JUPITER
SEA & AIR SERVICES PVT. LTD, EGMORE – CHENNAI, INDIA.
E-MAIL : Robert.sands@jupiterseaair.co.in Mobile : +91
98407 85202
Corporate News
Letter for Saturday - October 19,
2024.
Today’s
Exchange Rates
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CURRENCY
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PRICE
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CHANGE
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%CHANGE
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OPEN
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PREV.CLOSE
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DAY's LOW-HIGH
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USD/INR
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84.07
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-0.010002
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-0.011896
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84.06
|
84.08
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84.055- 84.0825
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EUR/USD
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1.086
|
0.0029
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0.26775
|
1.0831
|
1.0831
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1.0825- 1.0865
|
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GBP/INR
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109.5843
|
0.357994
|
0.327754
|
109.4588
|
109.2263
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109.4514- 109.8786
|
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EUR/INR
|
91.169
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-0.1269
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-0.138998
|
91.115
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91.2959
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91.0762- 91.2159
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USD/JPY
|
149.707
|
-0.503006
|
-0.334868
|
150.21
|
150.21
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149.585- 150.286
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|
GBP/USD
|
1.3041
|
0.003
|
0.230576
|
1.3011
|
1.3011
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1.3008- 1.3071
|
|
DXY
Index
|
103.653
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-0.171997
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-0.165661
|
103.804
|
103.825
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103.588- 103.804
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JPY/INR
|
0.5609
|
0.0004
|
0.071355
|
0.5597
|
0.5605
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0.5595- 0.5614
|
|
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According
to reports, India is expected to benefit as the US imposes further
restrictions on investments in strategic sectors in China. This shift could
lead global companies to reduce their exposure in China and redirect
investments to other regions, including India and Southeast Asia. India's
pharmaceutical and consumer electronics industries stand to gain the most
from this change, as the country strengthens its manufacturing
competitiveness. As per reports, ASEAN nations and India are becoming more
attractive to foreign investors due to their openness and improving
production capabilities. Indian pharmaceutical companies, already major
suppliers of generic drugs to the US, could see further opportunities if
the US reduces its reliance on China for active pharmaceutical ingredients.
Additionally, India and Vietnam are likely to benefit from increased
investments in consumer electronics as companies diversify away from China.
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The
Ministry of Industry and Trade’s statistics indicate that during the
January to September period, businesses spent US$1.24 billion buying meat
and meat products from overseas, up 19.2% year on year. India alone
shipped US$470 million worth of the products to Vietnam, becoming the
largest supplier. Meanwhile, Vietnamese imports of meat and meat
products from most markets increased compared to the same period last year,
such as Poland, the United States, Australia, Canada, Turkey, and Japan,
the Ministry reported. By contrast, the imports from countries such as
Russia, Brazil, and Spain decreased in comparison to the same period from
2023. Vietnam mainly purchased chilled or frozen meat and edible
by-products of poultry, pig, cattle, and buffalo.
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The
Centre is considering broadening its strict quality standards in response
to the rising influx of substandard steel, primarily originating from
China, according to government sources. This decision follows an
in-depth review conducted by the Ministry of Steel in early October, which
revealed growing concerns about the sector's exposure to trade diversions
on a global scale.During the first five months of the current financial
year, India became a net importer of steel. According to official data, the
country imported 3.45 million tonnes (mt) of steel, compared to 1.92 mt of
exports, the report said. The increase in imports is driven by global
producers seeking new markets due to weak demand and high tariffs imposed
by the US and the EU. These conditions have heightened the risk of steel
dumping into India, according to the report.
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India's
coal import rose 11.4 per cent to 121.1 million tonnes (MT) in the
April-August period of the ongoing fiscal year. The country had imported
108.7 MT coal in the corresponding period of the previous
year. According to data compiled by B2B e-commerce platform mjunction,
"During April-August 2024, total coal and coke imports stood at 121.18
MT, around 11.4 per cent higher than 108.74 MT imported during the same
period last year." However, coal import in August rose 5.4 per
cent to 20.70 MT over 19.63 MT a year earlier. Of the total import in
August 2024, non-coking coal import was at 13.04 MT, against 11.89 MT,
while coking coal import was at 4.53 MT, against 4.62 MT a year
ago. During April-August, non-coking coal import was at 78.68 MT, higher
than 68.58 MT imported during the same period last financial year. Coking
coal import was at 24.79 MT, almost flat against 24.85 MT recorded in the
year-ago period.
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This year, Georgia's trade
turnover with India, one of the world's fastest growing economies ,
decreased by 7%. The decrease comes at the expense of imports, while
exports increased by 114%. Trade The
trade turnover between Georgia and India decreased by 7% in 8M2024
amounting to USD 86.3 million. Of which, the exports amount to USD 23
million, while imports stand at USD 62.7 million. Exports from Georgia
to India up by 114%. TOP-5 Exporting Products:
- Mineral, chemical and nitrogen fertilizers - $17.1
million;
- Cigars and cigarillos - $2.9 million;
- Copper waste and scrap - $1.6 million;
- Equipment for the industrial production of food
products or beverages - 597 thousand;
- Aluminum waste and scrap - $321.8 thousand.
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US-India
Strategic Partnership Forum President and CEO Mukesh Aghi on Monday
emphasised that exports are going to be a major job creator for India as
the country moves towards becoming a USD 5 trillion economy. Aghi,
who was speaking at an event organised by the USISPF, also stressed that
India and the US should continue to strengthen their economic engagements
and increase the bilateral trade to USD 500 billion going forward. He
said creating nearly 1.2 million jobs per month is going to be a challenge,
highlighting the importance of job creation to ensure there is no social
unrest among the youth. "As India's economy goes from 4 to 5
trillion dollars, one of the biggest job creators is going to be exports
because we have a challenge and the challenge is how do we create 1.2
million jobs (in India) a month and unless we are able to meet that
objective we will start seeing some kind of social unrest among the youth
itself...," Aghi said.
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The
United States has tightened up its sanctions on Iran’s petroleum and
petrochemical sectors in response to Iran’s October 1 attack on Israel, its
second direct attack on Israel this year. The US Treasury stated that
this action intensified financial pressure on Iran, “limiting the regime’s
ability to earn critical energy revenues to undermine stability in the
region and attack US partners and allies”. “Today’s sanctions target
Iranian efforts to channel revenues from its energy industry to finance
deadly and disruptive activity – including the development of its nuclear
program, the proliferation of ballistic missiles and unmanned aerial
vehicles, and support to regional terrorist proxies,” said the secretary of
the Treasury Janet Yellen.
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Danish
ocean carrier Maersk will launch a new seasonal ocean service from
Tanzania’s Mtwara port to facilitate cashew exports from Tanzania to
destination markets in China, India, and Vietnam. The Korosho Express
will run between Mtwara and Kenya’s major port of Mombasa, according to
Maersk’s representative, and from Kenya, the cargo will connect to other
services to the aforementioned destination markets. The new bi-weekly
Korosho Express service is specifically designed to support the Tanzania
cashew trade and will commence operations in late October, running through
February 2025, aligning with the peak cashew season. The Korosho
Express will connect the port of Mtwara with key hubs in China, Vietnam,
and India.
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After
Bashundhara’s LPG-carrying ship “Sophia,” another ship named “Captain
Nicholas” caught fire in Kutubdia Channel of Bay of Bengal. The Coast Guard
and Navy rescue team rescued 31 people from the ship alive. This is
the third incident of fuel tanker fire in Bangladesh waters in two
weeks. Atiq U Khan, who worked as a captain in various domestic and
foreign commercial ships, said on the matter, “Four ships catching fire in
a span of 12 days is unusual. I have not seen anything like this in the
last 30 years.“Not even a week has passed since the fire of BSC ship Jyoti
and Sourav. The fire broke out when the mother vessel Nicholas was
separated from the lightering operation. I served on foreign vessels for 25
years. A very high standard of security was in place and maintained.”
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In a
dramatic scene off the coast of Bangladesh, two liquefied petroleum gas
(LPG) carriers erupted in flames during a cargo transshipment operation on
Sunday. Fortunately, injuries were averted thanks to quick intervention by
the Bangladesh Navy and Coast Guard, but the incident has once again shined
a spotlight on the murky safety and operational standards of vessels
involved in transporting sanctioned oil and gas. The vessels in
question were identified as the 78,500-cbm Very Large Gas Carrier (VLGC) Captain Nikolas, built
in 1992, and the 6,500-cbm fully pressurized gas carrier B-LPG Sophia, built in
1997. Both ships have changed hands multiple times in recent years,
operating under various flags of convenience while flying under the radar
of international scrutiny.
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I hope you have enjoyed reading the above news letter.
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.
Thanks to
: Container News,
Indian Seatrade & Air Cargo News.
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