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 October 21, 2025
Today’s Exchange Rates
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/// Sea Cargo News ///
Supreme Court declines interim relief plea; JNPA to proceed with development of Vadhvan Port
Pursuant to the Cabinet approval, Jawaharlal Nehru Port Authority (JNPA) is developing the Vadhvan Port at Taluka Dahanu, District Palghar, Maharashtra. The project, one of India’s most ambitious port infrastructure initiatives, had been challenged by certain local associations before the Hon’ble Supreme Court of India. These associations had sought interim relief in the form of restraining orders to halt any work relating to the establishment of a Major Port at Vadhvan, Dahanu Taluka.
Vide order dated 28.02.2025, the Supreme Court, after taking on record the development schedule of the Vadhvan Port Project submitted by JNPA, dismissed the prayer for interim relief sought by the petitioners. The Court observed that the acquisition proceedings and other related steps would remain subject to further orders in the pending petitions.
As of date, there is no stay on the development work of Vadhvan Port, and JNPA continues to pursue the project in line with the approved schedule placed before the Hon’ble Supreme Court.
Speaking on the development, Unmesh Sharad Wagh, IRS, Chairperson, JNPA and CMD, Vadhvan Port Project Ltd. (VPPL), stated, “The Hon’ble Supreme Court’s order reaffirms faith in India’s maritime vision and the integrity of due process. Vadhvan Port is not merely an infrastructural undertaking—it is an emblem of progress, poised to connect the nation’s western coast with the world’s trade arteries. As we move ahead, our endeavour remains guided by sensitivity and balance—ensuring that development does not come at the expense of community, but rather, in concert with it. We remain deeply committed to the well-being of local residents, striving to create an ecosystem where growth and harmony coexist, and where the benefits of progress are shared inclusively and sustainably.”
The Vadhvan Port Project is envisioned to redefine India’s maritime landscape by enhancing port capacity, catalysing regional development, and strengthening the nation’s position as a global logistics hub.
China Increases Response to USTR Fees With Sanctions on Hanwha US Ops
The Chinese government has increased its response as the first day of port fees came into effect in both China and the United States. Among the moves were sanctions leveled at the U.S. assets of Hanwha as the first company targeted for aiding the U.S.’s efforts.
The United States and China each began collecting their port fees linked to the other country’s shipping and shipbuilding industries as the programs became embroiled in the broader trade war between the countries. China continues to lash out at the U.S., saying it is taking steps that harm China’s national interests and trade.
After announcing reciprocal port fees, China provided some further details on the program. In addition to targeting U.S.-built or flagged ships, China will impose the fees on companies that have 25 percent investment from the United States, which could potentially make the program far more wide-reaching. However, as it issued follow-up details, it said all Chinese-built ships are excluded, as are vessels arriving in ballast to go to a Chinese shipyard for repairs.
In addition to a blistering media campaign against the U.S. program, China’s Ministry of Commerce announced that it would bar Chinese companies from doing business with five of Hanwha’s U.S. subsidiaries. It accused the Korean company of having assisted the U.S. in its port fee initiative while saying the ministry was investigating the overall program and its impact on Chinese commerce. It said there could be further responses.
The sanctions were imposed against Hanwha Philly Shipyard, Hanwha Shipping, Hanwha Ocean USA International, Hanwha Shipping Holdings, and HS USA Holdings. Hanwha, earlier this year, revealed its plans to get into the shipping business by building tankers and LNG carriers that it will flag in the United States for international trade. The company has been working to build its U.S. shipbuilding operations and, in South Korea, started the first MRO contracts for U.S. Navy auxiliary vessels and committed to the Make American Shipbuilding Great Again initiative.
Analysts highlight that the sanctions will block Hanwha’s access to Chinese suppliers for components and equipment. Reuters also reports that the company, which acquired the former Daewoo Shipbuilding & Marine Engineering, has operations in China that build blocks for the shipyards.
Today’s announcement of the investigation into the USTR program and the sanctions against Hanwha are seen as another element in the broader trade war. Last week, China suddenly announced new limitations on the exports of rare earth minerals. The Chinese letters sent out to countries angered the Trump administration, which immediately fired back, announcing a new 100 percent tariff on Chinese goods and import restrictions on Chinese software.
The USTR also announced on October 10 plans to add further tariffs on Chinese-made port equipment. The program has already targeted Chinese container cranes with tariffs and would now add increased fees on gantry cranes and other port equipment made in China.
Donald Trump and China’s President Xi Jinping are scheduled to meet later this month on the sidelines of an Asian conference. Observers have questioned whether the meeting will proceed, but China said working-level talks were still ongoing. It also called for the U.S. to take steps toward co-operation, as it said the broader trade talks were also proceeding. In August, Donald Trump paused the implementation of tariffs on Chinese goods till November 10, reporting that they had a framework and were making good progress on a trade agreement.
Russia’s seaborne fuel exports sank 17% in September after drone attacks
Several major refineries were attacked by drones in August and September, including Surgutneftegaz’s Kirishinefteorgsintez refinery, Lukoil’s Volgograd refinery and Rosneft’s Samara group of refineries. The resulting unplanned outages at a number of key refineries curtailed fuel exports and drove up crude oil shipments, market sources said.
In September, total oil product exports via the Baltic ports of Primorsk, Vysotsk, St Petersburg and Ust-Luga fell by 15.4% month-on-month to 4.36 million tons, data from market sources showed. Fuel exports via Russia’s Black Sea and Azov Sea ports last month decreased 23.2% from August to 2.52 million tons.
Oil product exports from Russia’s Arctic ports of Murmansk and Arkhangelsk rose slightly in September – by 1.8% on a monthly basis – to 30,200 tons. Fuel export loadings at Russia’s Far East ports were down 1.5% month-on-month last month to 661,300 tons, data from sources and Reuters calculations showed.
China’s halt on US soybean purchases threatens Panamax demand
China has decided to suspend purchases of US soybeans as a retaliatory measure against the tariffs imposed by the US on Chinese imports. As a result, no US soybean shipment has arrived at Chinese ports so far this season, when typically around 13 million tonnes of soybean lands at Chinese ports from the US between September and November. Given the seasonal nature of this trade, shipments usually begin to increase in September and reach their peak in October and November. This year, however, more than one million tonnes of soybean trade has already been lost in September, and close to 12 million tonnes remains at risk over the next two months.
More than 95% of these cargoes are carried on Panamax vessels, translating to roughly 180–190 Panamax shipments in October–November under normal circumstances and generating about 120 billion tonne-miles during the same period. This translates to nearly 12% of the total Panamax tonne-mile demand, which averages around 1,037 billion tonne miles during these two months. Should October and November follow the same pattern as September, with no shipments, Panamax freight rates could come under noticeable pressure.
China typically buys between 25 million tonnes to 30 million tonnes of US soybean annually. While the US might attempt to divert its exports to other destinations, it will be difficult to replace the scale and consistency of Chinese demand. Likewise, China will struggle to find alternative suppliers capable of meeting its needs entirely. Eventually, both sides are likely to resume trade, but if the deadlock extends even for a couple of months, Panamax employment will take a hit during the peak shipping window.
The impact is already visible in the forward freight market. Sentiment has weakened across the mid-size segments, with the Panamax P5TC Baltic FFA for October 2025 (as on 6 October 2025) showing a 9% decline from September’s average rate. The forward curve points to further softness, with November and December contracts down by 12% and 15%, respectively.
The suspension of US soybean shipments to China threatens a key seasonal trade that typically employs 180–190 Panamax vessels between October and November, generating about 120 billion tonne-miles. Reflecting this uncertainty, forward freight agreements for October–December 2025 are being fixed below September averages, highlighting concerns over reduced vessel demand on this route.
Swedish Prosecutor Confirms January Cable Break was Accident by Bulker
The Swedish Prosecution Authority reports it has closed the investigation into a January communication cable break in the Baltic, convinced that it was an accident. They confirmed that the Navibulgar vessel Vezhen had caused the break, but said there was no evidence of serious sabotage or other crimes.
The bulker Vezhen (32,196 dwt), built in 2002 and registered in Malta, had departed Ust-Luga, Russia, on January 24, and two days later, the cable damage was reported south of Gotland, Sweden. Swedish authorities detained the vessel for an investigation, but released it at the beginning of February, saying it was not a case of gross sabotage. They, however, continued the investigation to piece together the events.
The final statement says they determined through interviews and reviewing the vessel’s Voyage Data Recorder and other investigations that there was very bad weather with high waves in the Baltic on January 25. They also reviewed video footage from the vessel, including at the time of the cable break, to conclude it was an accident.
“The causes of the cable break have been clarified,” said Public Prosecutor Mats Ljungqvist at the National Security Unit. “The investigation clearly shows that the cable break was caused by a combination of severe weather, technical deficiencies, and suspected inadequate seamanship on the vessel in question.”
An inspection of the ship showed the anchor should have had three independent safety devices, but two had been out of order for some time. The third device broke on January 25 as the vessel was hit by the high waves. The anchor and the full length of the chain were released. It caused the vessel to slow and turn, but the autopilot compensated, and no alarm sounded. The ship continued forward with its dragging anchor, snagging the subsea communication line running between Sweden and Latvia. District Attorney Mats Ljungqvist said they had concluded it was not a deliberate act. He noted there was no provision to charge a negligence crime.
It was noted that the circumstances are very similar to an event a month earlier when the shadow fleet tanker Eagle S damaged power and communication cables off Finland. Three officers were charged in Finland with negligence crimes, but the court ruled it lacked jurisdiction to rule in the case because the damage was in international waters. The case in Finland is currently being appealed, as prosecutors believe the crew should have detected the dragging anchor and corrected the problem before it damaged the cables.
The Swedish prosecutors noted that they had handed over the Vezhen case to Latvia’s criminal investigation authorities. Latvia is still investigating, but the case has been closed in Sweden.
Klaipėda Port reaches one million TEU milestone earlier than ever.
“Reaching the one-million-container mark for the fourth year in a row shows that Klaipėda Port is a strong and reliable player in the container market. One million isn’t the limit — the numbers keep growing every year. Such results come from teamwork and smart decisions, when good infrastructure meets professional operations. When the Port Authority creates the right conditions for business and stevedoring companies do their work with quality and precision, the outcome speaks for itself,” says Klaipėda Port Authority’s CEO, Algis Latakas.
This year, the one-million TEU handling mark was reached earlier than ever before – at the beginning of October. Last year, the milestone was reached in mid-December, and in 2023 and 2022 – just a few days before the end of the year.
The completion of the navigation channel deepening project two years ago opened up opportunities to receive larger, more fully loaded vessels – or to load them more efficiently. Other recently implemented projects have also contributed to positive handling numbers by ensuring smoother navigation and planning processes, even under unfavorable weather conditions. Prompt and efficient services provided by the Port Authority and stevedoring companies are a key advantage encouraging carriers to route their cargo through Klaipėda.
It is projected that by the end of this year, approximately 1.3 million TEU containers will be handled at the port. Last year, Klaipėda Port handled 1,068,771 TEU containers, and in 2023 – 1,050,804.
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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