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  February  11,  2025


Today’s Exchange Rates


CURRENCY

PRICE

CHANGE

%CHANGE

OPEN

PRE.CLS

 

USD/INR

90.57

0.209999

0.231327

90.70

90.78

 

EUR/USD

1.1892

0.0022

0.184657

1.1914

1.1914

 

GBP/INR

123.8127

0.360901

0.292342

124.1679

123.4518

 

EUR/INR

107.9155

0.239594

0.222514

108.0567

107.6759

 

USD/JPY

155.119

0.761002

0.488197

155.88

155.88

 

GBP/USD

1.3671

0.0022

0.160667

1.3693

1.3693

 

DXY Index

96.84

0.023994

0.024784

96.992

96.816

 

JPY/INR

0.5836

0.0036

0.62069

0.5824

0.58

 


///                   Sea Cargo News            ///

CMA CGM updated FAK rates from Indian Subcontinent to Europe and North Africa

CMA CGM has announced new FAK rates for dry cargo shipments moving from the Indian Subcontinent to North Europe, the Mediterranean and North Africa effective 15 February 2026 until further notice.

From North West India : The new rates from North West India are set at USD 2,400 per 20Ft Container and USD 2,400 per 40Ft container for shipments to North Europe and the Mediterranean. Cargo moving to North Africa will be charged at USD 3,400 per 20ft and USD 3,400 per 40ft Container as well.

These rates apply to dry cargo with the gate in date at origin ports determining applicabili.

From South East India and Srilanka : CMA CGM has set FAK rates to North Europe at USD 2,400 per 20ft and USD 2,400 per 40ft Container as well. Shipments to the Mediterranean will be charged at USD 2,500 per 20ft and USD 2,400 per 40ft Box. Whereas cargo destined for North Africa will be subject to the rates of USD 3,500 per 20ft and USD 3,400 per 40ft Container.

These rates apply to dry cargo and are based on the sailing date from origin ports.

GT Lines launches India – Sharjah Express service

GT Lines has launched a new standalone shipping service linking West India and the Gulf, branded as the India-Sharjah Express (ISX), aimed at offering faster transit times and improved schedule reliability.

The ISX service will begin operations on March 08, 2026 and will operate on a fixed 14 days rotation covering Mundra, Nhava Sheva, Khorfakkan, Sharjah, Hamriyah and Sohar. The service will be deployed with vessels of 950 TEU capacity.

GT Lines said the service is designed to deliver some of the fastest lead times in the India-Gulf trade. Transit time from West India to the Northern Emirates will be around 6 days, while return voyages are expected to take 4 days.

A key feature of the new service is the first ever direct call at Hamriyah Container Terminal, providing direct access to the UAE’s second largest free zone. The service is also fully integrated with Gulftainer’s terminal network, bonded dry ports, logistics hubs and trucking operations.

Additional connectivity is provided through intra-Gulf feeder via Khorfakkan and Sharjah, while a land bridge from Khorfakkan enables final delivery across the UAE within 48 hours.

GT Lines said the ISX service strengthens its offering on the India-Gulf corridor by focusing on speed, reliability and end to end supply chain integration.

CK Hutchison initiates arbitration against Panama

Panama Ports Company S.A. (PPC), a subsidiary of CK Hutchison, has commenced arbitration proceedings against the Republic of Panama, filing the case on February 03, 2026 under the applicable concession contract and the Rule of Arbitration of the International Chamber of Commerce.

The move follows what PPC described as a year long campaign by the Panamanian State specifically targeting the company and its concession contract, while other port sector contracts were not subjected to similar actions. PPC said the campaign culminated in recent measures that it considers to pose serious and imminent harm to its operations.


Malaysia briefly detains two tankers off Penang

The Malaysian Maritime Enforcement Agency (MMEA) said a patrol vessel found two tankers about 24 nautical miles west of Muka Head, Penang anchored in close proximity and suspected of transferring oil. The agency detained both vessels briefly. 

TankerTrackers.com, the open‑source monitor of the shadow fleet, noted the detentions were short‑lived: one tanker is now empty and routing back to Iran while the other, laden, appears bound for China.

TankerTrackers.com flagged the common tricks – bogus flags and opaque ship identities – that let vessels slip through regulatory nets even after interdiction. 

Malaysia’s waters have for years been a favoured lane for clandestine STS transfers, used to mask cargo origins and dodge sanctions. The patchwork of flags, shell companies and brief rendezvous offshore create fertile ground for illicit transfers.

Kuala Lumpur has recognised the problem. In July last year, officials signalled a tougher posture, promising tighter enforcement and new scrutiny on STS activity and sanctions evasion in its maritime zones. 

VOC Port achieves record cargo handling in January 2026, continues strong growth

VOC Port, the vibrant seaport in the southern part of India, continues to demonstrate strong and consistent growth in cargo handling. In this financial year up to January 2026, the Port has handled 35.97 million tonnes of cargo, registering a growth of 6% compared to 33.94 million tonnes handled during the corresponding period of the previous financial year.

This achievement represents handling of over 2.00 million tonnes of cargo when compared to last year, underscoring the Port’s robust cargo handling performance.

Adding to this momentum, the Port registered a historic milestone in the month of January 2026 by handling 4.00 million tonnes in a single month bettering the previous best of 3.95 million tonnes handled in March 2024

Port also recorded a 9.40 % increase in container traffic, with the two Container terminals handling 7,16,105 TEUs of containers up to January in this financial year 2025-26, compared to the 6,54,590 TEUs handled in the corresponding period of the previous financial year.

In this Financial year up to January 2026, the Port has witnessed significant growth in cargo handling across major commodities. Industrial Coal recorded a growth of 12.78%, Construction Materials 92.10%, Rock Phosphate 12.65%, Fertilizers 40.12%, Fertilizer Raw Materials 11.51%, Edible Oil 17.52%,, reflecting the Port’s expanding trade volumes and diversified cargo profile.

These remarkable performances have been further strengthened by strategic infrastructure enhancements like  additional harbour mobile cranes, operationalization  of North Cargo Berth‑III, induction of 4th high power tug, and expanded cargo storage facilities, significantly boosting cargo handling efficiency and turnaround time of ships.

Shri Susanta Kumar Purohit, IRSEE, Chairperson, remarked that the record achievement reflects the Port’s robust performance, operational efficiency, and dedication to serving its stakeholders. 

He highlighted that the Port would continue to prioritize infrastructure development, ease of doing business, digitalisation, and green initiatives to reinforce its position as a key driver of maritime trade and economic growth in the region, as detailed in their press release.

Malaysia Seizes $130 Million Crude Cargo in Major Illegal STS Crackdown

Malaysian maritime authorities have detained two crude oil tankers and seized approximately RM512 million (USD 129.9 million) worth of crude oil following a suspected unauthorized ship-to-ship transfer operation off the north-western coast of Penang, marking one of the most significant enforcement actions against illicit offshore oil transfers in the region this year.

As tensions rise, the Malaysian Maritime Enforcement Agency intercepted the vessels approximately 24 nautical miles west of Muka Head after receiving a complaint in the early hours of Thursday morning.

When patrol boats reached the location, enforcement officers found the two tankers moored together in close proximity, a configuration that immediately raised suspicions of ongoing transfer activity. Both vessels, valued at a combined RM718 million (approximately USD 182 million), were detained on the spot.

The human dimension of the operation was equally striking. Authorities found 53 crew members aboard the two ships, drawn from multiple nationalities including Chinese, Myanmar, Iranian, Pakistani and Indian seafarers. Both captains were arrested and handed over to Penang maritime investigation officials for further action under Malaysian maritime law.

The case is being pursued for anchoring without permission, which carries a penalty of RM100,000, and for conducting illegal ship-to-ship transfer activities, which carries a penalty of RM200,000 per vessel.

What Malaysian authorities have not disclosed, and what will prove crucial to the wider legal and diplomatic trajectory of this case, is the origin of the crude oil being transferred. The enforcement agency made no statement regarding where the cargo originated or its intended destination, leaving open questions about whether this operation was driven by sanctions evasion, commercial smuggling, cargo theft or regulatory avoidance.

The distinction matters, because the answer will determine whether this remains a local maritime violation or escalates into an internationally sensitive sanctions-linked enforcement action.

The waters off Malaysia have long been recognised by maritime security analysts and enforcement agencies as a focal point for opaque ship-to-ship transfers. The location offers tankers the ability to anchor outside formal port limits, conduct cargo transfers away from routine terminal oversight and depart with revised documentation about cargo origin and ownership.

The tactic is particularly attractive in an era of expanding sanctions regimes and heightened scrutiny of shadow fleet operations, because it allows operators to obscure cargo provenance and complicate compliance tracking.

Malaysia’s decision to act decisively in this case follows months of mounting pressure on Southeast Asian states to tighten enforcement against illicit maritime activity. 

In July last year, Malaysian Foreign Minister Mohamad Hasan announced that the country would more strictly enforce rules around ship-to-ship transfers, declaring that Malaysia was determined to protect its maritime sovereignty and prevent the country’s waters being used for unauthorised oil movements.

By the end of July, new regulations came into force requiring vessels to obtain formal approval from the Malaysian Marine Department before conducting any STS operations or anchoring activities within Malaysian waters. The enforcement agency was also instructed to ensure that vessels keep their AIS transponders active at all times, with heightened monitoring for ships that deliberately go dark.

The Penang seizure demonstrates that those warnings were not rhetorical. For legitimate tanker operators with robust documentation and proper permissions, the enforcement action serves as reassurance that coastal states are prepared to enforce the rulebook. 

For operators working closer to the margins of compliance, the message is blunt: unauthorised transfers in Malaysian waters carry serious consequences including vessel detention, cargo seizure, crew arrests and prolonged legal proceedings.

The fact that both ship captains were arrested also underscores a shift in personal exposure, as senior officers can now find themselves facing criminal charges when documentation and approvals fail to stand up under scrutiny.

The commercial implications extend well beyond this specific case. Insurers and P&I clubs have long understood that suspected illegal transfers trigger heightened due diligence around AIS behaviour, anchoring patterns, compliance culture and the reliability of cargo documentation.

When cargo values run into nine figures and vessel values exceed USD 180 million combined, a detention can cascade into arrests, off-hire disputes, protracted litigation and significant reputational damage. The risk is not theoretical; it lands directly on voyage economics and on the standing of everyone involved in the transaction chain.

There is also a strategic dimension to Malaysia’s enforcement posture. Southeast Asian states sit astride critical sea lanes and energy routes, and face growing international pressure to police maritime spaces that have become synonymous with sanctions evasion and opaque ownership structures.

Visible enforcement actions help deter repeat behaviour while reassuring legitimate trade interests that regulatory frameworks still matter. Malaysia’s seizure, coming at a time of rising global focus on dark fleet operations and the movement of sanctioned crude, reads as a clear statement that the region will not automatically tolerate grey-zone oil logistics playing out in its coastal approaches.

Trade press reporting has suggested that the vessels may have subsequently been released and allowed to sail onward, with one source indicating that one tanker departed empty and routed back towards Iran while the other, laden with cargo, appeared bound for China.

However, the core enforcement action stands: Malaysia detained two tankers suspected of conducting unauthorised ship-to-ship transfers, confiscated crude oil valued at approximately USD 130 million, and arrested both captains pending investigation.

For an industry where offshore transfers have become routine tools of opacity and sanctions circumvention, the Penang seizure serves as a timely reminder that coastal enforcement still has teeth. The price of operating in the shadows, it appears, is rising.

“Adani Ports Fleet Grows to Record High of 129 Vessels”


The expanded fleet includes tugs, pilot boats, dredgers, barges, and survey vessels, supporting port operations such as vessel berthing, cargo handling, channel maintenance, and marine safety. The fleet growth aligns with Adani Ports’ strategy to scale capacity in line with rising cargo volumes and improve turnaround times at its terminals.

Company officials said the investment in marine assets enhances operational reliability, safety standards, and efficiency, particularly as APSEZ continues to handle larger vessels and diversified cargo, including containers, bulk, liquids, and automobiles.

The fleet expansion also supports Adani Ports’ broader push into integrated logistics, enabling smoother coordination between port operations, coastal shipping, and inland connectivity. Analysts noted that owning and operating a large in-house fleet gives the company greater cost control and scheduling flexibility. 

US Seizes $70k in Unreported Currency from COSCO Bulker

Officials of the U.S. Customs and Border Protection (CBP) seized a large amount of unreported cash from a Chinese-owned bulker while it was in the port of Baltimore. While it is not a crime to have the cash aboard the ship, U.S. officials highlighted the reporting requirements while contending the captain of the ship had made the appropriate reports at other U.S. ports.

The incident began simply enough with a routine inspection of the bulker Sheng Ning Hai (56,716 dwt) when it arrived in the Port of Baltimore on January 21. CBP conducted a routine enforcement boarding of the bulker after it reached the port.

CBP highlights that one element of these inspections is for the vessel’s captain to report to CBP officers how much currency the vessel is carrying. The master of the bulker did not report any currency to CBP officers, although he had filed a report days earlier in Maine.

Under the law, those entering and departing the United States may carry any amount of currency and other monetary instruments that they choose. However, any amounts over $10,000 must be reported on a U.S. Treasury Department Report of International Transportation of Currency or Monetary Instruments form.

The CBP officers noticed that the master of the Sheng Ning Hai had filed a Financial Crimes Enforcement Network 105 submission for $34,480 during an earlier port call in Searsport, Maine. Further, the officers learned that the vessel’s agent gave the master an additional $40,000 while in Maine.

CBP officers returned to the vessel the following day and conducted a more thorough examination of all spaces. The officers discovered a total of $70,737 in the purser’s safe.     

“It is rare to see a commercial ship captain deliberately violate our nation’s laws,” said CBP’s Acting Director of the Baltimore Field Office, Matthew Suarez. He said that commercial vessel captains are required to understand and comply with the laws of the nation where they make port calls and that the office would continue to scrutinize foreign-flag vessels arriving at the port.

CBP’s announcement of the incident said the captain was “in hot water” after he failed to file the report for the additional $40,000 or amend the prior report from Maine. The cash was seized from the ship due to the lack of a report. The bulker was released and is continuing its journey. AIS signals show it is bound for Mombasa.  

 

/////       AIR  CARGO   NEWS   /////

WFS to Expand Brussels Airport Operations with Aviapartner Cargo Acquisition

Worldwide Flight Services (WFS) has announced plans to expand its footprint at Brussels Airport following the takeover of Aviapartner Cargo, a move that significantly strengthens its position in one of Europe’s key air cargo hubs.

The acquisition brings Aviapartner Cargo’s infrastructure, workforce, and operational capabilities under the WFS network, expanding the handler’s presence in Belgium and across the wider European cargo market.

With the takeover, WFS will enhance cargo handling capacity at Brussels Airport, including warehousing, ramp handling, and specialised services such as pharma, perishables, and high-value shipments.

Brussels Airport is a major gateway for temperature-controlled and pharmaceutical cargo, and WFS said the integration will allow it to offer end-to-end, high-quality handling solutions tailored to airlines, freight forwarders, and logistics providers.

The expansion is also expected to improve operational efficiency through shared systems, standardised processes and investment in modern cargo infrastructure and digital solutions. WFS noted that the move aligns with its broader strategy of growing through targeted acquisitions in strategic markets, while supporting long term traffic growth at Brussels Airport.

Industry observers said the deal underscores continued consolidation in the air cargo handling sector, as global players seek scale, resilience and service diversification amid evolving trade flows and rising demand for specialised cargo handling.

Finnair Cargo to Bring Handling Operations In-House at Helsinki Airport

Finnair Cargo has announced plans to bring its cargo handling operations in-house at Helsinki Airport, marking a strategic shift aimed at strengthening control over service quality, efficiency, and customer experience at its main hub.

The move will see Finnair Cargo assume direct responsibility for key ground handling activities that were previously outsourced. By insourcing operations, Finnair Cargo aims to streamline processes across the cargo value chain, improve coordination between flight operations and ground handling, and enhance reliability, particularly for time-critical and specialised shipments such as pharmaceuticals, perishables, and e-commerce cargo.

The airline said the transition will also support faster decision-making and greater operational flexibility at Helsinki Airport. Finnair Cargo operates from the state-of-the-art COOL Nordic Cargo Hub at Helsinki Airport, which is known for its advanced temperature-controlled infrastructure. Bringing handling operations in-house is expected to further leverage the facility’s capabilities and reinforce Helsinki’s role as a key air cargo gateway between Europe and Asia.

The initiative aligns with Finnair’s broader strategy to optimise the costs, improve operational resilience and invest in core competencies as the air cargo market continues to evolve amid shifting trade pattens and customer expectations.

Blue Dart Q3 profit falls by 16% despite revenue growth at ₹1,616 crore


The growth was primarily driven by domestic demand and surge in activity within Tier 2 and Tier 3 markets. BySTAT Times|31 Jan 2026 5:38 PM Blue Dart Express, an express air and integrated transportation and distribution company, announced its consolidated revenue for the third quarter ending December 31, 2025, rose to ₹1616 crore, marking a 7% increase as compared to the previous year's revenue of ₹151.69 crore.

According to the press release, the growth was primarily driven by domestic demand and surge in activity within Tier 2 and Tier 3 markets. The company highlighted that steady shipment activity from small and medium enterprises (SMEs), combined with disciplined execution across its expansive network.

Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) rose by 17% to ₹281 crore. This operational improvement was also reflected in the expansion of operational margins, which grew to 17.4% from 15.9% in the prior year.

Furthermore, Profit Before Tax (PBT) increased by 12.47%, reaching ₹122.89 crore compared to ₹109.26 crore in the corresponding period last year. However, net profit for the quarter declined by 16%, totalling ₹68.33 crore against the ₹81 crore reported in the previous year.

Balfour Manuel, Managing Director of Blue Dart Express said, “As we move into 2026, the outlook for the logistics sector remains positive, aided by supply-chain formalisation, sustained consumption momentum, and sector-wide infrastructure development. With continued investments in network capabilities, digital solutions, and operational optimisation, we remain focused on supporting the evolving logistics needs of our customers.”

Nearly 40% of forwarders lose margin during Chinese New Year

OntegosCloud survey finds internal execution gaps, not market forces, drive poor commercial performance during CNY. BySTAT Times|3 Feb 2026 12:31 PM Nearly four in ten freight forwarders lose margin during the Lunar New Year period, according to a global survey by OntegosCloud, a technology platform that helps freight forwarders improve margins through better visibility, data and execution control, which found that internal execution gaps, rather than market conditions, are the main reason for poor commercial performance during the annual disruption.

The survey of 700 freight forwarding professionals showed that most companies either lose margin or merely hold ground during the Chinese New Year period. Delayed decision-making, poor visibility and weak coordination between internal teams were cited more frequently than capacity constraints or carrier behaviour as factors affecting outcomes.

According to the findings, most forwarders approach Chinese New Year defensively, focusing on limiting damage rather than pursuing growth. Only a small number of respondents said they consistently use the period to gain a competitive advantage over peers.

Oliver Gritz, founder and chief executive officer of OntegosCloud, said Chinese New Year has increasingly become a clear divider between companies that perform well and those that do not. He said market conditions are broadly the same for all forwarders, but differences in preparation and execution determine outcomes.

Chinese New Year falls on 15 February 2026, although factory shutdowns typically last between two and three weeks. The build-up to the holiday is already driving a pre-export rush, pushing container spot rates higher, while air freight markets are also expected to tighten as the shutdown approaches.

When asked about commercial results during the period, nearly 40 per cent of respondents said their organisations typically lose margin while attempting to maintain customer service levels. A further 35 per cent said they usually hold ground without achieving any commercial gains.

In contrast, only 18 per cent reported outperforming less-prepared competitors, while just 9 per cent said they are able to turn the disruption into a sustained commercial advantage.

The survey found that internal execution factors play a greater role in determining performance than external market forces. While capacity shortages and carrier behaviour remain structural pressures during the Chinese New Year lead-in, respondents said these challenges affect most forwarders in similar ways.

Instead, internal planning and preparation, the quality of operational data and visibility, and the speed of internal decision-making were identified as the key differentiators. More than 80 per cent of respondents said execution gaps significantly or moderately worsen Chinese New Year-related challenges, indicating that outcomes depend more on how companies respond than on the disruption itself.

Delayed or reactive decision-making, limited real-time visibility into shipments and margins, and poor alignment between operations, pricing and finance were identified as the most common internal breakdowns during the period. Looking ahead, 90 per cent of respondents said execution will be critical or important in managing predictable disruptions such as Chinese New Year.

The findings suggest that as freight markets remain volatile, forwarders that invest in planning, visibility and cross-functional alignment are more likely to outperform their peers over time.

Why India is becoming central to Flexport’s next growth phase

Driven by customer demand, Flexport is expanding in India, adapting workflows, building tech teams and targeting inland logistics opportunities. ByNikitha Sebastian,Sakshi.Basutkar|1 Feb 2026 5:00 PM Ryan Petersen, Founder and CEO of Flexport “We’re about 3,000 years late to India.”

With that wry admission, Ryan Petersen, Founder and CEO of Flexport, underscored how long it took the US-based logistics tech platform to enter one of the world’s fastest-growing trade markets. For years, Flexport built deep roots in China and later Southeast Asia. India, Petersen concedes, came much later. That delay, however, is now evolving into a deliberate strategy.

Flexport’s expansion into India is not a gamble. It is a direct response to customers diversifying supply chains away from China. As global manufacturing and sourcing shift, India has moved from a peripheral market to a central pillar of Flexport’s next phase of growth. This shift, Petersen suggests, is also about long-term returns. Drawing from customer conversations, he notes that China and India offer very different investment trajectories.

China, often described as a fast-rising “dragon”, delivered rapid growth and scale for decades. India, by contrast, is more akin to a slow-moving elephant. Growth may appear gradual, but it is steady and persistent. Petersen recalls a customer remarking that while the dragon may need to pause or recalibrate, the elephant keeps moving forward, building momentum over time.

For Flexport’s customers, this distinction is becoming increasingly relevant as they weigh resilience and sustained returns against short-term speed.

Unlike many other Asian economies where Flexport operates, India presents a very different trade structure. Petersen points out that India has a more balanced mix of imports and exports, unlike export-heavy markets such as China or Vietnam. This two-way flow is relatively new for Flexport and requires changes in how the company designs workflows, manages compliance and supports customers.

Instead of focusing mainly on outbound cargo, Flexport must help Indian customers navigate both inbound and outbound trade, adding complexity to operations. Flexport’s India strategy is closely tied to its technology and engineering efforts. Petersen says the company has around 75 engineers based in Bengaluru, a team that was set up about three years ago.

This group is not limited to support functions but plays an active role in building tools for Flexport’s global platform. The Bengaluru team is also developing products suited to Indian market requirements and contributing to Flexport’s wider work in data and artificial intelligence, positioning India as a product and engineering hub within the organisation.

Customs and tariffs are another area where Flexport sees a clear opportunity in India. Petersen notes that many Indian exporters and importers focus on selling goods and often struggle with tariff interpretation, documentation and regulatory changes.

Flexport combines customs expertise with in-house engineering to help customers manage these challenges. Tools such as tariff simulators allow shippers to calculate duties more accurately, while human experts provide guidance through webinars and direct engagement.

Petersen describes this approach as “marketing as education”, rather than traditional promotion. India is actually quite different from a lot of Asia because it’s not just an export story. There’s a real balance between imports and exports, and that’s new for us. Ryan Petersen, Flexport.


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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