JUPITER SEA & AIR
SERVICES PVT. LTD, EGMORE – CHENNAI, INDIA.
E-MAIL : Robert.sands@jupiterseaair.co.in Mobile : +91 98407 85202
Corporate News
Letter for Thursday November 06,
2025
Today’s
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/// Sea Cargo News ///
India
Maritime Week 2025 held at Mumbai from 27th October to 31st October
witnessed strong international participation from Industry leaders and industry
stakeholders from leading maritime nations, underscoring the event’s growing stature as a global platform for
collaboration and innovation in maritime sector.
Against this backdrop, V.O. Chidambaranar Port Authority, Tuticorin, had signed
29 MoUs with key stakeholders on Port Modernization, Ship Building, Information
Technology, Sustainability, and other services, collectively valued at ₹90,936
crore.
Among
the MoUs signed, three major MoUs in green energy sector collectively represent
an investment exceeding ₹45,400 crore. The first agreement was penned with
Green Infra Renewable Energy Farms Private Limited (GIREFPL), a Sembcorp group
company, for the establishment of a common storage farm for green ammonia and
other hydrogen derivatives, involving an investment of ₹25,400 crore.
The
second MoU was exchanged with ACME Green Hydrogen and Chemicals Private Limited
for a 1,200 MTPD Green Ammonia Project valued at ₹15,000 crore, whilst the
third was signed with CGS Energy Private Limited for a 300 TPD Green Ammonia
production facility, at an investment of ₹5,000 crore. These projects are set
to significantly bolster the port’s standing as a future-ready Green Hydrogen
Hub for southern India.
The
event also featured the launch of the Case study by the Indian Institute of
Management (IIM), Calcutta, on Sustainable Transformation and Decarbonization
in India’s Maritime Sector - VOC Port’s Journey to a Green Port.
The
case study highlights the inherent challenges of transitioning to sustainable
operations, while showcasing VOC Port’s achievements and its emerging role as a
hub for green hydrogen initiatives.
The
case study was released by Shri Sarbananda Sonowal Hon’ble Minister for Ports,
Shipping and Waterways, in the presence of Shri Vijay Kumar, IAS, Secretary,
MoPSW, S. Venkatesapathy, Joint Secretary, MoPSW, Shri Susanta Kumar Purohit,
IRSEE, Chairperson, VOC Port Authority and Prof. Ramya Venkateswaran, IIM
Calcutta.
On
the concluding day of the event featuring the awards ceremony, VOC Port was
honoured with the ‘Green Visionary’ award for bringing out the ongoing and
future green initiatives of the Port in the Port’s pavilion. On behalf of the
Port, Shri Susanta Kumar Purohit, IRSEE, Chairperson and Shri Rajesh
Soundararajan, IAS, received the award from Shri Sarbananda Sonowal Hon’ble
Minister for Ports, Shipping and Waterways in the presence of Shri Shantanu
Thakur, Hon’ble Minister of State for Ports, Shipping and Waterways and senior
officials from MoPSW.
Shri
Susanta Kumar Purohit, IRSEE, Chairperson, VOC Port Authority, in his message
conveyed that VOC Port has sealed multiple MoUs with various stakeholders and
we anticipate substantial inflow of investments and the generation of many new
jobs. We are working extremely hard to transform VOC Port into a port of the
future, with green energy initiatives and the development of an outer harbour.
Chennai port revives ₹8,000 crore outer harbour project
Chennai
Port Authority has revived its ambitious ₹8,000-crore outer harbour project,
aiming to transform the port into a hub capable of handling the world’s largest
vessels. The first phase of the project is expected to be operational by 2031.
Planned
to be developed seaward, beyond the existing harbour line, the outer harbour
will significantly expand capacity, enhance cargo handling efficiency, and
reduce logistics time and costs. Designed with a draft of over 20 metres, it
will enable Chennai Port to accommodate ultra-large container ships of more
than 20,000 TEU capacity — a major leap in capability for the eastern coast.
According
to officials, the project will be developed on a
Design-Build-Finance-Operate-Transfer (DBFOT) model, with a 45-year concession
period. A transaction advisor will soon be appointed to conduct a detailed
feasibility study, and the concessionaire is expected to be selected by the end
of 2026.
Construction
will take place in multiple phases. The initial phase will cater to vessels
with an 18-metre draft, while later stages will upgrade infrastructure to
handle ships with drafts up to 21 metres, incorporating advancements in
maritime technology along the way.
The
project’s scope, as outlined in the Request for Proposal (RFP), includes the
construction of breakwaters, land reclamation for yard development, berth and
container yard construction, road and rail connectivity, dredging of basins and
channels, installation of handling equipment, and provision of navigational
aids, tugs, and other floating crafts.
This
marks Chennai Port Authority’s third attempt to bring the outer harbour vision
to life. Initially conceived in 2007 as a mega container terminal north of
Bharathi Dock, the project aimed to create a two-kilometre quay and 4 million
TEU capacity facility but failed to attract investors. A renewed effort in 2013
also fell short.
The
latest revival reflects India’s growing industrial activity, rising
transshipment potential in the region, and evolving trends in global shipping.
The timing coincides with the progress of the Chennai Port–Maduravoyal Elevated
Corridor — a key infrastructure project designed to streamline port access.
The corridor will feature dedicated levels and multiple ramps to segregate port traffic from city vehicles, easing congestion and ensuring smoother cargo movement as Chennai’s maritime operations expand.
COSCO launches $1.75 billion green fleet expansion with 29 new vessels
The
initiative covers the construction of 29 next-generation vessels, scheduled for
delivery between April 2027 and late 2028, marking a major stride in the
company’s long-term decarbonization and modernization strategy.
In
an industry navigating volatile markets and tightening environmental
regulations, COSCO’s bold investment underscores confidence in sustainable
shipping as both a business imperative and a competitive advantage.
According
to company filings and industry sources, the newbuild program is designed to
align with emerging international emissions standards and to position COSCO at
the forefront of the green transition sweeping through global trade. The
vessels will feature cutting-edge designs to improve fuel efficiency and reduce
emissions, with several configured for alternative fuels such as methanol and
ammonia.
The
move builds on recent milestones, including COSCO’s successful conversion of
the COSCO Shipping Libra—a 20,000 TEU containership—into a
methanol-fueled vessel. The project, hailed as a world first, demonstrated the
feasibility of retrofitting large boxships for low-carbon operations, combining
innovation with practical implementation. Together, these retrofits
and newbuilds form a dual-track strategy: revitalize existing assets while
building the ships of the future.
COSCO’s
2025 expansion push extends beyond container vessels. The group has also placed
orders for Newcastlemax bulk carriers, asphalt tankers, VLCCs, and LNG
carriers, many of which are equipped with dual-fuel or alternative propulsion
systems. This diversified orderbook reflects not just fleet growth, but a
deliberate focus on technological transformation.
The
ripple effects are expected to reach shipyards, suppliers, and chartering
markets across Asia and beyond—further cementing China’s leadership in both
commercial tonnage and green maritime innovation. The initiative also
dovetails with China’s broader sustainability agenda, as the government
accelerates efforts to decarbonize heavy industries, including shipping.
In
today’s maritime economy, carriers are increasingly measured not only by
capacity, but by their environmental credibility. COSCO’s billion-dollar
commitment stands as both a strategic investment and a compliance-ready
response to the industry’s changing rules of engagement.
Ultimately,
this is more than a fleet upgrade—it’s a glimpse of where global shipping is
headed: a future where investing in green technology isn’t optional, but
essential for long-term relevance and profitability.
Europe’s capital markets union trust problem
How Europe can proceed towards a
viable capital markets union was the subject of a roundtable hosted by OMFIF
for the launch of Can Europe Survive?, a new book by David Marsh. While most
participants agreed on the desirability of the CMU, they identified trust among
European Union member states as the most serious constraint on its advancement.
The CMU promises lower costs of
borrowing for governments and businesses alike, higher rates of return on
capital, enhanced risk-sharing resulting in a more resilient banking system,
greater productivity and a richer, more prosperous and innovative society. Such
far-reaching benefits entail multifarious policy initiatives, with components
including financial market infrastructure, corporate reporting, banking
supervision and the creation of a true euro-denominated reserve asset, all with
a view to developing deep and liquid capital markets in the EU.
While progress has advanced
slowly, there have been some notable successes over the past decade. The EU now
leads the world in the synthetic securitisation market, where assets remain on
the balance sheet of the originator but credit risk is synthetically
transferred through a contingent derivative (such as a credit-linked note),
deepening European capital markets.
The Next Generation EU fund
established an EU-level yield curve, paving the way towards the creation of a
homogeneous and liquid pool of euro-denominated safe assets. NGEU created a
framework for up to €750bn in long-term debt issued at the European level, to
finance loans and grants to support recovery from the Covid-19 pandemic. The
Single Supervisory Mechanism, under which the European Central Bank supervises
114 ‘significant’ banking institutions in the Union, lays the groundwork for
the banking union that would undergird the CMU.
Looking ahead, the forthcoming
European Single Access Point database will centralise corporate financial and
sustainability information, enhancing intra-union corporate transparency. The
announcement of increased consolidation of supervision of ‘data and information
service providers’, such as exchanges, by the European Securities and Markets
Authority is also a step forward.
Despite these modest successes,
the CMU remains mired in disputes that pit national capitals against one
another. A project with such sweeping domestic and international policy
implications is inevitably contentious. Key components of the project, such as
taxation rules, most aspects of insolvency legislation and the licencing of
financial institutions remain national competencies, meaning that progress
necessitates consensus among 27 member states.
For the most part, the successes
to date of the CMU are those that require the least intraunion trust. The ESAP
project does not pit the interests of member states against each other. It
merely consolidates corporate financial and sustainability reporting
information at the EU level. It is an easy win for proponents of the CMU.
Citizens, researchers and
businesses all benefit from this increased transparency, no additional
reporting obligations are imposed and almost no new processes or costs are
created. Critically, no country has an interest group with financial incentives
to oppose ESAP and none needs to make major legislative changes. Trust is not a
factor.
Advancements in the
securitisation market require similarly little intraunion trust. In 2021, a
regulatory change facilitated a boom in the European synthetic securitisation
market, and Europe now accounts for almost half of synthetic securitisation
globally. However, financial regulation was already a European competency.
While member states must trust
European regulators to competently assess and manage risk, national capitals
did not need to trust each other to achieve this step towards CMU.
The rise of the SSM and the
current proposals to increase the consolidation of supervisory powers over
‘data and information service providers’ with ESMA are more fraught. There are
clear benefits to consolidating banking supervision within one trans-union
expert agency, in both efficiency and the convergence of standards and
consistent application of rules.
Despite this, the creation of the
SSM raised concerns over the erosion of sovereignty given the connection
between fiscal sustainability and banking stability. Member states with strong
national banking authorities, such as Germany and Austria, were particularly
averse to transferring control to the European level. Yet, this reform still
did not require member states to trust each other. Rather, they put their faith
in an independent European bureaucracy, with strong institutional credibility.
The CMU proceeded, slowly.
The NGEU fund is different. For the first time, European nations agreed to
issue common debt to finance collective expenditure...Member states showed
faith in each other, but it took a global crisis to bring this about.
Unfortunately, the CMU cannot
proceed on the back of successive crises. Lasting progress can be achieved only
through the gruelling work of legislative compromise. Since 2015, CMU related
policies have generated more than 55 regulatory proposals and 50 non-legislative
initiatives at the European level.
Despite broad agreement on the
need to harmonise insolvency, taxation, and licensing rules, progress on these
structurally difficult problems typically stalls endlessly in the European
legislative process or advances only in the form of nonbinding commitments.
At the OMFIF event, a former
central banker, referring to a perceived absence of concrete actions advancing
the CMU, noted that: ‘we build trust by doing, by translating policy into
action’. Sadly, trust may be both the prerequisite and the missing ingredient
for meaningful advancements of the CMU.
US oil and gas production hit fresh record high in August, EIA data shows
Record U.S. oil production has
been one of the main causes for a slump in commodity prices this year, with
global benchmark Brent crude prices trading just above $65 on Friday, about 14%
below the same time last year. It is also partly what has pushed the OPEC+
group to unwind years of deep supply cuts, as it looks to claw back market
share.
U.S. crude oil output rose 86,000
barrels per day to a record 13.8 million bpd, the EIA data showed. The previous
record was in July, which the EIA now estimates at about 13.7 million bpd, up
from a report last month that pegged July production at 13.6 million bpd.
Oil output from New Mexico, the
second-largest oil producing state, hit a record 2.3 million bpd, while output
from the federal offshore gulf region rose to 1.98 million bpd, the highest
since February 2020.
Future U.S. oil output growth is
widely expected to be concentrated in the offshore gulf region as the country’s
top onshore fields are maturing.
U.S. gross natural gas production
from the Lower 48 states also rose to a record 122.8 billion cubic feet per day
(bcfd) in August, up from the prior all-time high of 122.1 bcfd in July,
according to the agency’s 914 production report. In top
gas-producing states, monthly output in August rose by 1.2% to a record 38.0
bcfd in Texas, but fell 0.7% to 20.9 bcfd in Pennsylvania, the EIA
said. That compares with prior monthly all-time highs of 37.5
bcfd in July in Texas and 21.9 bcfd in December 2021 in Pennsylvania.
Qatar
Cargo/Mammoth converted Boeing 777-200F test flightQatar
Cargo's Mammoth 777-200 freighter conversions may be delayed by US government
shutdown
Qatar
Airways Cargo is now expecting its first Mammoth Freighters 777-200LRMF
conversion in January, but the airline remains confident the delay represents
months rather than years
Qatar
Airways Cargo may face delays in receiving its first 777 freighter conversions
from Mammoth Freighters due to the federal government shutdown in the US.
The
Doha-headquartered airline had decided to invest in
five 777-200LRMF aircraft from the Fort Worth, Texas-based conversion
company partly because of the delays to delivery for its new generation Boeing 777-8Fs, and was due to
receive the first and second 777-200LRMFs this quarter as the launch
customer for the conversion freighter.
But while
Mammoth is close to securing Supplemental Type
Certification (STC) for the 777-200LRMF, Mark
Drusch, chief cargo officer at Qatar Airways, told Air Cargo News
(ACN) that the contined US government shutdown has delayed the
certification process and the first aircraft is now expected in January.
“That
timeline is still indeterminate, because the US government shutdown means that
the certification process has slowed down," said Drusch in an
interview with ACN at the air cargo Southeast Asia conference
and exhibition.
“We need
to see how much work can get done and how long the shutdown will be to
determine when we get (the aircraft). Right now, we are assuming that we get
the first aircraft in January.”
Drusch
said the government shutdown, whch has been in place since 1 October, could
potentially push back the deliveries of all five aircraft, but pointed out that
disruption in the air cargo industry is routine and expected now, with tariffs
and the end of the de minimis exemption impacting trade and supply chain flows
throughout this year.
“We were
expecting to get the first and second aircraft this quarter,"
added Drusch. Until we really know when the first one comes, we won’t
know when units two through five arrive.”
“It’s a
waiting game, which is not the best thing when you’re trying to plan a
business. But the whole industry is in a waiting game right now with
uncertainty."
However,
Drusch stated that Qatar Airways Cargo is not concerned about the delays,
because the deliveries are a matter of when, not if.
“Those
airplanes are going to come. It’s just a matter of what month. So I’m not
worried. It’s not like they could be two or three years delayed. It’s not a
longer term issue.”
Further,
Mammoth believes the first aircraft may still be delivered before the end of
the year.
Brian
McCarthy, vice president of marketing & sales for Mammoth, told ACN:
"The government shut down, did affect us for a couple of weeks when the
FAA was not in the office. But we are now fully engaged with the FAA and they
do have representatives working on this program for us at this very moment.
They have also agreed to do a timeline that looks very promising for us to get
this done before the end of the year."
McCarthy
explained that Mammoth is yet carry out a couple of flights witnessed by the
FAA, but these will be completed between 20-23 November and then
the 777-200LRMF should enter type inspection authorization (TIA)
status to await the final administrative processes before the STC is
granted.
After the
STC is granted, Mammoth will be able to begin handing over
the 777-200LRMFs to Qatar Airways Cargo.
Mammoth
told ACN in August that it had been carrying out company
and formal Federal Aviation Administration (FAA) test flights for
the 777-200LRMF and planned to complete these by early October.
In
September, Mammoth was undertaking final test flights for the
777-200LRMF as it progressed towards STC for the aircraft.
In May,
Qatar Airways Cargo was confirmed as the launch customer for Mammoth’s 777-200 conversion programme after signing
an agreement for five of the aircraft with Texas-located lessor Jetran.
Drusch
told ACN in June that the one of the main reasons for Qatar
Airways’ recent deal for converted Boeing 777 aircraft was delays to the
delivery of the new 777-8F aircraft that the airline has on order.
In 2022,
the airline placed an order for 34 of Boeing’s new 777-8F jet, with options for
16 more. But the launch date for the new widebody freighter has been pushed back from 2027 to 2028 at the earliest.
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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