stranded AN-124
Image:
Greg Waldron/FlightGlobal
Ukraine is planning to “confiscate” a Volga-Dnepr-owned AN-124
aircraft that has been grounded at Canada’s Toronto Pearson Airport since the
start of the war in the country.
The move is part of a new package of Canadian sanctions against
Russia following a visit to Canada by Ukraine’s government to meet prime
minister Justin Trudeau and deputy prime minister Christa Freeland, said
Ukrainian prime minister Denys Shmyhal on April 16.
Shmyhal’s update noted: “A new package of sanctions against
Russia from Canada. In particular, against the Volga-Dnieper company. Preparing
to confiscate the AN-124 aircraft and other assets of the aggressor in Canada
and transfer them to the benefit of Ukraine.”
The AN-124 has been grounded at Toronto Pearson Airport since
February 27 2022, under restrictions on Russian aircraft implemented by the
Canadian government in response to the war.
In June last year, the Canadian government ordered
the seizure of the AN-124 and
said it could be handed over to Ukraine once seized.
The Russian government responded by labelling Canada’s decision
to seize the aircraft as “shameless
theft”.
Volga-Dnepr then allegedly sent a letter to Canadian authorities
asking for the dispute to be resolved amicably, but threatened
legal action if an agreement could not be found.
At the end of the last year, Volga-Dnepr Airlines filed a
lawsuit against the Canadian government over the seizure of the
aircraft.
According to Planespotters, Volga-Dnepr Airlines currently has
one AN-124 and four Ilyushin Il-76 aircraft in service, but operations are
limited due to worldwide sanctions imposed on Russia.
I hope you have enjoyed
reading this update. Have a nice day.
With 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.
Tel : + 91 44 2819 0171
/ 3734 / 4041
Mobile : + 91 98407
85202
E-mail : robert.sands@herculescargo.in
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