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 -  December  04,  2024

Today’s Exchange Rates 

CURRENCY	PRICE	CHANGE	%CHANGE	OPEN	PREV.CLOSE	DAY's LOW-HIGH
USD/INR	84.69	-0.019997	-0.023606	84.72	84.71	84.6375- 84.765
EUR/USD	1.0522	0.0024	0.228607	1.0498	1.0498	1.0481- 1.0531
GBP/INR	107.3705	-0.232903	-0.216445	107.1152	107.6034	107.1152- 107.4917
EUR/INR	89.101	0.041901	0.047048	88.866	89.0591	88.821- 89.1713
USD/JPY	149.028	-0.572006	-0.382357	149.60	149.60	148.801- 150.236
GBP/USD	1.2663	0.0008	0.063217	1.2655	1.2655	1.2639- 1.2697
DXY Index	106.251	-0.195	-0.183191	106.474	106.446	106.159- 106.602
JPY/INR	0.5652	-0.0023	-0.405291	0.5662	0.5675	0.5638- 0.5666

 

///                   Sea Cargo News            ///

Tuticorin Container Terminal Launches New CI7 China - India service VII

Tuticorin Container Terminal is pleased to announce the arrival of the first vessel NAJADE V067, marking the debut of Wan Hai’s China-India Service VII (CI7 Service) on November 23, 2024.

This weekly service significantly enhances connectivity between key ports in Southeast Asia, Far East Asia, and China, improving both import and export efficiency across regional hubs such as Coimbatore, Bangalore and parts of Kerala.

The introduction of the CI7 Service underscores Tuticorin Container Terminal’s ongoing commitment to strengthening trade links across Asia and supporting the growth of global and local commerce. 

The CI7 service is equipped with vessels to accommodate a substantial volume of cargo, ensuring efficient handling of the growing demands from our customers. This added capacity supports a robust weekly throughput, with enhanced operational efficiency and reliability.

The CI7 service jointly operated by Wan Hai Lines and Interasia Lines strengthens Tuticorin Container Terminal’s position as a key player in the global shipping industry, expanding its reach and service capabilities across the Asia-Pacific region.

India-China trade: An alarming $18 billion discrepancy

India-China trade data for 2023 reveals a widening discrepancy, with India's reported imports from China falling significantly short of China's export figures, raising concerns over potential anomalies such as under-invoicing, misclassification, and inconsistent reporting practices. 

In 2023, India's merchandise imports from China stood at $99.59 billion, which was 18.2% lower than the $117.68 billion worth of exports reported by China, according to the latest data from the World Bank's World Integrated Trade Solution (WITS) and the Directorate General of Commercial Intelligence & Statistics (DGCI&S). 

The discrepancy stood at 15.5% the previous year, with India's merchandise imports from China valued at $102.63 billion, significantly lower than the $118.50 billion exports reported by China, according to the same data sources. The magnitude of these discrepancies indicates major anomalies, warranting closer scrutiny of the data reporting mechanisms.

In 2023-24, India’s bilateral trade with China reached $118.4 billion, cementing China as India’s largest trading partner during the year – making the data discrepancies a worrying factor.

India’s exports to China grew by 8.7% totalling $16.67 billion while imports rose by 3.24%, amounting to $101.7 billion during this period. Meanwhile, India’s goods trade deficit with China widened to $57.83 billion in April – October, from $51.12 billion in the same period one year ago, according to data from India’s ministry of commerce & industry.

Indo-Russia trade at $66 bn in 2024, can meet $100 bn target: Russia envoy

A senior Russian diplomat on Wednesday said bilateral trade between the two countries has reached a record USD 66 billion in 2024, marking a fivefold increase over the past five years, with a 9 per cent rise in the first eight months of this year. 

The envoy said Russia and India are on track to achieve the ambitious $100 billion trade target by 2030, bolstered by expanding collaborations and diversified trade opportunities. 

"The recent dialogues between leaders of both countries on the possibilities of diversifying the trade basket and increasing the volume of investments in multiple sectors make the target of USD 100 billion by 2030 an achievable one," said Maxim V. Kozlov, Russian Consul General in Kolkata, at an interactive session with members of the Bharat Chamber of Commerce (BCC). 

"India and Russia are more than strategic partners; we are all-weather friends. Our bond is built on mutual trust and shared interests, making the growth of our economic ties both natural and enduring," Kozlov added.

Key sectors identified for enhanced cooperation include Railways, Pharma, Aviation, IT and Cyber security. Officials also highlighted emerging oppor- tunities for Indian businesses in Russia, particularly after the withdrawl of Western Brands following the Ukrain conflict.

BCC, in a statement, said Kozlov also emphasized the need to deepen colloboration in critical areas such as Artificial Intelligence (AI), Robotics, Urban Development and critical metals like Lithium, Cobalt and Nickel which are essential for next generation industries. “The goal is to move beyond raw material trade and emerge as global leaders in technology driven sectors,” he added.

Rivals scramble to keep pace with MSC

The unmatched scale and growth ambitions of Mediterranean Shipping Co (MSC) is forcing competitors to scramble for tonnage. Alpahliner is reporting that MSC has now surpassed 400 secondhand ship purchases since it embarked on a historical buying spree amid the covid pandemic in August 2020. 

Alphaliner tallies 402 ships, while rival Linerlytica has counted 420 ships. Along with its huge orderbook, MSC now commands a global liner marketshare in excess of 20%, becoming the first liner in the world to break multiple size records such as surpassing 5m teu, then swiftly afterward 6m teu. 

Alphaliner listed this week another eight secondhand ships bought by the Gianluigi Aponte-founded liner ranging in size from 1,740 to 8,814 teu. MSC’s aggressive moves in the secondhand market have been key in propping up charter rates, according to an analysis from Linerlytica.

“MSC is largely responsible for the shrinkage in the charter fleet, having taken out over 17% of the charter fleet in the past four years leaving its rivals to scramble to secure the remaining open ships, with more fixtures being done off forward dates that stretch into 2025 and 2026,” Linerlytica noted in its most recent weekly report.

MSC’s buying binge is still far from over, according to Linerlytica with further acquisitions still on the cards that the Asian consultancy suggested will keep both the secondhand and charter market tight into next year.

The Container secotr remains the polar opposite of what is being experienced in dormant dry bulk and tankers sale and purchase markets.

Chinese operator of Darwin port in financial trouble

Landbridge, a Chinese company that runs the Australian port of Darwin, has warned it is in financial difficulty raising the possibility that the Northern Territory (NT) government might terminate its lease of the facility. 

Landbridge Infrastructure Australia signed a 99-year lease for the port nine years ago. It has made losses each year, while its parent, Shandong Landbridge Group, is in an even worse financial position. “Our immediate focus is to ensure the port remains operational while its longer term future is confirmed,” the NT government stated in a release.

BIMCO introduces FuelEU Maritime Clause to support decarbonization compliance

Starting 1 January 2025, the FuelEU Maritime Regulation will take effect, prompting stakeholders in the shipping industry to begin preparations immediately.

To assist with this transition, BIMCO has developed the FuelEU Maritime Clause for Time Charter Parties 2024, which was officially adopted by BIMCO’s Documentary Committee on 25 November 2024. This clause is designed to help stakeholders align their contractual frameworks in compliance with the new regulation.

“This clause has been eagerly awaited by the industry. January is almost here, and the FuelEU Maritime regulation is complex.

Because of this, we have carried out several industry consultations during the drafting process to make sure that we arrived at a clause that works in practice,” commented Stinne Taiger Ivø, Deputy Secretary General and Director of Contracts at BIMCO.

As the shipping industry faces increasing decarbonization regulations from both the European Union and the International Maritime Organization (IMO), BIMCO continues to expand its portfolio of carbon-related clauses. The latest addition, the FuelEU Maritime Clause for Time Charter Parties 2024, is tailored for inclusion in time charter agreements.

Moreover, the subcommittee focused on creating a standard clause applicable to a wide range of scenarios and commercial relationships.

For extended charter periods, charterers are given flexibility in their compliance approach, whether through pooling, banking, or borrowing strategies.

“The FuelEU Maritime regulation will significantly impact the shipping industry, even more so than the EU Emissions Trading System. The clause we have adopted today is the result of a collaborative process between owners, charterers, P&I and legal experts and other stakeholders,” stated Nicholas Fell, Chair of BIMCO’s Documentary Committee.

Under the new clause, the ship owner is responsible for ensuring compliance with the FuelEU Maritime Regulation. However, in practice, this responsibility may fall to a third-party ship manager who has assumed the obligations set forth by the International Management Code for the Safe Operation of Ships and Pollution Prevention (ISM Code).

To address this, BIMCO is currently working on a corresponding clause for its SHIPMAN ship management agreement.

This effort follows previous initiatives by BIMCO’s Documentary Committee. In December 2023, the committee introduced an Emission Trading Scheme (ETS) Allowances Clause for the SHIPMAN agreement, as well as three ETS clauses for Voyage Charter Parties. Additionally, in June 2024, the committee adopted three ETS clauses for Contracts of Affreightment.

Other published decarbonisation clauses in BIMCO’s carbon clauses portfolio include the Emission Trading Scheme Allowances Clause for Time Charter Parties, CII Clause for Voyage Charter Parties, CII Operations Clause for Time Charter Parties and the EEXI Transition Clause for Time Charter Parties.

 

POLB unveils North America’s largest charging depot for zero-emissions trucks

Photo caption: From left: David Thornburg, Principal, DW Thornburg, Inc.; Rachel Moses, Director of Electrify America; Rick Duncan, owner, Duncan and Son Lines; John Boesel, CEO, CALSTART; U.S. Rep. Nanette Barragan; U.S. Rep. Robert Garcia; David Duncan, CEO, 4 Gen Logistics; Long Beach Mayor Rex Richardson; State Sen. Lena Gonzalez; Long Beach Harbor Commission Vice President Frank Colonna; Mario Cordero, CEO, Port of Long Beach; and Dr. Noel Hacegaba, COO, Port of Long Beach.

The Port of Long Beach (POLB) has inaugurated its largest heavy-duty vehicle charging depot in North America, catering to Class 8 zero-emissions (ZE) trucks.

Operated by 4 Gen Logistics LLC, the facility is equipped with 30 state-of-the-art hyper-fast chargers, each delivering up to 350 kilowatts of power.

This setup enables the swift recharging of 4 Gen’s expanding fleet of 79 ZE trucks, with plans to eventually open the depot to all battery-electric big rigs serving the San Pedro Bay port complex.

“With each project, we move closer to becoming a zero-emissions port. Under the Green Port Policy and the San Pedro Bay Ports Clean Air Action Plan, this Port and our industry partners are ensuring our economic and environmental sustainability for generations to come,” stated Bonnie Lowenthal, Harbor Commission President at Port of Long Beach.

“The facility is the largest charging depot at any North American port to date. The infrastructure that supplies the clean energy zero-emissions trucks need to keep cargo moving has always been as much of a priority as the trucks themselves. We’re proud to work with companies like 4-Gen, WattEV and Forum Mobility to lead the way for greener trade and transportation operations at home and abroad,” mentioned Mario Cordero, CEO at Port of Long Beach.

Located at 200 Pier S Ave., the depot was developed in partnership with Electrify America, the largest charging network in the United States. Additional support came from organizations such as the Mobile Source Air Pollution Reduction Committee (MSRC), the California Air Resources Board (CARB), and the Port of Los Angeles.

MSRC, a clean transportation agency funded through California vehicle license fees, collaborated with the South Coast Air Quality Management District to invest in the project.

A ribbon-cutting ceremony in October marked the opening of the Long Beach facility and the completion of the first phase of a broader initiative by 4 Gen. This initiative includes a charging depot in Rialto, operational since August, featuring 14 hyper-fast chargers of 350 kW. The project’s second phase will add 30 more chargers at Long Beach and 16 additional units at Rialto.

Strategically located along a key freight corridor between the San Pedro Bay ports and the Inland Empire, the depots aim to enhance sustainable goods movement. This corridor is central to 4 Gen’s operations and those of its sister company, Duncan and Son Lines Inc., a family-run logistics firm with over 30 years of experience in port drayage services.

Furthermore, 4 Gen’s ZE fleet comprises Volvo VNRs, Kenworth T680E battery-electric trucks, and Nikola hydrogen fuel cell models, with the latter refuelled at a separate site. The company’s development of the Long Beach facility stems from a 10-year lease signed with the port in 2022, well ahead of CARB’s mandate for all drayage trucks to achieve ZE status by 2035.

The ports of Long Beach and Los Angeles first set the 2035 ZE goal in their 2017 Clean Air Action Plan, laying the groundwork for CARB’s Advanced Clean Fleets Regulation, finalized in 2023.

Gemini Cooperation opens booking in December

Gemini Cooperation, a new alliance of Maersk and Hapag-Lloyd, has announced that it will start accepting bookings in early December.

The new container shipping alliance will launch operations in February 2025, but the two partners announced that they will open their bookings on 3 December.

Gemini Cooperation confirmed earlier in the year that it will start operations with the Cape of Good Hope service network. In early September, the new alliance presented two alternative options: Trans-Suez Network and Cape of Good Hope Network. With the Red Sea crisis still ongoing, the two partners have decided to proceed with the Cape of Good Hope network in the first period of their cooperation.

APM Terminals Suape begins construction of Latin America’s first fully electrified terminal

Artist impression of Suape yard

Brazil’s APM Terminals Suape has officially commenced the construction of Latin America’s first fully electrified container terminal at the Governador Eraldo Gueiros Industrial Port Complex (Suape) in Pernambuco State.

The groundbreaking ceremony, held on 22 November, was attended by several officials and executives, including Silvio Costa Filho, Minister of Ports and Airports; Raquel Lyra, Governor of Pernambuco; Marcio Guiot, President of the Suape Industrial Port Complex; Leo Huisman, Managing Director of APM Terminals Americas; Ricardo Rocha, Managing Director of Maersk for the East Coast of South America; Daniel Rose, Managing Director of APM Terminals Suape and Pecem; and Leonardo Levy, Investments Director for APM Terminals.

“Our goal is to grow Suape by 5% this year, generating more jobs and income for the people of Pernambuco,” said Silvio Costa Filho, Minister of Ports and Airports Silvio Costa Filho.

APM Terminals Suape is one of three projects currently being implemented by the Maersk-owned port operator worldwide. With an initial investment of R$1.6 billion (US$280 million), the terminal will accelerate regional development by generating approximately 300 direct jobs and 2,000 indirect jobs. It is also expected to strengthen Pernambuco’s connection with other international ports and introduce initiatives in port sustainability.

“The new terminal will allow the Port of Suape to handle even more cargo, ensuring new business opportunities for Pernambuco and the potential for increased exports. Suape, already in a prime location and one of the largest public ports in the country, will gain more competitiveness, enhancing its leadership in the Northeast.

This significant investment will create direct and indirect jobs and contribute to the state’s development. It aligns with other initiatives aimed at improving the quality of life for our people,” commented Pernambuco Governor Raquel Lyra.

APM Terminals Americas Managing Director Leo Huisman said, “With the terminal set to begin operations in 2026, we will expand berthing windows for our customers, allowing them to introduce new services that connect Pernambuco to numerous global ports.”

APM Terminals Suape and Pecem Managing Director Daniel Rose emphasized the importance of the project’s previous stages and next steps.

“The first phase was the largest demolition project in Pernambuco, lasting 222 days. Recently, we invested R$241 million (US$42 million) in modern equipment to consolidate the project and reinforce our commitment to leading the modernization of the port sector in Brazil. The next phase will involve selecting companies responsible for constructing the quay, yard, and buildings. It is worth noting that with the start of operations, we will increase container handling capacity by 55%,” stated Rose.

///                   Air Cargo News            ///

Turkish company HAVELSAN signs deal to export aircraft simulator to India

Turkey’s flight simulator developer and manufacturer HAVELSAN has entered the Indian aviation market and will undertake its first aircraft simulator export to India in partnership with French origin pilot training firm Simaero. Simaero is in the process of opening its first state-of-the-art simulator training facility in India, which is expected to be operational by the end of the first quarter of next calendar year.

Simaero’s first facility, which is coming up near the Delhi International Airport, will have eight simulators, with HAVELSAN manufactured A320NEO simulators being the first one to be operational. “It is our first export to the international market. We have been making simulators in the last eight years within Turkey.

We have given (simulators) to Turkish Airlines, SunExpress, IFTC (International Flight Training Center) and others but for the first time outside Turkey, first export to the Indian market,” said Mehmet Akif Nacar, Chief Executive Officer at HAVELSAN.

“It is our first entry into Indian market. But we should sustain in India because the market is growing very fast and one of the largest aviation markets is going to be here in India.. low cost carriers need reduced cost of simulation training, so we could provide cost effectiveness,”  he added. 

Cathay is ready for the commissioning of the Three-Runway System at HKIA

Cathay offers its congratulations to Hong Kong International Airport ahead of the commissioning of the Three-Runway System, which will mark a new phase of growth and development for the Hong Kong international aviation hub. 

Cathay is proud to support the continued development of its home hub, with the Group’s airlines reaching 100% of pre-pandemic flights from January 2025. Together, Cathay Pacific and HK Express will continue to add more flights and destinations for their customers.

The two airlines project to operate passenger services to 100 destinations around the world within 2025, a meaningful milestone for the Cathay Group. As Hong Kong’s flagship airline group, Cathay is firmly committed to the city’s long-term growth and development.

This is exemplified by the Group’s commitment of more than HK$100 billion in investments over the next seven years. The investment includes orders for more than 100 new generation aircraft, world leading cabin interiors and lounges, as well as digital and sustainability leadership.

This reflects our strong commitment to boost air travel and cargo capacity, elevate customer experience and strengthen the Hong Kong international aviation hub.

Nordic Aviation Group files for bankruptcy

Estonian Nordic Aviation Group has filed for bankruptcy and ceased operations of its two airlines, Nordica and Regional Jet, which is branded as Xfly. 

The announcement by Nordic follows the decision by potential investor Lars Thuesen, owner of Danish carrier Jettime, to not proceed with a privatisation plan that was initiated last year by the Government of Estonia, Nordic’s owner. 

Kadri Land, chairwoman of the supervisory board of Nordic Aviation Group, said that “the potential investor informed us about his intention not to proceed with the privatization, as the associated risks were too high”. 

She added: “Consequently, the Management Board informed the Supervisory Board about its intent to cease the operations of Nordic Aviation Group and Xfly and start the necessary proceedings to file for bankruptcy.”

Nordic’s airlines offered ACMI (Aircraft, Crew, Maintenance and Insurance) services to major airlines in Europe, as well as charter operations. Head quartered in Tallinn, Nordic also had bases in Stockholm, Copenhagen, Turku, Aarhus, Vilnius, Lisbon, Hamburg and Munich.

Over its operational period Nordica carried belly cargo in its fleet of Bombardier CRJs, ATR 72s and Airbus A320s.

Maersk Air Cargo takes delivery of second 777 freighter

Maersk Air Cargo 777F. Photo: Maersk

Maersk Air Cargo has taken delivery of its second Boeing 777 freighter as it continues to expand its airfreight operations. The newbuild aircraft (OY-MAD) was delivered to Maersk’s airfreight hub in Billund from Boeing’s Seattle home on November 26.  It has been given the name Maersk Nightingale.  The aircraft is the second of an order of two 777 freighters that Maersk placed with Boeing, with the first having been delivered back in July.

Maersk said the 777 will “soon” enter commercial operation. It is likely to be utilised between China and Europe but it could take more than a month for checks to be carried out and the aircraft to be put into action. Delivery of the aircraft had initially been expected in September, which would have meant the aircraft would have arrived in time for the air cargo peak season.

However, aircraft manufacturers have this year been facing production delays due to supply chain issues while there have also been hold ups with engine deliveries. The two aircraft were ordered in November 2021 as part of Maersk’s fleet expansion and modernisation efforts. 

Until the arrival of the 777Fs, Maersk’s fleet had consisted of older Boeing 767 freighters, which offer a shorter range and lower capacity than the 777.According to fleet tracking site Planespotters, Maersk Air Cargo’s fleet currently stands at 22 aircraft – 20 767s and two 777Fs – although many of these are used to provide capacity to UPS.

Etihad to exercise options for three additional A350Fs

A350F Etihad Cargo. Photo: Airbus

Etihad Cargo has confirmed that it will exercise options on three additional Airbus A350 freighters.

In an emailed statement to Air Cargo News, the carrier confirmed a report in Freightwaves that it would add to its additional order of seven of the aircraft to meet rising e-commerce demand.

The airline currently operates a fleet of five Boeing 777 freighters, but it also has five A350 passenger aircraft so is familiar with the type.

The additional three aircraft would bring total orders of the model to 58.

“The growing demand for freighters and air cargo capacity is driven primarily by booming exports from China and Hong Kong, particularly in e-commerce,” a statement read.

“The high-tech industry has also been propelled by the development and implementation of AI microchips for smartphones, with strong market potential expected by the end of the year.”

The carrier first announced its intention to order the aircraft at the Singapore Airshow in February 2022, with the deal firmed up later that year.

The 111 tonne capacity aircraft features a large maindeck cargo door, with its fuselage length and capacity optimised around the industry’s standard pallets and containers.

The A350F fully meets ICAO’s enhanced CO₂ emissions standards that will come into effect in 2027 and will be powered by Rolls-Royce Trent XWB-97 engines.

Entry into service for the cargo jet, powered by Rolls-Royce Trent XWB engines, is scheduled for 2026, pushed back from the end of 2025.

More than 70% of the airframe of the A350F is made of advanced materials, resulting in a 30 tonne lighter take-off weight and generating at least 20% lower fuel consumption and emissions over its current closest competitor.

Airbus expects final assembly activity for the A350F to commence next year. The airframer’s French and German aerostructures operations – Airbus Atlantic and Airbus Aerostructures – are manufacturing the initial large sections of the cargo aircraft.

Canada approves Saab 340 cargo conversion STC

Photo: TAM

Sweden-based Täby Air Maintenance (TAM) has now received approval of its Saab 340 Cargo Conversion supplemental type certificate (STC) from Transport Canada.  The STC is already approved by the European Union Aviation Safety Agency (EASA) and the US Federal Aviation Administration (FAA).

“We are happy that the STC is now approved by Transport Canada, which makes the Conversion available for Canadian operators,” said Pär Gulle, managing director of TAM, which provides maintenance, support, modifications and repair services, with a focus on Saab 340, Saab 2000 and ATR regional aircraft.

Close to 40 Saab 340 aircraft, including both Saab 340A and Saab 340B passenger aircraft types, have now been converted into freighters as per the TAM STC. The aircraft has a maximum payload of 4264 kg.

Use of lightweight and strong material, such as carbon fibre, has made it possible to keep the aircraft’s basic mass low with high cargo load, said TAM.

The design, including a full Class E cargo compartment, eliminates the need for a smoke curtain and includes a separate status panel for smoke detection as well as LED lighting for the cabin.

Previous Saab 340 freighter conversion customers have included Latvia-based RAF-Avia and Miami-located lessor Jetstream Aviation Capital.

Jetstream was also the launch customer for TAM’s Saab 2000 cargo conversion programme. TAM started converting the high-speed turboprop regional aircraft in January 2022.

TAM carried out the maiden flight of its Saab 2000 freighter conversion in March 2023, after experiencing delays in the conversion process.

The Saab 2000 conversion is designed to offer a total cargo volume of 55.4 cu m, with a floor loading limit of 730 kg and a max payload of 6,622 kg. For operations under US Federal Aviation Regulations Part 135, the max payload is limited to 3,402 kg / 7,500 lbs.

 

KF Aerospace to update Purolator’s BCFN freighter fleet

Source: KF Aerospace

Canadian express and logistics firm Purolator has renewed its contract with KF Aerospace for the operation of its British Columbia feeder network (BCFN) in a deal that includes the deployment of more modern aircraft.

The new agreement will last 10 years and will see KF Aerospace replace three ageing Convair 580 aircraft with three ATR72-500F aircraft – two containerised and one bulk loader configuration.

KF Aerospace said that the newer aircraft offer improved fuel efficiency and more flexibility in handling diverse cargo needs. The aircraft operator will oversee the acquisition and conversion of the ATR72-500Fs, with one conversion already near completion at KF’s main YLW MRO facility.

“We are thrilled to continue our long-standing relationship with Purolator, a collaboration that has grown and evolved over nearly half a century,” said Tracy Medve, president and chief executive of KF Aerospace.

“This new 10-year contract and fleet renewal demonstrates our shared commitment to providing reliable cargo services across British Columbia. The addition of the ATR72-500F aircraft will enhance range, capacity and efficiency, ensuring that Purolator’s mission of on time reliability is extended well into the future.”

Bryan Akerstream, director of business development at KF Aerospace, added: “The transition to the ATR72- 500F will provide greater operational efficiency and support Purolator’s ongoing efforts to deliver critical goods to communities across BC — and potentially help expand their business into other markets.”

The BCFN includes flights to Prince George, Kamloops, Kelowna, Vancouver, Victoria and Nanaimo.  The two companies have worked together since 1976 when KF’s founder, Barry Lapointe, personally piloted a high-priority cargo flight from Vancouver to Toronto at Purolator’s request.

“Over the years, KF Aerospace has consistently supported Purolator’s cargo operations, including supporting Purolator’s entire Canadian network from 1994 to 2015,” the company said. “KF has been supporting the Purolator network in British Columbia exclusively since 2015.”

SF Holding raises $749m with ‘flat’ Hong Kong listing

Source: ACN Newswire

Chinese express giant SF Holding raised $749.3m in a listing on the Hong Kong Stock Exchange that will be used to fund plans to expand internationally.

The company, which owns SF Express and SF Airlines, said that through the IPO it aimed to “further promote [its] internationalisation strategy, establish overseas equity financing platforms, optimise international brand image, and enhance comprehensive competitiveness”.

The share opening price was set at HK$34.30 and eventually rose to an intra-day high of $35.50 in what was described as a “flat” opening by Reuters and a “lacklustre” debut by the South China Morning Post.

The company said that over the past decade it had moved from being China’s leading time-definite express delivery firm into a global logistics service provider.

“The Company provides full-spectrum logistic services, including time-definite express delivery, economy express delivery, freight delivery services, cold chain logistics services, intra-city on-demand delivery services, supply chain services and international logistics services, and provides one-stop solutions to multinationals, large corporations, small and medium enterprises and retail customers,” SF Holding said.

As part of its international expansion, SF Holding has expanded its fleet of freighter aircraft and it now operates around 90 freighters, up from around 40 in 2017.

Earlier this year it also struck a partnership with Etihad Cargo on services between China and Abu Dhabi.

In the first three quarters of 2024, the Company achieved a revenue of RMB206.9bn, representing a year-on-year increase of 9.4%, and net profit attributable to owners of the Company of RMB7.6bn, representing a year-on-year increase of 21.6%.

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 1Branches  : Chennai, Bangalore, Mumbai, Coimbatore, Tirupur and Tuticorin.

Associate Offices : New Delhi, Kolkatta, Cochin & Hyderabad.

 

 

Thanks  to  :  Container  News,  Indian Seatrade  &  Air Cargo News.