JUPITER SEA & AIR
SERVICES PVT. LTD, EGMORE – CHENNAI, INDIA.
E-MAIL : Robert.sands@jupiterseaair.co.in Mobile : +91 98407 85202
Corporate News
Letter for Tuesday December 30,
2025
Today’s
Exchange Rates
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CURRENCY▲ |
PRICE |
CHANGE |
%CHANGE |
OPEN |
PREV.CLOSE |
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88.63 |
0.120003 |
0.135214 |
88.72 |
88.75 |
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1.159 |
0.0031 |
0.266751 |
1.1619 |
1.1621 |
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|
116.6901 |
0.046196 |
0.039573 |
116.6203 |
116.7363 |
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|
102.8357 |
0.300896 |
0.291745 |
102.9094 |
103.1366 |
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|
155.174 |
0.623993 |
0.403748 |
154.51 |
154.55 |
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|
1.3166 |
0.0005 |
0.037968 |
1.3159 |
1.3171 |
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99.395 |
0.095993 |
0.096671 |
99.266 |
99.299 |
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0.5727 |
0.0019 |
0.330657 |
0.5741 |
0.5746 |
/// Sea Cargo News ///
APSEZ Completes
Acquisition of Australia’s NQXT, Strengthens Global Port Footprint
Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest integrated transport utility, has completed the acquisition of 100 per cent interest in NQXT Australia after fulfilling all regulatory and shareholder approvals, including those from the Reserve Bank of India and Australia’s Foreign Investment Review Board.
As part of the transaction, APSEZ has
allotted 14.38 crore equity shares of face value ₹2 each to the seller,
Carmichael Rail and Port Singapore Holdings Pte Ltd, on a preferential basis.
Calling the acquisition a major milestone,
APSEZ Whole-time Director and CEO Ashwani Gupta said the closure of NQXT’s
acquisition significantly advances the company’s ambition of handling 1 billion
metric tonnes of cargo by 2030.
He added that NQXT’s strategic location,
strong growth outlook and sustainability credentials would enhance APSEZ’s
presence along the East-West corridor, complementing its international ports in
Israel, Colombo and Tanzania.
NQXT is a high-growth, cash generating asset
backed largely by take-or-pay contracts. In FY25, it had a contracted capacity
of 40 million tons and generated EBITDA of A$228 Million on a pro forma basis,
contributing around 6% of APSEZ’s revenue and 7% of its EBITDA.
Located at the Port of Abbot Point in North
Queensland, NQXT is a natural deep water, multi user export terminal with a
nameplate capacity of 50 million tons per annum. It operates under a long-term
lease from the Queensland government, with 85 years remaining until expiry in
2110. The terminal primarily serves mining customers in the Bowen and Galilee
basins, with nearly 88% of FY25 cargo shipped to Asian markets.
Declared a Strategic Port and priority port
development area by the Queensland government, the port of abbot point offers
significant expansion potential, including opportunities to support future
green hydrogen exports. NQXT’s operations have contributed over AS$10 billion
to Queensland’s Gross State Product and supported more than 8000 jobs across
mining and allied industries.
Pakistan Gains Ground
in China’s Textile Imports, Raising Competitive Pressure on Indian Exporters
Pakistan’s textile and apparel exports to
China continued to expand through 2025, underscoring intensifying regional
competition in Asia’s largest textile import market.
Shipments during January–November 2025 are
estimated at close to $490 million, led overwhelmingly by cotton yarn, which
remains the backbone of Pakistan’s export basket to China. Alongside yarn,
several smaller but faster-growing categories recorded strong percentage gains,
including women’s wear, home textiles, carpets, and baby garments.
While these segments still account for a
modest share of total exports, their growth points to early efforts by
Pakistani exporters to diversify beyond raw and semi-processed products and
move gradually toward higher-value items.
China continues to import yarn and textiles
to address domestic supply gaps, manage price volatility and support its
downstream apparel and home textile industries. Pakistan’s ability to defend
and expand its share in this market highlights the increasingly competitive
environment among Asian suppliers at a time when global textile demand remains
uneven and highly price sensitive.
MSC ship-shopping
spree goes on as charter rates hold steady
Mediterranean Shipping Company (MSC) has
continued its aggressive vessel acquisition drive, capitalising on steady
charter rates and a relatively stable second-han
d market to further expand its fleet, according to shipping market sources. The world’s largest container carrier by capacity has added several mid-age and modern vessels in recent weeks, reinforcing a strategy it has pursued since the pandemic years: prioritising owned tonnage over chartered ships to gain greater operational and cost control.
Brokers say MSC remains the most active buyer
in the resale market, particularly for vessels in the 2,000–10,000 teu range,
which offer flexibility across regional and secondary trades.
Indonesia Eyes US
Tariff Deal Signing in January After Resolving All Issues
Indonesia and the United States have resolved
all substantive issues in their ongoing tariff negotiations, setting the stage
for a landmark trade agreement expected to be signed by the end of January 2026
by Indonesian President Prabowo Subianto and U.S. President Donald Trump,
senior officials said Tuesday.
Senior Economic Minister Airlangga Hartarto,
who led Indonesia’s negotiating team, spoke from Washington, D.C., after
productive talks with U.S. Trade Representative Jamieson Greer. He said the two
sides have now agreed on all the major elements of a reciprocal tariff deal
that would significantly expand market access for both countries.
Under the framework being finalized, the
United States has agreed to tariff exemptions on key Indonesian export
products, including palm oil, tea, and coffee – commodities for which Indonesia
is a world leading supplier. In return, Washington will gain enhanced access to
Indonesia’s critical minerals sector, a priority for U.S. industry and national
security interests.
Officials described the negotiations as
having “normal dynamics” of diplomatic with both sides working through language
and technical details without any substantive disagreements. Earlier this
month, tensions surfaced when the U.S. accused Jakarta of backtracking on
commitments, but Indonesian officials said those were misunderstandings that
have since been harmonized.
CMA CGM Vessels Resume Suez Canal Transit as Red Sea Risks Ease
Two vessels operated by CMA CGM, the world’s
third-largest container shipping line, have transited the Suez Canal,
signalling a potential easing of disruptions caused by the Gaza conflict and
Red Sea security risks, the Suez Canal Authority (SCA) said on Tuesday.
According to the authority, the CMA CGM
Jacques Saade crossed the canal northbound on its voyage from Morocco to
Malaysia, while the CMA CGM Adonis transited southbound. The passages mark a
cautious return by major carriers to the strategic waterway after months of
diversions.
Since November 2023, many shipping companies
have avoided the Suez Canal and the Red Sea, opting instead for longer routes
around the Cape of Good Hope, following attacks on commercial vessels by
Yemen’s Iran-aligned Houthi militants. The group said the attacks were carried
out in solidarity with Palestinians amid the Gaza war.
COSCO Faces $1.2
Million Claim Over Disputed D&D Charges
COSCO Shipping Lines is facing a $1.2 million claim filed by a U.S.-based NVOCC over allegedly unjustified demurrage and detention (D&D) charges.
The claim, submitted to the U.S. Federal
Maritime Commission (FMC), accuses COSCO of imposing fees that violate the
Shipping Act by being “unjust and unreasonable” and lacking transparency.
The complainant, MAC Industries, claims that
COSCO charged fees on containers that should have qualified for extended free
time or alternative handling due to operational issues. The NVOCC argues that
the billing practices have directly harmed its business.
Demurrage and detention fees are intended to
encourage timely return of containers, but disputes over their application have
increased, especially amid port congestion and supply chain pressures. Industry
experts note that the outcome of this claim should have wider implications for
carrier billing practices globally.
COSCO has not issued any public comment
regarding the claim.
Kuwait Signs $4.1
Billion Deal with China to Complete Mubarak Al-Kabeer Port
Kuwait has signed a $4.1 billion agreement
with China to complete the construction of the Mubarak Al-Kabeer Port, marking
a major step in the country’s efforts to diversify its economy and strengthen
its role in global trade.
The State Audit Bureau, Kuwait’s government
oversight body, said on Monday that the engineering, procurement and
construction (EPC) contract for the project is valued at 1.28 billion Kuwaiti
dinars ($4.164 billion).
The port is located on Boubyan Island,
strategically positioned near key regional shipping routes. Prime Minister
Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah attended the contract-signing
ceremony, which was reported by state media. He said the Mubarak Al-Kabeer Port
is a strategic national project that will enhance Kuwait’s share in regional
and international trade and reinforce its integration into global supply chain.
BlackRock–MSC $23
Billion Global Ports Deal Faces Uncertainty Amid Cosco Demands
A proposed $23 billion acquisition of dozens
of ports worldwide by a BlackRock- and Mediterranean Shipping Company (MSC)-led
consortium is facing serious uncertainty after China’s state-owned shipping
major Cosco sought a majority stake in the transaction, according to people
familiar with the matter.
The consortium had agreed in March to acquire
43 ports across 23 countries from Hong Kong-based CK Hutchison, including two
strategically significant ports located along the Panama Canal. However,
negotiations have become increasingly complex following objections from
Beijing, which has raised national security concerns despite the deal involving
no mainland Chinese assets.
In an effort to address regulatory resistance
from China, COSCO was invited earlier this summer to join the consortium as a
minority partner. Initial discussions reportedly considered giving COSCO a
20-30% stake in the portfolio of global ports, excluding the Panama Canal
assets. These ports include major facilities such as Thames Port in the UK and
Rotterdam in the Netherlands.
However, COSCO has since pushed for a
majority ownership position, a move that has raised alarm among the existing
bidders. Sources say
BlackRock and MSC are now considering walking
away from the deal if COSCO insists on controlling the consortium. It remains
unclear whether COSCO’s stance reflects negotiating tactics or a directive from
Chinese higher authorities.
The original deal structure would have given
BlackRock control over the Panama Canal ports, while the Aponte
family-controlled MSC would have taken majority ownership of CK Hutchison’s
remaining Non-Chinese ports across Europe, South East Asia and the Middle East.
The transaction has geopolitical
implications, drawing praise from US President Donald Trump, who has pledged to
reduce foreign influence over the Panama Canal, while simultaneously attracting
criticism from Chinese officials.
Market reaction to the announcement was
initially positive, with CK Hutchison’s Hong Kong listed shared jumping 33% in
the days following the deal’s disclosure.
Negotiations are ongoing, but sources
indicate that any successful completion of the transaction may ultimately
depend on an improvement in US-China relations, potentially pushing resolution
into 2026. BlackRock declined to
comment, while CK Hutchison, MSC, COSCO and China’s foreign ministry have not
responded to requests for comment.
Hanseatic Global
Terminals to Develop New Container Terminal in Brazil with Imetame Group
Hanseatic Global Terminals (HGT) has agreed
with Brazil’s Imetame Group to acquire a 50 per cent stake in Imetame Logística
Porto (ILP), a joint venture focused on container terminal operations. The
partnership will jointly develop and operate a new container terminal, to be
known as Hanseatic Global Terminals Aracruz, on Brazil’s east coast.
The new terminal will be located in Aracruz,
Espírito Santo, and is scheduled to commence operations by mid-2028. Once fully
developed, the facility is expected to have an annual capacity of around 1.2
million TEU, supported by 750 metres of quay length and state-of-the-art
container handling equipment.
With a
water depth of 17 metres, the terminal will be capable of accommodating large
container vessels and serving both transshipment and gateway cargo.
///// AIR CARGO NEWS /////
Hong Kong Air Cargo resumes scheduled
services for Singapore, Chennai
Hong Kong Air Cargo has announced an enhancement to its Asian network with the resumption of scheduled services to Singapore (SIN) and the transition of its Chennai (MAA) route from charter to scheduled operations. Both changes are set to take effect on January 4, 2026.
According
to the press release, by moving from irregular charter flights to a fixed
schedule, the airline aims to provide cargo customers with greater consistency,
enabling more dependable shipment planning and streamlined supply chain
management across the region.
“The
network enhancement reflects our continued commitment to providing reliable and
customer-focused air cargo solutions across Asia and beyond,” the company said.
The expanded flight schedule features service increases across two major Asian
hubs beginning January 4.
For the
Hong Kong to Singapore corridor, flights RH371 and RH372 will provide
high-frequency coverage, operating six days a week from Tuesday through Sunday.
Meanwhile, the route between Hong Kong and Chennai will transition to a
three-times-weekly scheduled service.
This
includes midday departures on Wednesdays and Fridays via flights RH9375 and
RH9376, while Sunday operations will offer a late afternoon departure from Hong
Kong and a late-night return from Chennai. This expansion follows a series of
network updates for the carrier, which has recently grown its presence in other
South Asian hubs like Dhaka.
FedEx to face $175 million peak season hit following MD-11 grounding
FedEx warned investors that the emergency grounding of its MD-11 cargo fleet is expected to cost the company $175 million during the critical peak holiday shipping season. The grounding of the MD-11 fleet, a measure taken in late 2025 after a fatal UPS crash in Louisville, Kentucky, is creating significant logistical strain for major cargo carriers, including FedEx and UPS.
This
grounding followed the November 4 crash, which claimed 14 lives and was
attributed to fatigue cracking in the left engine's pylon. Consequently, the
FAA issued an emergency Airworthiness Directive. This directive mandates the
inspection of all MD-11s and similar DC-10s for the same structural weakness
before they are cleared to fly, directly impacting the operations of these key
logistics providers.
“It’s very
difficult to predict when the turn would come, but however, we are beginning to
see some level of industry consolidation, especially in the truckload business,
and while it takes a while to translate in the less than truckload, that
process seems to have begun,” said Fedex.
FedEx
Chief Financial Officer John Dietrich informed analysts that the company is
incurring expenses to find replacement capacity. These costs, combined with the
logistical hurdles of the grounding, are expected to weigh heavily on earnings
for the current quarter ending in February.
"We
expect meaningful headwinds in the second half from our MD-11 groundings,
primarily in Q3," Dietrich said. The MD-11 crisis is just one of several
factors impacting FedEx's bottom line. The company is also navigating costs
associated with the planned spin-off of its FedEx Freight trucking business,
scheduled for next summer.
The
company's revised outlook highlights financial headwinds, totalling $900
million in adjusted operating income year-over-year for the full fiscal year.
The anticipated impact is particularly sharp in the second half, with total
headwinds projected at $600 million.
Furthermore,
the revised outlook for the Freight division is considerably worse than
previously expected. FedEx now forecasts a $300 million decline in adjusted
operating income for Freight, which is triple the $100 million drop projected
in September. Despite the grounding, FedEx raised its full-year adjusted
operating income midpoint scenario to $6.2 billion, a $200 million increase
over its previous outlook.
Menzies Aviation enters Belgium with
freighter licence at Brussels
Menzies Aviation has expanded into Belgium after being awarded a seven-year freighter handling licence at Brussels Airport (BRU), marking its entry into the Belgian market. The start of operations at BRU adds Belgium to Menzies Aviation’s global network of more than 350 airports across 65 countries and reflects the company’s continued focus on expanding its freighter handling and airside service capabilities at key international hubs.
Brussels
Airport is a major European gateway for freighter operations, handling
significant volumes of pharmaceutical, perishable and high-value cargo. Under
the new licence, Menzies aims to improve aircraft turnaround management,
streamline ground handling processes and deliver safe, reliable and consistent
service for airlines operating dedicated freighter services at the airport.
As part of
the licence, Menzies has launched freighter handling operations for LATAM Cargo
at BRU. The company is supporting 15 weekly turns across three daily flights,
operating five days a week, connecting Belgium with LATAM’s network between
Europe and Latin America. LATAM’s growing presence in Europe reflects
increasing demand for reliable handling services.
Miguel
Gomez Sjunnesson, Executive Vice President Europe at Menzies Aviation, said the
licence award underlined the company’s freighter handling expertise and that
starting operations with LATAM’s expanding freighter schedule at Brussels
Airport provided a strong base for future growth. He added that the teams are
focused on delivering safe, efficient and high-quality services while raising
service standards for customers at the cargo hub.
WFS signs 20-year lease for new air
cargo hub at Heathrow
Worldwide Flight Services (WFS), a SATS company, has strengthened its long-term commitment to London Heathrow Airport (LHR) after securing a 20-year lease for a new, purpose-built on-airport air cargo warehouse. The 11,000m² facility, awarded through a competitive tender process, is scheduled to become fully operational in 2027 and will play a key role in supporting rising cargo volumes at the UK’s busiest air freight hub.
Located on
Southampton Road in the heart of Heathrow’s cargo area, the new warehouse is
designed to significantly enhance WFS’s handling capability and operational
efficiency. The facility will be equipped with a four-level, 220-position
Powered Cargo Handling System (PCHS), supported by two Elevating Transfer
Vehicles (ETVs).
Together
with other material handling system upgrades, this infrastructure will enable
the terminal to process more than 160,000 tonnes of cargo annually. The
investment comes as Heathrow continues to post strong cargo performance. In
2024, the airport handled 1.58 million tonnes of cargo, representing a 10
percent year-on-year increase, with goods valued at £215.6 billion.
Heathrow
remains the UK’s largest port by value, with airlines serving 230 destinations
across 85 countries and regions, carrying over 72 percent of all UK air cargo
by value. WFS’s own growth at Heathrow mirrors this broader trend. Cargo
volumes handled by the company were 28 percent higher in the first half of 2025
compared with the same period last year, driven by new airline contract wins
and organic growth from existing customers.
Currently,
WFS operates across eight facilities at Heathrow, covering nearly 44,000m², and
handles more than 350,000 tonnes annually for 12 major airlines, including Air
India and Riyadh Air. “Heathrow is literally flying from a cargo perspective,
so it is imperative that we can provide the physical infrastructure to process
these growing volumes,” said Chris Beale, Managing Director UK at WFS.
He added
that the new lease underlines WFS’s long-term commitment to the airport and its
airline and cargo customers. Beyond capacity expansion, the Southampton Road
warehouse will support WFS’ sustainability objectives and feature dedicated
facilities for special cargo, including pharmaceuticals, valuables,
perishables, express shipments, live animals, and dangerous goods.
It will
also be capable of handling outsize cargo such as cars and aircraft engines.
The new terminal is expected to create up to 100 jobs when it opens in 2027.
Boeing seeks emissions exemption to
sell 777Fs beyond 2027
US
planemaker petitions regulators for a fuel-efficiency waiver covering 35
aircraft as certification deadline looms ahead of delayed 777-8F.
Boeing is
seeking an emissions exemption from the US Department of Transportation (DOT)
to enable it to continue selling 777 freighters beyond the end of 2027 and
bridge the gap until its 777-8 freighter comes to market.
The US
aircraft manufacturer officially filed the petition for exemption with the US
DOT on 19 December, with a view to selling 35 more 777Fs.
Without an
exemption, these aircraft would not be eligible for a Certificate of
Airworthiness from 1 January 2028 because they do not comply with fuel
efficiency limits to curb emissions.
The letter
submitted to the DOT stated the petition is "for an Exemption from Title
14 Code of Federal Regulations (CFR) Part 38.1 and Title 40 CFR 1030.1 for
Boeing Model 777F".
Boeing
said in the petition document that its 777F exceeds the fuel-efficiency limits
set out in the regulations, which means the aircraft model will no longer be
eligible for FAA airworthiness certificates after 31 December 2027.
The
company also pointed out that although its new generation 777-8F will operate
within fuel-efficiency limits, the model will not yet be on the market when the
777F can no longer be certified by the Federal Aviation Administration (FAA).
The 777-8F
was originally anticipated to come to market in 2027, but in October 2024,
Boeing announced it would delay launch until 2028.
The
petition document said: "Boeing’s 777 Freighter (777F) exceeds the
fuel-efficiency limits set by 14 CFR S38.17 and therefore that model will no
longer be eligible for FAA airworthiness certificates after December 31, 2027.
Boeing is developing a more fuel-efficient successor, the 777-8 Freighter
(777-8F), which is expected to comply with the limits; however, the 777-8F will
not be available until after that date.
"The
requested relief will allow Boeing to meet anticipated customer demand and
support the substantial public interest in the sustained transportation of air
cargo prior to the 777-8F entering service. This petition therefore requests
exemption of a total quantity of 35 777F airplanes until achievement of 777 8F
first delivery and entry into service."
Boeing has
requested that the petition for an exemption be approved by 1 May 2026. Customers
have ordered 63 orders 777-8Fs since Boeing launched the programme in 2022
with Qatar Airways as the launch customer
Most
recently, China Airlines confirmed to Air Cargo News that
it would expand its order for 777-8Fs by four units to eight aircraft.
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.
anks to : Container News, Indian Seatrade, Cargo Forwarder Global & Air Cargo News.argo News.
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