JUPITER SEA & AIR
SERVICES PVT. LTD, EGMORE – CHENNAI, INDIA.
E-MAIL : Robert.sands@jupiterseaair.co.in Mobile : +91 98407 85202
Corporate News
Letter for Monday March 30, 2025
Today’s
Exchange Rates
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CURRENCY▲ |
PRICE |
CHANGE |
%CHANGE |
OPEN |
PREV.CLOSE |
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94.81 |
0.829994 |
0.88316 |
94.15 |
93.98 |
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1.1506 |
-0.0021 |
-0.18218 |
1.1527 |
1.1527 |
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126.1291 |
0.639595 |
0.50968 |
125.5824 |
125.4895 |
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109.2015 |
0.1688 |
0.154816 |
108.6317 |
109.0327 |
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160.225 |
0.415009 |
0.259689 |
159.81 |
159.81 |
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1.3256 |
-0.0074 |
-0.555133 |
1.333 |
1.333 |
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100.008 |
0.108002 |
0.10811 |
99.865 |
99.90 |
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0.5932 |
0.0038 |
0.644729 |
0.5902 |
0.5894 |
/// Sea Cargo News ///
MSC announces Emergency Fuel Surcharge for
Europe – Indian Ocean and global trades
MSC –
Mediterranean Shipping Company, will introduce an Emergency Fuel Surcharge
(EFS) on multiple trade routes with effect from April 2026. The measure
responds to rising fuel costs and ongoing market conditions.
Europe to
Indian Ocean Islands and Fiji
MSC will
apply the surcharges from April 02, 2026 (BL Date) until further notice. It excludes
Reunion, Mayotte, New Caledonia and Tahiti.
Key rates include :
ANL announces General Rate Increase for
Asia – Oceania trades
ANL, part of
the CMA CGM Group, has announced a General Rate Increase (GRI) for
shipments across key Asia – Oceania trade lanes, effective April 16, 2026.
The increase applied to both dry and reefer cargo.
The GRI
applies to shipments between : North East Asia, South East Asia, Indian
Subcontinent, Middle East, Gulf, Australia and New Zealand.
Also the
following destinations and origins included :
Dili, Darwin, Dampier and Port Hedland.
Additionally, the increase applies to trade between Asia (and Australia
via Asia) and : Papua New Guinea, Soloman Islands, Vanuatu, Gladstone and Townsville.
New Rate
Levels : The following increases will apply :
(*) 20Ft Dry
(ST) – USD 350
(*) 40ft Dry (ST & HC) – USD 700
(*) 20Ft Reefer – USD 350
(*) 40FT Reefer – USD 700
Implementation
Details : Effective date : April 16, 2026 (based on loading date) Cargo Type :
All dry and refrigerated cargo.
US offers $1bn to scrap two
TotalEnergies offshore wind projects
Reportedly,
the proposed deal would see the Interior Department withdraw leases for the
Attentive Energy project in the New York Bight and the Carolina Long Bay
project off North Carolina. The Justice Department would then pay TotalEnergies
more than $928m, effectively reimbursing the company for its winning bids in
lease sales under the previous Biden administration.
The move
would end development of both projects and remove TotalEnergies from the US
east coast offshore wind portfolio. It also signals a shift in federal
policy, reinforcing earlier administrative actions aimed at slowing or
reversing offshore wind awards.
Reports
indicate that the French energy group could reject the settlement, but the
Trump administration reserves the right to cancel the leases regardless,
potentially triggering litigation. Even if the company refused, the projects
would still depend on approvals from an administration hostile to wind farms.
In return
for the reimbursement, TotalEnergies would reportedly commit to accelerating
investments in natural gas infrastructure in Texas. TotalEnergies originally
secured the Attentive Energy lease in 2022, paying $795m. The Carolina Long Bay
lease was awarded in May 2022 for $160m.
The French
firm had already paused the projects after Donald Trump’s 2024 election win,
saying it would consider other markets first and might revisit the US
afterwards.
Iran Signals Cooperation with IMO on
Gulf Safety, Keeps Hormuz Shut for ‘Enemies’
Iran has
expressed willingness to work with the International Maritime Organization
(IMO) to enhance maritime safety in the Gulf, even as it maintains restrictions
on passage through the strategic Strait of Hormuz for vessels linked to what it
terms “enemy” nations.
Iranian
officials said the country is open to coordination with international bodies to
ensure safer navigation in the conflict-hit region, signalling a limited
diplomatic outreach amid escalating tensions. However, Tehran has made it clear
that the Strait of Hormuz—one of the world’s most critical energy transit
routes—will remain inaccessible to ships associated with adversarial countries,
even as other vessels may be allowed passage under certain conditions.
The partial
restrictions come amid heightened geopolitical tensions involving Iran, the
United States and its allies, which have severely disrupted maritime traffic
through the corridor. The Strait typically handles a significant share of
global oil and liquified natural gas shipments, making any disruption a major
concern for energy markets.
Shipping
activity in the region has declined sharply, with many operators avoiding the
route due to security risks, rising insurance premiums and uncertainty over
safe passage. Industry experts warn that prolonged instability could further
strain global supply chains and push up energy prices.
Iran’s dual
stance – offering cooperation on safety while enforcing selective restrictions –
highlights the complex balance between diplomatic engagement and strategic
leverage in the ongoing conflict. As tensions persist, the situation in the
Strait of Hormuz remains fluid, with global trade and energy markets closely
monitoring developments in the region.
Emirates Shipping Halts SUN Chief
Express Loop
Emirates
Shipping Line has suspended its SUN Chief Express (SCX) service, as part of
ongoing network adjustments aimed at aligning capacity with current market
conditions. The decision to halt the loop comes amid fluctuating demand and
persistent operational challenges across key trade lanes.
Industry
sources said the suspension is intended to optimise vessel deployment and
improve overall service efficiency. The SUN Chief Express service had been
catering to select regional routes, facilitating the movement of containerised
cargo across Asia and adjacent markets. Its suspension may lead to temporary
capacity tightening on affected corridors, prompting shippers to seek
alternative services.
Analysts noted
that carriers are increasing rationalising service networks in response to
shifting trade patterns, geopolitical uncertainties and cost pressures.
Strategic suspensions or adjustments of underperforming roues are becoming more
common as lines focus on maintaining profitability.
Customers impacted
by the move are expected to be offered alternative routing options through
Emirates Shipping’s existing network or partner services. The development reflects
a broader trend in the container shipping industry, where carriers are
prioritising flexibility and efficiency to navigate a volatile global trade
environment.
SCI Orders India’s First Methanol
Dual-Fuel PSV at Mazagon Dock for $39 Million
State-owned
Shipping Corporation of India Ltd (SCI) has placed an order for India’s first
methanol-powered dual-fuel platform supply vessel (PSV) with Mazagon Dock
Shipbuilders Ltd (MDL), marking a significant step in the country’s push toward
green shipping.
The vessel,
with a capacity of 3,000 deadweight tonnes (DWT), is estimated to cost around
$39 million, highlighting ongoing cost challenges within India’s domestic
shipbuilding sector.
The
contract, signed on March 18 and disclosed via a regulatory filing, forms part
of India’s broader maritime decarbonisation strategy aligned with the National
Green Hydrogen Mission. The initiative promotes the adoption of alternative
fuels such as e-methanol and e-ammonia derived from green hydrogen.
CMA CGM’s PEARL Service to Link India Directly with US West Coast
Global shipping major CMA CGM has upgraded its PEARL service to offer a direct connection between India and the United States West Coast, marking a significant boost to bilateral trade efficiency. The enhanced service will connect key Indian ports with major West Coast gateways, with routing via select Chinese ports.
By
introducing a more streamlined loop, the company aims to reduce reliance on
transshipment hubs, thereby cutting transit times and lowering logistics costs
for shippers. Industry sources said the move is expected to benefit exporters
of time-sensitive cargo such as textiles, engineering goods, and perishables,
as well as importers seeking more predictable delivery schedules. Direct
connectivity is likely to improve supply chain reliability amid ongoing global
shipping disruptions.
Airfreight
rates rise again as Middle East fighting continues
The latest statistics from TAC Index show
that airfreight rates have again spiked as a result of the conflict in the
Middle East.
In its weekly round-up, TAC Index said that
airfreight rates “continued to rise sharply” last week, with its global Baltic
Air Freight Index (BAI00) gaining another 6.2% over the week to March 23,
putting it up by 3.1% compared with a year ago.
TAC said the increase partly reflected rising jet fuel prices, which have more than doubled in the past month, according to Platts data. Fuel surcharges are also starting to be more widely applied.
“Rates were up sharply from most locations out of Asia, including on the busiest lanes from China not only to Europe but also to the US,” TAC said.
“BAI Spot rates from Hong Kong continued to
rise, heading back towards peak season levels, and were also rising sharply
from India as well as from South Korea.”
The overall Hong Kong index, which includes
both spot and contract prices, was up 3.7% week on week and is ahead 2.5% year
on year.
“Outbound Shanghai gained a chunky +13.9%
week on week to leave it at 5.4% year on year,” the data provider said.
“There were also further big gains week on
week from Seoul and Bangkok as well as from India, where the market has been
severely impacted by a loss of capacity through the Middle East, and further
rises from Taiwan.
“One exception was from Vietnam, where rates
fell a little WoW – but are still way up YoY on lanes to Europe.”
As is to be expected, rates on services to and from the Gulf region are “sharply up”, given the loss of capacity due to airspace closures.
“Out of Europe rates were also rising sharply
week on week on nearly all major lanes, including busy transatlantic routes to
the US as well as to China, Japan, India, Australia, Mexico and South Africa.”
Meanwhile, rate patterns out of North America
are “mixed”, with gains week on week on lanes to China and elsewhere in Asia,
but falls on transatlantic lanes to Europe as well as to South America.
Qatar
Cargo ramps up freighter operations from Doha
Qatar Airways Cargo continued the gradual
ramp-up of its freighter operations over the weekend, with flights to several
key cargo destinations from Doha getting back underway. The carrier announced
that from 21 March it would operate flights to destinations in Vietnam, China,
Thailand, South Korea, Nigeria, Kenya, Germany, the Netherlands, Belgium, the
US, Brazil, Ecuador and Panama (see full list below).
“Qatar Airways Cargo resumes selected freighter operations to and from Doha,” the airline said in a statement. “Following temporary authorisation from the Qatar Civil Aviation Authority, confirming limited operating corridors, the air cargo carrier will operate across key markets.
“In parallel, Qatar Airways Cargo continues
to operate the wider freighter network outside Doha, ensuring uninterrupted
access to major global trade lanes and maintaining capacity across its
international network.”
In addition, Qatar Airways is operating a
limited number of passenger flights with belly-hold capacity.
However, the carrier does still have
embargoes in place for certain product categories: Live animals, with the
exception of pets and horses to and from Doha; living human organs and blood;
and Q‑Prime urgent critical cargo.
“All other Qatar Airways Cargo products
remain available for booking through normal sales channels, including the
Digital Lounge and local Qatar Airways Cargo sales teams, with capacity open
for customer bookings,” the carrier said.
Full flight operations will resume once the
Qatar Civil Aviation Authority announces the “safe, full reopening of Qatari
airspace”. The gradual resumption of freighter and passenger flights out of the
Middle East has been narrowing the capacity gap from a year ago.
Figures from consultant Rotate show that over the weekend, global cargo capacity was down 7% year on year, compared with a 10% year-on-year decline for the previous weekend, 15% for the first weekend of the month and 21% for the weekend of 28 February- 1 March when fighting in the Middle East broke out.
However, capacity to/from the Middle East
remains far behind a year ago. From Asia to the Middle East, capacity over the
weekend was 28% down year on year, while from the Middle East to Europe, there
was a 25% decline. In contrast, Asia to Europe capacity is up 37% as carriers
look to make up the shortfall of space via the Middle East.
AerCap leases two 777-300ERSFs to Ethiopian Airlines
Ethiopian Airlines has signed lease
agreements with Dublin-headquartered lessor AerCap for two Boeing 777-300ERSF
passenger-to-freighter (P2F) aircraft.
The 777-300ERSF, also known as “The Big
Twin,” will be the first of its type to operate in Africa, with the deliveries
scheduled for the second quarter of 2028, said AerCap.
These aircraft will be converted by Israel
Aerospace Industries (IAI), which last year received a Supplemental Type
Certificate (STC) from both the US Federal Aviation Administration (FAA) and
the Civil Aviation Authority of Israel (CAAI) for its Boeing 777-300ERSF
passenger to freighter (P2F) conversion.
AerCap is a partner on IAI’s conversion
programme for the 777-300 and delivered the first two of IAI’s 777-300ERSF
to launch
operator Kalitta Air in September last year.
Speaking about the lease agreements,
Ethiopian Airlines Group chief executive Mesfin Tasew said: “We are delighted
to partner with AerCap to bring the first Boeing 777-300ERSF to Africa.
“These aircraft will significantly enhance
our cargo capacity and efficiency, boosting trade in the region. As demand for
air freight continues to grow, Ethiopian Airlines remains committed to
investing in modern, sustainable solutions that cement our position in the
global cargo market.”
According to the fleet tracking website
Planespotters, Ethiopian Airlines currently has four Boeing 737-800P2Fs, two
Boeing 767-300P2Fs, two Boeing 767-300Fs and 12 Boeing 777Fs.
Aengus Kelly, chief executive of AerCap,
added: “We are delighted to deepen our long-standing partnership with Ethiopian
Airlines – the first customer to operate this aircraft type in Africa – through
this important transaction.
“With 25% more capacity than today’s smaller
twin-engine long-haul freighters, the 777-300ERSF delivers significant cost
efficiencies and will position Ethiopian Airlines to further expand its growing
cargo platform.
“We are proud to support Ethiopian Airlines and wish them continued success as they scale and strengthen their operations.”
FedEx
reports strong Q3 and expects minimal impact from Middle East conflict
FedEx reported improvements in revenues and profits in its fiscal third quarter and isn’t expecting a material impact on performance as a result of the Middle East conflict.
The express giant saw revenues for the quarter ending 28 February increase by 8.1% year on year to $24bn, operating income was up 4.6% to $1.35bn and net income was up 16.5% to $1.1bn.
The Federal Express segment’s operating
results improved during the quarter, driven by higher US domestic and
International Priority package yields, continued cost savings from
transformation initiatives and increased US domestic package volume.
These factors were partially offset by higher
variable incentive compensation expenses and wage rates, the financial impacts
of global trade policy changes, increased purchased transportation rates, and
the MD-11 groundings.
The grounding of the company’s MD-11F fleet
led to an adjusted operating income “headwind” of $120m during the quarter as a
result of higher operating costs and lost revenue, it said.
FedEx expects further headwind of $55m during
the current quarter as a result of the grounding, but hopes to have the
aircraft flying by the end of the period.
All MD-11F aircraft were grounded following
the fatal crash of a UPS MD-11F after taking off from
Louisville, US on 4 November.
The firm’s international quarterly export
volumes registered growth for the first time during the fiscal year.
“This is an impressive achievement given the
sustained declines on the transpacific lane due to the dynamic global trade
environment,” said executive vice president and chief customer officer Brie
Carere.
“This international growth is a direct result
of our targeted strategy to reroute capacity to our Asia-Europe and intra-Asia
lanes, both of which delivered significant revenue growth, along with continued
growth in US international outbound and our European region.”
As result of trade tensions, the company
reduced transpacific outbound by approximately 15% of its own capacity and 25%
of third-party capacity during the quarter, with much of its own capacity relocated
to Asia-Europe and intra-Asia.
Meanwhile, the FedEx Freight segment
operating results decreased during the quarter due to increased costs
associated with the company’s planned spin-off, lower shipments, and higher
wage rates, partially offset by increased yield.
The company added that overall net income
includes a tax benefit of $99m from the recognition of certain foreign tax loss
carryforwards.
Middle East update
On the impact of the conflict in the Middle
East, FedEx said that its outlook assumes a “modest headwind” tied to
business impact in the region.
FedEx Corporation president and chief
executive Raj Subramaniam described the Middle East as a “relatively small
part” of total revenues and added that the company would monitor trends.
Carere said that at the peak of the crisis,
20% of air cargo capacity had come out of the market, but this had now levelled
off and was now down to about 10%.
“We have adjusted our pricing accordingly,”
she said. “We do have demand surcharges in place today.”
In response to rising jet fuel prices as a
result of the conflict, Carere added that FedEx’s fuel index was updated weekly
and was “doing its job”.
“It will cover and ensure that we maintain
profitability,” she said.
Asia
Airfreight Terminal achieves IATA’s sustainability certification
Asia Airfreight Terminal (AAT) has achieved
IATA’s ISP Environmental Assessment (IEnvA) certification to reinforce the
strength of its sustainability management framework and alignment with
internationally recognised environmental standards.
ISP IEnvA independently assesses how
sustainability is embedded across organisational governance, operational
control, and management processes, with an emphasis on systematic management
and continuous improvement.
“Given the scale and round-the-clock nature
of our operations, we can drive meaningful change through integrating
sustainability into our daily operations at every level,” said Mike Chew, chief
executive of Hong-Kong-based AAT, part of SATS.
“Achieving the certification validates the
maturity of our environmental management framework and the measurable progress
we have delivered across decarbonisation, infrastructure and governance. It
reflects our determination to lead responsibly while maintaining operational
excellence.”
AAT said sustainability at the company is
governed through a multi‑tiered framework spanning the board, senior
management, a cross‑functional sustainability committee and company‑wide
execution teams.
This governance structure provides oversight
of environmental compliance obligations, performance targets and risk
management in an effort to ensure accountability at every level of the
organisation.
AAT’s strategy is underpinned by terminal‑wide
initiatives including energy‑efficient infrastructure upgrades, fleet
electrification, the deployment of Autonomous Electric Tractors and the
adoption of Hydrotreated Vegetable Oil (HVO).
These initiatives have collectively reduced
emissions by 33% from a 2018 baseline, advancing the company’s pathway to net‑zero
carbon emissions by 2050, said AAT. “IATA congratulates AAT on achieving the
certification,” said Marie Owens Thomsen, senior vice president sustainability
& chief economist, IATA.
“By adopting a structured and internationally
aligned environmental management framework, AAT demonstrates how sustainability
can be advanced in a practical and measurable way while supporting resilient
and efficient air cargo operations.”
Bridges
Air Cargo begins regular E190F operations
Bridges Air Cargo has officially launched
operations with the Embraer E190F converted freighter, connecting
Rome Fiumicino (FCO), Malta International (MLA), and
Mitiga International (MJI) in Libya.
The Maltese cargo operator said in a LinkedIn
post on 20 March that its operations with the E190F had “officially kicked
off”.
“With our EMB190F now in service, we’re
connecting Malta with key markets across North Africa and Europe—delivering
flexible, reliable freight solutions to and from the island,” said Bridges.
“We’re also continuing to build Malta’s
position as a growing air cargo hub, while supporting our partners with
tailored ad hoc charter solutions.”
Libya-based ground handler ASFAR Avia said in
a LinkedIn post on 20 March that it had supported Bridges on arrival at MJI.
“Our team in MJI was honoured to handle this
special first arrival, welcomed with a ceremonial water cannon salute — a
moment that reflects both the importance of this operation and the strong
collaboration behind it,” said the company.
The handler added: “Supporting Bridges Air
Cargo in Mitiga Airport and across Libya is a testament to our commitment to
excellence and our role in enabling seamless cargo operations in the region.”
Bridges carried out the first
commercial flight for the E190F earlier this month.
The airline was announced as the launch
operator of the E190F in June last year, with the aircraft delivery taking place in August. Registered as
9H-BRD, the aircraft is leased from US lessor, Regional One.
Bridges was first issued with a Malta AOC in 2023 and offers logistics solutions for
the express and courier industry. Its customers include FedEx, DHL and UPS.
Embraer launched its E-Jet freighter
programme to convert
E190 and E195 passenger aircraft to freighters in March 2022.
The Brazilian aerospace manufacturer said the
E-Jet offers 40% more volume capacity and three times the range of large cargo
turboprops, and up to 30% lower operating costs than larger narrowbodies.
Combining cargo capacity under the floor and
on the main deck, the E190F’s maximum structural payload is 13,500 kg. The
larger E195F will have a payload of 14,300 kg.
AirCairo
selects Aeroprime for India GSA services
AirCairo has selected Aeroprime Group to
provide GSA services covering its operations in India and the UAE. Under the
agreement, Aeroprime Group will manage AirCairo’s cargo sales, operations and
customer engagement across the two countries.
The two companies said that the agreement
expands their existing partnership covering passenger sales in India.
“The expanded mandate reflects AirCairo’s
focused business approach in addition to upgrading its passengers’ services, to
enhancing its cargo capabilities and deepening its footprint across key
international markets,” Aeroprime said in a press release.
Hussein Sherif, chairman and chief executive
of AirCairo, said: “Extending our collaboration to include cargo representation
in India and the UAE is a natural progression as we look to strengthen our
cargo offering and capitalise on growing demand for trade flows to and from
Egypt.”
Abhishek Goyal, executive director and chief
executive, Aeroprime Group, added: “This dual responsibility allows us to offer
a more integrated and strategic approach to market development.
“With our strong cargo sales network,
data-driven market insights, and commitment to service excellence, we aim to
further enhance AirCairo’s presence and performance across both passenger and
cargo segments, strengthening connectivity between Egypt, the Middle East, and
the Indian subcontinent.”
Aeroprime said that Egypt is a vital gateway
for international trade and logistics, playing an increasingly important
role in air cargo connectivity, supporting the movement of pharmaceuticals,
perishables, textiles, and general cargo.
AirCairo’s network covers the Middle East,
Africa, Europe and Asia. The airline’s fleet consists of Airbus A320, Embraer
E-190 and ATR72-600 aircraft.
Aeroprime has also this year won a contract
to provide TAP
Air Portugal with GSA services across India.
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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