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 February
10, 2025
Today’s
Exchange Rates
|
CURRENCY▲ |
PRICE |
CHANGE |
%CHANGE |
OPEN |
PREV.CLOSE |
|
|
90.77 |
0.099998 |
0.110288 |
90.55 |
90.67 |
|
|
|
1.1914 |
0.0099 |
0.837926 |
1.1816 |
1.1815 |
|
|
|
123.4518 |
0.351395 |
0.285454 |
123.2789 |
123.1004 |
|
|
|
107.6759 |
0.763702 |
0.714327 |
107.1238 |
106.9122 |
|
|
|
155.68 |
1.540009 |
0.979525 |
157.01 |
157.22 |
|
|
|
1.3683 |
0.0072 |
0.528984 |
1.3598 |
1.3611 |
|
|
|
97.329 |
0.304001 |
0.311371 |
97.70 |
97.633 |
|
|
|
0.5796 |
0.0025 |
0.4332 |
0.5759 |
0.5771 |
|
/// Sea Cargo News ///
SCI signs MoU to form Bharat Container Shipping Line, boosting India’s Maritime Self-Reliance
The MoU was signed in the august presence of Shri Sarbananda Sonowal ji, Hon’ble Union Minister for Ports, Shipping and Waterways; Shri Ashwini Vaishnaw ji, Hon’ble Union Minister for Railways; and Shri Shantanu Thakur ji, Hon’ble Minister of State for Ports, Shipping and Waterways.
The proposed Bharat Container Shipping Line is envisioned as a strategic national carrier that will augment India’s presence in global container trade, reduce dependence on foreign shipping lines, and provide reliable, cost-effective container shipping services for Indian exporters and importers. The initiative aligns with the Government of India’s broader objectives under Atmanirbhar Bharat and the Sagarmala programme to build an integrated, resilient, and globally competitive maritime ecosystem.
Speaking on the occasion, the Hon’ble Ministers emphasized that the collaboration between leading public sector entities across shipping, ports, rail logistics, and maritime financing reflects a holistic approach to strengthening India’s logistics and supply chain infrastructure. The initiative is expected to enhance connectivity, promote multimodal logistics, and support the growth of India’s foreign trade.
The signing of this MoU marks a significant step forward in India’s journey towards becoming a major global maritime hub, reinforcing the nation’s commitment to sustainable growth, operational efficiency, and long-term strategic capacity building in the shipping sector.
Udupi CSL Delivers Fourth 3,800-DWT Cargo Vessel to Norway’s Wilson ASA
The vessel was handed over on February 4, 2026, marking another key milestone in Udupi CSL’s growing international shipbuilding portfolio. The delivery underscores the yard’s capability to build modern, high-quality cargo vessels that meet stringent global standards.
With this handover, Udupi CSL reinforces India’s emergence as a competitive shipbuilding hub, aligning with the government’s “Make in India” initiative and showcasing the country’s ability to serve global shipping markets. The project also highlights Cochin Shipyard Limited’s expanding footprint in export-oriented ship construction through its subsidiary yards.
CMA CGM Revises FAK Rates for Shipments from the Indian Subcontinent to Europe and North Africa
The French shipping line said the updated FAK rates are part of its regular pricing review process to maintain service reliability and network efficiency. The changes will impact exports from key origins across the Indian Subcontinent, including India, Pakistan, Sri Lanka, and Bangladesh, to major ports in Europe and North Africa.
CMA CGM advised customers to check the applicable rate levels, effective dates, and container types through its official tariff channels. The carrier added that it continues to focus on providing stable and competitive services on the trade as shippers navigate evolving global supply chain dynamics.
CK Hutchison launches arbitration after Panama court voids port concessions
The conglomerate disclosed early Wednesday (4 Fb)that its Panamanian subsidiary initiated arbitration under the International Chamber of Commerce (ICC) rules, as provided in its original concession terms. The move comes after Panama’s Supreme Court declared the contracts governing the Balboa and Cristóbal terminals unconstitutional – a decision that potentially upends nearly three decades of operations by the Hong Kong-based group with APM Terminals moving to temporarily take over the running of the two terminals.
“The board strongly disagrees with the determination and corresponding actions in Panama,” CK Hutchison told the Hong Kong Stock Exchange. “The group continues to consult with its legal counsel and reserves all rights, including recourse to additional national and international legal proceedings.”
The ruling has triggered geopolitical ripples. China’s Hong Kong and Macau Affairs Office denounced the verdict as “absurd” and “shameful,” warning on Tuesday that Panama would “pay heavy prices” if it persisted with the decision. Beijing has accused Washington of interference, arguing that Panama “willingly succumbed” to “hegemonic pressure.”
The fallout also clouds CK Hutchison’s $23bn planned sale of its global ports portfolio, which has been top for sale for the past year.
Union Government signs MoU to establish Bharat Container Shipping Line
The agreement was signed among the Shipping Corporation of India, Container Corporation of India, Jawaharlal Nehru Port Authority, V.O. Chidambaranar Port Authority (VOCPA), Chennai Port Authority, and Sagarmala Finance Corporation Limited (SMFCL), under the aegis of the Ministry of Ports, Shipping and Waterways.
In addition, a tripartite MoU was inked for financing the Outer Harbour Project at V.O. Chidambaranar Port with up to Rs 150 billion in joint funding to expand port capacity under the Sagarmala Programme and PM Gati Shakti Master Plan. This agreement was signed between VOCPA, Indian Railway Finance Corporation Limited and SMFCL.
Ocean Network Express Falls to Quarterly Loss as Overcapacity Bites
The Singapore-based carrier said results for the October–December period were undermined by continued newbuild deliveries that kept fleet supply ahead of demand, even as cargo volumes cooled across major trade lanes.
“Our 3Q FY2025 results reflect a challenging operating environment,” said Jeremy Nixon, CEO of Ocean Network Express, citing weaker market conditions despite efforts to manage capacity, control costs, and optimize the network.
The loss marks a sharp reversal from the previous quarter, when ONE posted a $285 million profit fueled by front-loading ahead of anticipated U.S. tariffs. That burst of demand—particularly on the transpacific—proved short-lived, with volumes fading as shippers shifted to a more cautious stance.
Asia–North America volumes declined both quarter-on-quarter and year-on-year, with the sharpest weakness seen in October and November after the front-loading wave subsided. Asia–Europe trades held up slightly better, with volumes dipping after China’s Golden Week before stabilizing toward year-end.
On the supply side, the steady arrival of new vessels continued to loosen the supply-demand balance, pressuring utilization and keeping spot freight rates below year-ago levels throughout the quarter. Rates also slipped further from already-soft second-quarter levels.
Operational costs remained elevated as vessels continued routing around the Cape of Good Hope to avoid security risks in the Red Sea and Gulf of Aden. While longer voyages helped absorb some excess capacity, they also increased transit times and expenses.
Looking ahead, ONE struck a cautious tone, forecasting a modest recovery in the fourth quarter. The outlook assumes continued Cape routings and a gradual improvement in volumes, though the carrier acknowledged freight rates remain softer than expected.
The weak third quarter is reflected in ONE’s full-year guidance. After earning $371 million in the first half of fiscal 2025, the company now expects full-year profit of $310 million—implying a $61 million loss in the second half.
ONE’s outlook comes as some operators have begun rerouting Suez services back through the Red Sea on an interim basis, assuming the security situation in the region remains unchanged.
Nixon said ONE is leaning on operational flexibility and partnerships to navigate ongoing volatility. The carrier has adjusted port calls and service rotations to improve schedule reliability and continues to review its cargo mix to support yields. ONE also unveiled the Premier Alliance’s planned 2026 East-West network, aimed at stabilizing services as container markets remain under pressure.
ONE’s fiscal year runs from April 1 through March 31
India’s Air Cargo Shipments to US See Double-Digit Rise Year-on-Year
Despite tariff increases imposed by the US in the second half of 2025, Indian exporters continued to show strong momentum in freight shipments, extending the trend seen in the closing months of the previous year. India remained the largest origin market within the broader Middle East and South Asia region, which collectively saw a 10% year-on-year increase in total cargo volumes during the same period.
In addition to the surge to the US, cargo volumes from the region to Europe were also up 7% year on year, highlighting broad-based international demand for goods shipped from South Asia. Globally, air cargo demand overall showed modest expansion, stabilizing following the seasonal year-end slump.
The data suggest sustained resilience in air freight markets for Indian exports, even amid ongoing capacity shifts and competitive pressures in global supply chains.
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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