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  October 31,  2025


CURRENCY

PRICE

CHANGE

%CHANGE

OPEN

PREV.CLOSE

USD/INR

88.705

0.495003

0.561164

88.41

88.21

EUR/USD

1.1565

0.0036

0.310318

1.1601

1.1601

GBP/INR

116.982

0.361702

0.310154

116.7282

116.6203

EUR/INR

103.0384

0.350098

0.340932

102.676

102.6883

USD/JPY

154.123

1.393005

0.912071

152.73

152.73

GBP/USD

1.315

-0.0044

0.333477

1.3194

1.3194

DXY Index

99.165

-0.055

0.055433

99.135

99.22

JPY/INR

0.5767

-0.0026

0.44882

0.5777

0.5793


///                   Sea Cargo News            ///

US and Saudi lead move to sink IMO’s Net-Zero Framework


On the second day of this week’s extraordinary Marine Environment Protection Committee (MEPC) meeting in London, both nations proposed a procedural shift that could delay or even block the NZF from entering into force.

Washington and Riyadh called for the IMO to abandon its long-standing tacit acceptance process — used since 1973 to implement MARPOL amendments — in favour of the far more cumbersome explicit acceptance method.

Under tacit acceptance, new rules automatically take effect 10 months after adoption unless a critical mass of states object. Explicit acceptance, by contrast, would require two-thirds of governments to individually ratify the changes — a process the IMO itself admits “rarely works.”

The US framed its proposal as a safeguard for global trade, describing explicit acceptance as “a simple way to forestall concerns” over the NZF’s potential costs. Saudi Arabia echoed the argument, saying the slower process was necessary given the “deep divisions” within the membership. 

However, most delegations — led by Denmark, Canada, Australia, the EU and Kenya — rejected the move outright, warning that it would paralyse future IMO rule-making. “Explicit acceptance sometimes simply does not work,” Brazil told the plenary. India also said the current regime was “crucial” to the organisation’s credibility.

Industry bodies were equally alarmed. The World Shipping Council warned that explicit ratification “invites delay and prolonged uncertainty that might be measured in years or decades,” deterring investment in the zero-carbon fuels needed to meet the IMO’s 2023 greenhouse gas strategy.

In a further twist, China — which voted in favour of the NZF on Tuesday — appeared to back explicit acceptance on Wednesday, deepening uncertainty about the final vote scheduled for Friday.

According to The Guardian newspaper, Saudi Arabia has been offering incentives and covering travel costs for delegates from developing nations to attend the meeting and vote against the NZF, part of a broader diplomatic charm offensive to water down global carbon measures.

With the MEPC now entering its most volatile phase, observers say the fate of the NZF — and the IMO’s authority over global decarbonisation — hangs on whether member states hold the line against procedural sabotage.


CMA CGM confirms LOI to build six LNG-powered containerships in India


The Marseille-based container shipping line CMA CGM confirmed yesterday the deal with India’s Cochin Shipyard Ltd (CSL) to built six 1,700 TEU dual-fuel LNG containerships.

The container line giant signed a letter of intent and said that the new-built LNG-powered box ships will be registered under the Indian flag, underscoring its strong willingness to support the Indian Maritime policy implemented by the authorities under the guidance of prime minister Narendra Modi.   The project at Cochin Shipyard will also be run with the technical cooperation of Korean shipbuilder HD Hyundai Heavy Industries.

With a 34-year presence in the country and a workforce of approximately 17,000 employees, CMA CGM claims that this strategic move makes the group the first major foreign carrier to commission LNG vessels from an Indian shipyard.   The six boxhsips will be delivered from 2029 to 2031, in line with the group’s fleet renewal and energy transition strategy.  

Rodolphe Saadé, the groups chief, will reflag four vessels under the Indian registry in 2025 and aims to recruit 1,000 Indian seafarers by the end of the year. In 2026, CMA CGM plans to hire an additional 500 Indian seafarers.

India represents a strategic market for the CMA CGM Group, holding a pivotal position within the group’s global agency network.   Beyond its core shipping operations, the group is actively investing in India’s port infrastructure, with significant strategic stakes in terminals at Nhava Sheva Freeport Terminal (NSFT), near Mumbai, and Mundra Port.

The CMA CGM Group also established in India, in Chennai, Tamil Nadu, the headquarter of its Global Business Services (GBS) organization, operating as a strategic hub supporting a wide array of functions across shipping, logistics, finance, legal, customer care, and transformation. With a workforce of over 9,000 employees, GBS supports 160 agencies across the globe, overseeing 261 processes and 158 departments, delivering over 60% of the group’s main transactional business processes.

CEVA Logistics, CMA CGM’s logistics subsidiary, operates across 105 sites in 31 Indian cities, managing around 900,000 square meters of warehouse space. The acquisition of Stellar VCS in 2023 further strengthened CEVA Logistics’ role in India’s contract logistics sector.

Rodolphe Saadé, chairman and chief executive officer of CMA CGM Group, said: “This milestone reflects the trust we place in India’s industrial and technological capabilities and supports Prime Minister Modi’s ambition to make India a global shipbuilding power.

“India is a strategic country for CMA CGM, where we invest, train, and innovate. Beyond shipbuilding, we are strengthening our partnerships in logistics, maritime training, and sustainable transport to support India’s growth and contribute to the decarbonization of global trade.”

From his side, Madhu S Nair, CMD of Cochin Shipyard, expressed gratitude that CSL was chosen to be part of this landmark initiative, adding that this project is also of great significance to CSL as they are collaborating with the largest shipbuilding group HD KSOE as the major partner.

Record-Breaking Cruise Season in Klaipėda: More Tourists than ever before


“The record number of cruise tourists proves that the Port of Klaipėda is taking a stronger place on the world’s cruise map. We are not just receiving ships – we are welcoming the world. And more and more travelers are choosing to discover Lithuania through Klaipėda,” said Algis Latakas, Director General of the Klaipėda State Seaport Authority.

The cruise season wrapped up with the arrival of Norwegian Prima – a 293-meter-long vessel bringing over 3,000 tourists to Lithuania. Its visit marked a new milestone for Klaipėda, with a total of more than 76,600 cruise passengers arriving this year. This exceeds the previous record from 2017 by almost 2,000 visitors.   

It is estimated that cruise tourists spend around 50 euros each during their visit. This year, most travelers chose excursions to Juodkrantė and Nida, as well as trips to Palanga, Kretinga, Žemaitija National Park, and Klaipėda itself. Many guests also visited local cafés and restaurants to taste traditional Lithuanian dishes.

Known for its modern design, Norwegian Prima – launched only three years ago – was the 59th cruise ship to visit Klaipėda this season. The season started exceptionally early, in February, and reached peak activity in the summer, with several days seeing two cruise ships in port at the same time.

One of the season’s highlights was August 4, when the port welcomed more than 3,000 tourists arriving on Mein Schiff 1, which carried 3,062 guests. The same record number of passengers was reached once again on October 14, with the arrival of the final ship of the season. This year was remarkable for the number of large vessels visiting the port.

Out of 59 cruise ships that called at Klaipėda, 21 were over 290 meters long – nearly 40% of the total. Last year, there were 14 ships of that size, and 12 in 2023. The largest visitors this season, Mein Schiff 7 and Mein Schiff 1, each measured 316 meters in length.

Alongside these giants, Klaipėda also welcomed smaller but notable vessels. One of them was the Nordstjernen, just 81 meters long, which visited the port several times.

Built almost seven decades ago, this vessel is considered a true maritime legend – one of the oldest passenger and expedition ships still in operation worldwide.

This season, Klaipėda was also chosen as one of the destinations on a themed cruise. On September 22, the port welcomed Mein Schiff 3, carrying only heavy metal music fans. The voyage, called Full Metal Cruise, featured around 20 leading metal bands performing on three stages and in multiple venues throughout the ship over five intense days.

The growing popularity of Klaipėda among cruise travelers from all over the world is evident not only from this record-breaking season but also from next year’s forecasts. Next year, Klaipėda is set to welcome even more cruise ships, with 68 vessels already confirmed – exceeding this year’s number.

Looking further ahead, 95 liners have expressed interest in visiting the port in 2027. To meet this growing demand, Klaipėda Port is creating new infrastructure and building a modern cruise terminal that will also serve as an public space for the city’s residents. By the 2028 season, cruise ships are expected to berth at the new terminal’s quays.


New guidance provides industry-first roadmap for nuclear-powered shipping


 As the maritime sector accelerates its transition towards sustainable energy solutions, nuclear power has re-emerged as a viable solution to achieve net-zero ambitions.  

The guidance, developed in partnership with Global Nuclear Security Partners (GNSP) and marine insurer NorthStandard, sets out the practical steps project teams must take – outlining regulatory, technical, operational and financial requirements for integrating nuclear technology, such as small modular reactors (SMRs), into maritime assets. 

With no international regulatory framework yet in place, the document discusses the roles of key bodies, including the International Maritime Organization (IMO) and the International Atomic Energy Agency (IAEA), highlighting the importance of harmonising maritime and nuclear standards.  

Topics covered include safety classification, environmental impact assessments, structural integrity, and the development of a robust nuclear safety case. Security measures are also addressed, with emphasis on physical and cyber protection systems, as well as insider threat mitigation. 


 
Operational and financial aspects are thoroughly explored, including personnel qualifications, emergency response planning, and quality assurance throughout the project lifecycle. The document also examines insurance and reinsurance challenges, advocating for a predictable liability framework to support commercial viability.  

Mark Tipping, LR’s Global Power to X Director, said: …This guidance offers a comprehensive starting point for stakeholders to navigate the risks and opportunities ahead.” 

Nick Tomkinson, Senior Partner, Global Nuclear Security Partners, said: “…GNSP is proud to contribute to this important step for the sector.” 

Helen Barden, Director – External Affairs at NorthStandard, added: “ “…We welcome the growing recognition that nuclear could play a meaningful role in the decarbonisation of shipping and we are proactively supporting the maritime industry when it comes to the insurance and regulatory challenges ahead.”  

LR’s guidance builds on its industry-leading Fuel for Thought: Nuclear research programme and aims to fill a critical knowledge gap. It brings together decades of classification, safety and compliance expertise with specialist nuclear insight to provide an evidence-based framework for project teams at every stage of development. 

The full guidance, Navigating Nuclear Energy in Maritime, is now available at: Navigating nuclear energy in maritime. 

UK Sanctions Russia's Two Biggest Oil Exporters


The UK previously sanctioned Russia's third- and fourth-largest producers, Gazprom Neft and Surgutneftegas, in an earlier round in January.   In addition, the UK sanctioned 44 more "shadow fleet" tankers, four oil terminals in China that receive Russian crude, and a key overseas client:

Russian-owned Nayara Energy Limited, a mega-refinery in India that bought 100 million barrels of Russian oil last year. Nayara's business includes re-exporting Russian energy in the form of refined products, a loophole to infiltrate Western markets where unrefined Russian crude is banned.

The government also sanctioned the Beihai LNG terminal, the receiving point for shipments from Russia's sanctioned Arctic LNG 2 facility, which has been on the UK blacklist since early 2024. Seven LNG tankers linked to Russia are also on the list.   

"We are sending a clear signal: Russian oil is off the market," said Chancellor Rachel Reeves in a statement. "As Putin’s aggression intensifies, we are stepping up our response. The UK will continue to strip away the funding that fuels his war machine.

We will hold to account all those enabling his illegal invasion of Ukraine."   While UK sanctions have limited reach - they do not apply directly to foreign nationals - they do prevent sanctioned firms from accessing the thriving British financial services sector, which has global reach. 

Ukraine is pursuing a separate track of hampering the Russian energy sector using long-range missile and drone strikes. It has disabled an estimated 10 percent of all Russian domestic refining capacity, according to the Carnegie Endowment's Sergey Vakulenko, and has disrupted operations at key loading terminals in Ust-Luga and Primorsk. 

With American targeting assistance, it continues to attack fuel depots and refining facilities across western Russia, hundreds of miles behind the front lines - and with a possible delivery of U.S. Tomahawk cruise missiles, still under discussion, it could soon accelerate its campaign. 

Aadhaar emerges as poster child for Starmer's upcoming UK digital ID plan


Indian politicians like to claim that their governance innovations — particularly digital public infrastructure that’s shared between the state and the private sector — are widely admired. They can even point to the occasional testimonial from the leader of another developing nation. 

But last week they bagged an unusual prize: UK Prime Minister Keir Starmer declared that India’s digital “unique ID” system, called Aadhaar, was a “massive success,” and that he hoped to learn from it in rolling out Britain’s equivalent. 

Starmer was visiting India and met with Aadhaar’s architect, Nandan Nilekani — who is also the non-executive chairman of the IT services giant Infosys Ltd. He hopefully spent some of that time asking how best to avoid political blowback when the programme inevitably metastasizes into something much larger than planned.     

When Aadhaar was first proposed almost two decades ago, it was meant to be strictly voluntary — an additional, light-weight form of identification for those who struggled to access government services. The UK government has promised something similar: The card will only be mandatory for those about to start a new job to prove that they have a legal right to work.

IMO defers adoption of Net-Zero Framework to 2026




Indian Register of Shipping launches ship drift trajectory prediction service

The Indian Register of Shipping (IRS) has launched its new Ship Drift Prediction Service, an advanced digital tool designed to enhance maritime risk management and emergency  response for disabled vessels.

Developed in collaboration with the Indian Institute of Technology Bombay (IIT), the system predicts the drift paths of ships that have lost propulsion. This capability allows maritime authorities and response teams to plan faster, more accurate search and rescue operations.

The predictive model helps prevent groundings, collisions and other incidents involving marine infrastructure or coastal assets. It also assists in re-routing nearby vessels to maintain navigational safety.

“We are proud to introduce this safety-enhancing service to the maritime community”, said Mr.P.K. Mishra, MD, IRS. “With increasing vessel traffic and offshore activity, precise drift prediction is vital for protecting lives, property and the marine environment”.

The service features a user friendly interface that quickly extracts simulation results. A post processing tool creates detailed simulation videos, offering clear visual analysis of vessel drift paths.

This new initiative reflects IRS’s ongoing commitment to innovation, maritime safety and technology driven solutions that support global shipping resilience and preparedness.

 

/////       AIR  CARGO   NEWS   /////

Korean Air’s Q3 net profit plunges 67% on higher costs


Korean Air Co. said on Tuesday its third-quarter net income declined over 60 per cent from a year earlier, as increased operating costs weighed down on its earnings. The national flag carrier's net profit reached 91.8 billion won ($64.3 million) during the July-September period, down 67 per cent from a year ago, the airline said in its statement. 

Sales dropped 6 per cent on-year to 4 trillion won, compared with 4.24 trillion won from the same period last year. Operating profit came to 376.3 billion won, down 39 per cent on-year. The company said overall operating expenses increased due to higher maintenance costs despite a drop in fuel prices. 

The passenger business sales totalled 2.42 trillion won, down 196.2 billion won from a year earlier. The decline was mainly due to the shift in the Chuseok holiday from September in 2024 to October this year, as well as temporary variables including stricter US entry regulations.

Sales of the cargo business reached 1.07 trillion won, down 53.1 won from last year, amid a slight slowdown in the global air cargo market in light of US tariff risks.

“Revenue fell due to increased global supply and intensifying price competition. Fuel costs decreased but overall operating expenses rose as depreciation, maintenance costs and airport and passenger related costs increased, reducing operating profit as well,” the airline said.

Looking ahead, Korean Air said it expects improved performance across its passenger network in the fourth quarter, supported by its performance during the long Cheseok holiday in October and the year end peak travel season.

“We will improve profit through flexible capacity operations that reflect changes in market conditions, the maximum attraction of ecommerce demand and the expansion of high value added cargo”, according to the airline.

FedEx plans to boost Asia-Europe shipments after cutting transpacific capacity



FedEx has added five extra flights per week from Asia Pacific to its European hub at Paris CDG Airport in response to growing demand on the lane. Three of the additional flights will operate to Paris from FedEx's Guangzhou Baiyun International Airport base, while the other two will operate from Changi Airport in Singapore. 

All five flights will be operated using Boeing 777 freighters. "This expansion increases average daily capacity between APAC and Europe, empowering businesses in the region to capitalise on growth opportunities in high-demand sectors like e-commerce, manufacturing, hi-tech, and retail," the company said. 



Fedex has reduced its own controlled trans-pacific capacity by 25% compared with last year and by 10% compared with the previous quarter.

The company had reduced third-party capacity provision by similar percentages.

Air Atlanta, Fly Meta, and Hungary Airlines team up on 777-300ERSF


Air Atlanta, Fly Meta, and Hungary Airlines have announced a landmark partnership focused on the Israel Aerospace Industries (IAI) 777-300ERSF aircraft, marking a major step toward advancing cross-border e-commerce and regional air cargo connectivity. Under the new agreement, Fly Meta will deliver its first 777-300ERSF in November 2025, operated by Air Atlanta and wet-leased to Hungary Airlines.

The aircraft will be based in Budapest and serve dedicated routes to Mainland China and Hong Kong, creating a fast, stable, and cost-efficient cargo bridge between Asia and Europe. The second 777-300ERSF is scheduled to join the operation in the first half of 2026. This forthcoming addition will further strengthen the cooperation and the long-term partnership between all three key stakeholders.

The 777-300ERSF, also known as the ‘Big Twin,’ is the largest twin-engine passenger-to-freighter conversion in the world, offering exceptional efficiency, payload capacity, and cargo volume. The aircraft combines proven reliability, fuel efficiency, and extended range with advanced freighter capabilities.

“As one of the world’s leading Aircraft, Crew, Maintenance, and Insurance (ACMI) and charter operators, Air Atlanta is proud to extend its partnership with Fly Meta and welcome Hungary Airlines into this collaboration. With our proven experience in managing widebody freighters in the world’s fast-paced global marketplace, we will ensure the highest operational standards, safety, and efficiency, supporting the growth of this new Central and Eastern European hub,” says Baldvin M.

Hermannsson, CEO, Air Atlanta. Fly Meta has, since 2022, positioned the 777-300ERSF as the core of its freighter fleet, securing aircraft through long-term lease agreements with AerCap to build long-term and reliable capacity. Focused on digitalisation, AI-driven solutions, and innovative asset management, the airline is redefining what it means to be a ‘next-generation carrier.’

Air Atlanta, a major player in ACMI and charter operations, has been a trusted partner of Fly Meta since 2023, operating two 747-400Fs that established regular China–Europe services. Hungary Airlines, Hungary’s national flag carrier, received its Air Operator Certificate (AOC) at the end of 2024 and has swiftly become the only widebody freighter operator in Central and Eastern Europe.

Leveraging Budapest’s strategic location, the airline is fast emerging as a key regional cargo hub. Notably, AerCap is the launch customer for the 777-300ERSF conversion programme. The aircraft recently made its first commercial flight for DHL Express, operated by Kalitta Air, the launch operator of the 777-300ERSF, flying as K4510 from Cincinnati to Atlanta on Tuesday, October 7, 2025.

IAI received the Supplemental Type Certificate (STC) for the 777-300ERSF from both the U.S. Federal Aviation Administration (FAA) and the Civil Aviation Authority of Israel (CAAI) in September this year.

Challenge Group, Kalitta Air partner on 777-300ERSF operations


Challenge Group has announced a strategic ACMI (Aircraft, Crew, Maintenance, and Insurance) partnership with Kalitta Air for the operation of a Boeing 777-300ERSF (N771CK), marking its first international deployment on the route connecting Tel Aviv – Hong Kong – Tel Aviv via Dubai.

The collaboration marks a key milestone for both companies, paving the way for the introduction of one of the industry’s most advanced and efficient freighter aircraft, according to an official release from Challenge Group. The partnership will enable Challenge Group to assess the aircraft’s operational performance and gain practical experience with the Boeing 777-300ERSF platform ahead of receiving its own aircraft of the same type later this year. 

“This partnership with Kalitta Air is a significant step in our long-term strategy to integrate the Boeing 777-300ERSF into our fleet. It provides us with the opportunity to test and familiarise ourselves with this new aircraft type, ensuring that when our first converted aircraft arrives, we are fully prepared to operate it at the highest standards.

This will ultimately allow us to offer our customers a more efficient, flexible, and environmentally responsible air cargo solution,” says Or Zak, Chief Commercial Officer at Challenge Group. Also Read - Air Logistics Group appoints Assaad Sfeir as VP Airline Sales Challenge Group’s first Boeing 777-300ERSF, leased from AerCap and registered under the Maltese Air Operator Certificate (AOC), will be the first of its kind ever registered in the EASA region.

Through this ACMI partnership with Kalitta Air, Challenge Group is proactively preparing for a smooth transition to the new aircraft type, aiming to maximise operational efficiency, strengthen its network capabilities, and offer more sustainable solutions to customers, the release added.

“We are pleased to partner with Challenge Group on the introduction of the first-of-its-kind Boeing 777-300ERSF into international service. This collaboration reflects our shared commitment to supporting a valued customer with reliable, efficient, and flexible air cargo solutions.

We look forward to demonstrating the aircraft’s capabilities while delivering dependable ACMI service throughout the operation,” says Heath Nicholl, Chief Operating Officer & Executive Vice President of Kalitta Air.

Changi Airport Q3 airfreight rises 3.7% amid global trade growth


Singapore Changi Airport recorded 531,000 tonnes of airfreight throughput in the third quarter of 2025, marking a 3.7% year-on-year increase. Imports showed particularly strong growth, rising 10% compared to 2024 levels, highlighting Changi’s resilience amid global trade uncertainties.

Changi’s top five cargo markets for the quarter were China, the United States, Australia, Hong Kong, and India. The airport also strengthened its regional freighter connectivity, welcoming JD Airlines thrice-weekly scheduled Shenzhen service, providing more options for shippers and freight forwarders between Southeast Asia and China.

Air cargo continues to benefit from Changi’s expanding network, with around 100 airlines operating about 7,000 weekly flights connecting Singapore to over 160 cities across 50 countries and territories. The airport’s robust airfreight infrastructure positions it as a critical hub for global trade flows in the region.

Mr Lim Ching Kiat, Executive Vice President for Air Hub and Cargo Development at Changi Airport Group, said, “Changi continues to build on positive momentum in travel demand this quarter.

Our growing network of airlines and destinations strengthens connectivity and supports the region’s airfreight and trade ecosystem.” The airport has also added new city links and expanded services, further supporting cargo and trade flows. Changi’s initiatives aim to offer shippers greater reliability and options as demand for airfreight remains strong.

Glasgow Prestwick Airport launches new freighter route to China


Glasgow Prestwick Airport has partnered with Beijing Capital Airlines to launch a four-times-weekly freighter service between Prestwick and Zhengzhou, boosting e-commerce capacity and export opportunities for Scottish and UK produce.

The first flight, operated by an Airbus A330-243 (P2F), arrived at Prestwick on 16 October, marking the start of the regular service. The route will carry e-commerce and general cargo into the UK, while premium goods such as Scottish salmon, whisky, and other high-value products will be shipped to China.

Beijing Capital Airlines becomes the third cargo carrier to establish a scheduled service at Prestwick in the past six months, reflecting the airport’s growing reputation as a key UK cargo hub.


“This third scheduled service underlines Prestwick’s position as one of the United Kingdom’s leading cargo hubs and demonstrates the strength of our e-commerce solution,” said Ian Forgie, Chief Executive Officer of Glasgow Prestwick Airport.

 “Our new partnership with Beijing Capital Airlines expands capacity, increases frequency, and offers exporters throughout the UK a new destination in mainland China.”

The agreement is part of Prestwick’s long-term cargo development strategy, which aims to build sustainable, high-frequency routes connecting UK exporters with major international trading centres. These services strengthen Prestwick’s role in UK-China trade and the e-commerce sector.

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, Cargo Forwarder Global  &  Air Cargo News.

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