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 May 31, 2024.
:: Today’s Exchange Rates ::
Source : The
Economic Times
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CURRENCY |
PRICE |
CHANGE |
%CHANGE |
OPEN |
PREV.CLOSE |
DAY's LOW-HIGH |
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83.31 |
-0.040001 |
-0.047991 |
83.42 |
83.35 |
83.26- 83.45 |
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1.0811 |
0.001 |
0.092577 |
1.0801 |
1.0801 |
1.0788- 1.0819 |
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105.9059 |
-0.444901 |
-0.418333 |
105.8812 |
106.3508 |
105.7685- 105.9718 |
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90.0843 |
-0.365906 |
-0.404538 |
90.059 |
90.4502 |
89.9889- 90.1648 |
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|
157.026 |
-0.613998 |
-0.389494 |
157.64 |
157.64 |
156.539- 157.667 |
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|
1.2707 |
0.0006 |
0.047239 |
1.2701 |
1.2701 |
1.2681- 1.2719 |
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|
104.935 |
-0.187004 |
-0.177892 |
105.136 |
105.122 |
104.901- 105.184 |
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|
0.5308 |
0.002 |
0.37821 |
0.5288 |
0.5288 |
0.5286- 0.5326 |
/// Sea Cargo News ///
Govt to seek green nod for Vizhinjam port expansion
With a few months remaining to start the commercial operation of the first phase of the Vizhinjam International Seaport, the state govt has initiated proceedings to obtain environment clearance for the second and third phases of the project, which include the extension of the breakwater, berth, and yard reclamation.
The Kerala State Pollution Control Board is all set to conduct a
public hearing on June 19 at Vizhinjam as part of the first step to obtain
clearance. The people from Kottukal and Vizhinjam villages will be invited to
the hearing. The total cost of the second and third phases is estimated to be
Rs 9,540 crore.
The Adani Group, the project's concessionaire, can proceed with
the development of the second and third phases only after obtaining
environmental clearance. A team of officials from the Union Ministry of
environment, forestry, and Climate Change had begun a study to assess the
impact of the second and third phases of the port.
The state govt had also directed the Adani Group to complete the
second and third phases by 2028. Earlier, the deadline was 2045. This decision
was made to ensure that the port’s expansion could be achieved within a shorter
timeframe, allowing for earlier realization of the project’s benefits.
All 31 cranes, including eight ship-to-shore cranes, for the first
phase of operations have been installed at the port. Zhen Hua-34, the ship that
brought the four cranes, is expected to return on Thursday or Friday. One more cantilever
rail mounted gantry crane (CRMG) has to be installed, which will be done later.
While the 2,960 meter breakwater has been completed, the first phase of the 800
meter berth is also in its final stage, with 720 meters completed so far.
Taliban endorse Chabahar Port, highlight it as an alternative to Karachi
In a significant development, Taliban spokesperson Zabihullah
Mujahid has voiced strong support for the Chabahar Port, terming it an
alternative to Pakistan’s Karachi Port for Afghanistan’s trade needs. Mujahid’s
endorsement comes weeks after India and Iran signed a 10-year contract on the
development of the port.
"Afghanistan heavily relies on Pakistani ports like Karachi
for its imports and exports. However, Chabahar offers an alternative route,
reducing Afghanistan’s dependence on a single corridor and enhancing its
economic independence," Mujahid stated. The Taliban spokesperson
emphasised that the Port, located in southeastern Iran and developed with
Indian assistance, facilitates trade diversification.
"Chabahar Port facilitates trade diversification by providing
access to India, Central Asia, and beyond. This diversification is crucial for
Afghanistan’s economic stability and growth," he noted. The port’s
strategic location allows Afghanistan to engage with multiple trading partners
and get access to the vital Indian Ocean.
He highlighted that Chabahar offers enhanced trade connectivity
which is transformative for Afghanistan. The port is also seen as key to the
Inter national north-south corridor that is Mumbai to Moscow via Tehran, Baku
etc. In 2016, Iran, India and
Afghanistan signed a trilateral agreement to develop Chabahar Port as a vital
transport and trade corridor.
DP World Chennai Terminal welcomes its deepest-ever container vessel, APL Boston
DP World Chennai, a well-known smart logistics solutions provider,
has announced that it has berthed the deepest container vessel at the Chennai
Container Terminal Port (abbreviated as CCTPL).
The vessel, APL Boston, has a draft of 14.9 meters with a capacity
of 9,326 TEUs, marking a major milestone for its port. The achievement
highlights DP World’s dedication to pushing the boundaries of maritime
excellence and enabling exceptional trade flow.
The APL Boston also serves critical locations, including Colombo,
Sydney, London Gateway, Singapore, and Melbourne, boosting European
connectivity and creating new trade opportunities. The APL Boston, which
measures 328 meters in length and 46 meters in breadth, signifies a brand new
episode for maritime operations at CCTL.
The service is part of a consortium that involves famous shipping
giants like CMA CGM and MSC. DP World’s handling of the APL Boston reaffirms
and secures its position as a frontrunner in maritime operations.
Shipping Corporation of India, NMDC
Steel selloff to get fresh push after elections
The disinvestment of state-run Shipping Corporation of India (SCI)
and NMDC Steel will gather traction once the general election concludes in
early June, a person close to the development said.
The government is in the process of finalising the composition of
the board of Shipping Corporation of India Land and Assets Ltd (SCILAL),
created by hiving off the non-core real estate assets of SCI, to comply with
regulatory requirements for the entity's listing.
The Centre will invite financial bids for its entire 63.75% stake
in SCI soon after the demerged entity, SCILAL, is listed. While SCILAL will
remain with the government, SCI, with its core assets, will be privatised. Last
year, the Maharashtra government waived off the stamp duty pertaining to the
demerger of SCILAL, acceding to the Centre's request.
Adani Group, which is a conglomerate, intends to invest $3 billion
in boosting its global port operations and will concentrate on three major
ports along the India-Europe corridor, as per the reports by Mint.
The reports further suggested that Adani Ports and Special
Economic Zone Ltd (APSEZ), a group company, wants to cash in on rising demand
for imports of iron ore and coal as well as the export of finished goods. The
company has set an ambitious goal of 800 million metric tons (MMT) of overall
port handling capacity by 2026.
In FY24 APSEZ handled cargo of 420 MMT globally with domestic
ports contributing over 408 MMT cargo. According to the report, Adani Group
plans to acquire at least three large ports across coastal Europe, Africa, and
Southeast Asia as part of its strategy. The group is raising $3 billion capex
through blend of cash, internal accruals and debt. Adani Ports is the leading
commercial ports operator in India controlling almost one-quarter of all cargo
movement in the country.
ONE quits Indamex network to offer standalone
India-US east coast service
Japanese container carrier ONE is to exit the Indamex (India-North
America) vessel sharing consortium jointly operated with Hapag-Lloyd, CMA CGM
and Cosco. Indamex – featuring two loops – has been a market share leader on
the India-US east coast trade lane.
The termination follows the Singapore-headquartered line opening
its standalone service connecting three western India ports – Nhava Sheva,
Hazira and Mundra – to the US east coast from this month, known as WIN.
ONE previously marketed the two joint services as IEX [India-East
Coast Express] and IE2 [India-East Coast Express 2]. With its exit, the last
ONE sailings under the partnership will be the Athenian for IEX, scheduled to
arrive in Nhava Sheva Port on 26 May, and the Tucapel on the IE2, although its
berthing date at Nhava Sheva has yet to be declared.
The carrier has advised customers to plan their shipments
accordingly, while adding that any containers left behind by these two sailings
would be loaded onto the next available WIN vessel.
In order to provide customers with more comprehensive and
convenient shipping services, Wan Hai Lines continue to expand our services
network in India. In 2024 May, we have launched the Indonesia to West India
direct service SI8 (SOUTH EAST ASIA-INDIA SERVICE VIII).
On May 19th, the SI8 successfully completed its maiden call at the
BMCT terminal. This services not only covers the traditional Far East area but
also offers direct services to ports such as Jakarta and Surabaya.
SI8 provides customers with more efficient, faster, and more
extensive transportation services between Indonesia and India to meet
customer’s needs.
The port rotation will be: Jakarta – Surabaya – Singapore – Port
Kelang North Port – Mundra – Nhava Sheva – Port Kelang North Port – Jakarta.
The traditional peak season has started early, before the usual
July-October period, as shippers are booking slots now due to low availability
of vessels and containers. Speaking at a press conference after releasing its
Q1 24 results, Wan Hai Lines GM Tommy Hsieh said: “The Red Sea crisis and
challenges in navigating the Suez Canal, have lengthened sailing distances.
This, coupled with higher volumes in the near term, has reduced
idle capacity to just 190,000 teu, or 0.7% of the total fleet.” Mr Hsieh also
alluded to what he termed “the war for containers”, as the equipment shortage
last seen during Covid-19 is recurring.
It was reported previously that major container makers do not have
any available slots until after August, but Mr Hsieh said that bookings have
picked up since then.
He said: “After the shortage of ships, a war for containers has
begun, and orders for new containers have increased significantly. Major
container manufacturers are already full until November. This will support
freight levels going into Q3.”
Smartphones now fourth largest export
item from India, up 42% to $15.6 billion in FY24
Smartphones have become the fourth-largest export item from India,
achieving 42 percent growth to reach $15.6 billion in FY24, as per a Business
Standard report. The item has moved up on spot in the export rankings,
surpassing motor gasoline, compared to the previous year, it added.
India began separately tracking smartphone export data in April
2022. Notably, petroleum products continue to dominate India's top exports. Key Export Destinations
Top destination where smartphones are being exported is the United States,
which welcomed $5.6 billion worth of shipment — an increase of 158 percent
year-on-year (YoY), the report said citing data from the Commerce Department.
Next on the list is the the United Arab Emirates or UAE which exported $2.6
billion worth of smartphones from India, followed by the Netherlands ($1.2
billion), and the UK ($1.1 billion), it added.
/// Air Cargo News ///
Boeing’s pitch to sell two freighters and four passenger planes to
Biman Bangladesh Airlines has now gathered dust for years. But the troubled
manufacturer, no doubt needing to push for new sales, this week went to Dhaka
to urge fair evaluation of its proposal.
The Boeing officials reportedly made the call after learning of a
similar offer by Airbus for two A350 passenger planes, which is now being
evaluated by Biman.
“We are hoping our proposal will be evaluated before a final
decision is taken,” said Ryan Weir, vice president of India and south Asia
commercial sales and marketing. He said Boeing’s proposal has been on the table
for years now.
The Bangladeshi national flag carrier had been trying to add new
planes to its fleet for the last couple of years. It currently operates a
majority Boeing fleet of six 737s, four 777s, six 787s and five DHC-8s. Last
September French president Emmanuel Macron visited Bangladesh and reportedly
secured commitment from the authority to order 10 aircraft from Airbus
including two freighters.
American Airlines Cargo announces partnership with CargoAi
American Airlines Cargo has announced a strategic partnership with
CargoAi, a leading digital enabler in the air cargo industry. This
collaboration aims to enhance airfreight booking capabilities on CargoMART,
CargoAi’s state-of-the-art freight management platform, by incorporating the
extensive network of the carrier.
This partnership will facilitate the seamless integration of
American Airlines Cargo into CargoMART, providing freight forwarders with
access to an extensive network of routes and a simplified booking process.
The advanced technology and features of CargoMART complement the
carrier’s existing digital booking platform, aacargo.com, thereby enriching the
digital experience for customers seeking capacity and managing bookings on
American's cargo network, according to the official release.
“Partnering with CargoAI is a significant step on our
modernisation journey,” says Greg Schwendinger, President of American Airlines
Cargo.
Teleport delivers its first joint
shipment with PIA
Teleport and Pakistan International Airlines signed a partnership
agreement on May 20, 2024. The Malaysia-based integrated logistics solutions
provider aims to improve connections between Southeast Asia (SEA) and the
Middle East with this new airline partner.
Under this agreement, Teleport and PIA will use each other's
networks and capacity within and beyond Southeast Asia. A social media post
stated, "We're connecting e-commerce shipments from China to the Middle
East via SEA."
Even though the company did not want to disclose much information
about this deal at this stage, in a casual conversation with The STAT Trade
Times, Teleport's CEO Pete Chareonwongsak said, "First shipment to Jeddah
is done. That was quick, wouldn't you say?"
The social post stated, "We can now offer customers greater
capacity and frequency to major cities like Jeddah, Auckland, and Sydney."
During Teleport's media briefing at Kuala Lumpur, Malaysia on May 13, 2024, the
CEO said.
Atlas Air Worldwide renews partnership
with Nippon Cargo Airlines
Atlas Air Worldwide and Nippon Cargo Airlines (NCA) announced the
renewal of their partnership, marked by a signing ceremony at the NCA
headquarters in Tokyo. The extension of the current Air Transportation Services
Agreement (ATSA) with transpacific operation between Asia and North America
will boost international air cargo growth, including capital equipment for
semiconductor and e-commerce needs, while meeting diverse customer
transportation demands, according to the press release from Atlas Air Worldwide.
“We value our strategic, long-standing partnership with NCA,” says
Michael Steen, Chief Executive Officer, Atlas Air Worldwide. “We are building
on a strong, trusted relationship, established more than seven years ago, and
are fully committed to continuing to contribute to the growing success.”
DP World receives 1st freighter aircraft at Punta Cana air cargo hub
DP World announced the commencement of operations at the new air
cargo logistics hub in Punta Cana, Dominican Republic, a multimodal platform
launched in October 2023, with the arrival of the first freighter aircraft.
The inaugural flight was operated by Air Canada Cargo’s Boeing
767F. It has a capacity of approximately 50 tonnes and will serve the weekly
Toronto-Mexico-Ecuador-Punta Cana route. The aircraft is designed to transport
a variety of goods, including fruits, vegetables, and medical devices,
according to the press release from DP World.
Manuel Martínez, CEO, DP World Dominicana, says: “The arrival of
this freighter aircraft and the initiation of air operations at our logistics
centre significantly enhance the Dominican Republic's competitiveness and
connectivity, solidifying its status as the largest trade and logistics hub in
the Caribbean.”
Martínez further highlighted the advantages of the hub’s proximity
to Punta Cana Airport's cargo terminal, which offers cost-effective solutions
for cargo from Latin America destined for markets in North America, Europe, and
the Middle East.
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.
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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