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 May 19,
2026
Today’s
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/// Sea Cargo News ///
Thoothukudi to Become
Home to India’s First Mega Greenfield Shipyard
Thoothukudi in Tamil Nadu is set to become the site of India’s first mega greenfield shipyard following the signing of a memorandum of understanding between Indian and South Korean companies.
The proposed project aims to strengthen India’s domestic
shipbuilding capabilities and support the country’s long-term maritime
expansion plans.
The new shipyard is expected to focus on the construction of
large commercial vessels, offshore platforms, and specialised ships while also
supporting repair and maintenance activities.
Industry officials said the collaboration will bring advanced
South Korean shipbuilding technology, engineering expertise, and operational
practices to India’s growing maritime sector.
The project is anticipated to generate significant employment
opportunities, boost ancillary industries and enhance cargo and logistics
infrastructure in the Thoothukudi region.
The development aligns with India’s broader objective of
expanding shipbuilding capacity, reducing dependence on foreign yards and
positioning the country as a global maritime manufacturing and repair hub.
Shreeji Shipping
Global Expands Fleet with Acquisition of Two Mini Bulk Carriers
India-focused coastal shipping operator Shreeji Shipping Global Ltd has strengthened its owned fleet with the strategic induction of two mini bulk carriers — M.V. Gautam BSTAR II and M.V. Sanghi Sudarshan — adding a combined 8,800 DWT to its coastal shipping operations.
Each vessel has a carrying capacity of 4,400 DWT and features
one of the lowest draft profiles in its class, enabling operations at India’s
tidal and draft-restricted minor ports where larger conventional bulk carriers
are unable to call.
The company said the acquisition is aimed at addressing a
longstanding challenge in India’s coastal logistics sector — the efficient
movement of bulk cargo to and from minor ports along the country’s coastline.
With their shallow draft capability, the vessels are expected to
enhance coastal cargo movement, strengthen lighterage and transhipment
operations and provide more economical freight solutions for hinterland
industries by reducing dependence on road and rail transport.
According to the company, the addition of M. V. Gautam BSTAR II
and M.V. Sanghi Sudarshan will provide customers with greater access to
previously underserved ports, improved supply chain resilience and more
reliable coastal logistics services.
Shreeji Shipping Global stated that its fleet expansion strategy
is focused not merely on increasing tonnage, but on acquiring vessels capable
of unlocking new trade routes and improving connectivity to ports with
operational limitations.
The company added that the latest acquisition marks another step
in supporting India’s growing coastal shipping infrastructure through agile and
long-term maritime logistics solutions.
Indian Port THC Hikes Add
Pressure on Importers and Exporters
Rising terminal handling charges (THCs) at Indian ports are
increasing cost pressures on importers and exporters, adding to the logistics
burden already faced by cargo owners amid volatile freight markets and global
trade disruptions. Shipping lines and terminal operators have implemented
higher THCs across several major ports, impacting both inbound and outbound
cargo movement.
Industry stakeholders said the increase in port-related charges
is raising overall supply chain costs for exporters, importers, and logistics
providers, particularly in sectors dependent on containerised trade. Trade
bodies have expressed concerns that continued hikes in THCs could reduce the
competitiveness of Indian exports in global markets and increase landed costs
for imported goods.
Cargo owners and industry associations are urging authorities and port operators to review pricing mechanisms and ensure greater transparency in terminal related charges. Analysts noted that higher THCs, combined with elevated ocean freight rates, congestion-related surcharges and geo-political disruptions are placing additional financial strain on India’s trade and logistics ecosystem.
India-Afghanistan
Trade Ties Strengthen With New Port Equipment Agreement
India and Afghanistan have strengthened bilateral trade cooperation following the signing of a USD 46 million agreement for the supply of port equipment by an Indian firm to Afghanistan. The deal is aimed at modernising cargo-handling infrastructure and improving operational efficiency at key Afghan trade gateways.
Under the agreement, the Indian company will supply specialised
port machinery and logistics equipment to support cargo movement, storage, and
terminal operations. Officials said the project is expected to enhance
Afghanistan’s trade connectivity and facilitate smoother movement of goods
through regional transport corridors.
The agreement highlights growing economic engagement between the
two countries and reflects India’s continued involvement in infrastructure and
connectivity projects in the region.
Industry observers noted that improved port infrastructure could
help Afghanistan strengthen trade flows with neighbouring markets while
supporting broader regional logistics integration.
ONE updated Irish Sea Express
rotation
Ocean Network Express (ONE) Line has announced a revised port
rotation for its Irish Sea Express service, effective late May 2026,
introducing a direct connection between Southampton and Ireland while
maintaining Rotterdam’s link to Belfast.
The updated service will operate across two loops. The first
will run Southampton to Dublin to Cork and back to Southampton, replacing
Rotterdam on the Dublin and Cork leg.
The second loop will continue to connect Rotterdam and Belfast.
The adjustment enhances coverage across Europe and improves
direct access between southern England and the Irish market.
Hapag Lloyd reports
unsatisfactory first quarter
Hapag Lloyd closed the first quarter of 2026 with a Group EBITDA
of US$ 494 million, a Group EBIT of negative US$ 157 million and a Group net
loss of US$ 256 million.
The results represent a significant deterioration compared to
the same period in 2025, driven by lower freight rates and operational
disruptions stemming from severe weather conditions across Europe and North
America and the blockage of the Strait of Hormuz.
In the Liner Shipping segment, revenues declined to US$ 4.8 Billion, primarily,
reflecting a lower average freight rate of US$ 1,330 per TEU compared to USD
1,471 per TEU in the first quarter of 2025.
Transport volume held at 3.2 million TEU, broadly in line with
the prior year quarter despite ongoing terminal and supply chain disruptions
caused by adverse weather and the Hormuz blockage. Segment EBITDA fell to US$
447 Million, while EBIT came in at negative USD 174 million.
The Terminal infrastructure segment provided a partial offset,
with revenues rising to US$ 168 Million following the first full-time full
consolidation of J M Baxi’s container business and strong volume growth in
Latin America and India. Segment EBITDA increased to USD 47 million and EBIT
reached USD 18 million.
CEO Rolf Habben Jansen described the quarter as unsatisfactory,
while noting that the Gemini network demonstrated resilience under difficult
conditions, maintaining service reliability for customers.
He reaffirmed the company’s commitment to its Strategy 2030 and
to completing the merger agreement with ZIM, alongside continued rigorous cost
management.
For the full year 2026, the Executive Board maintained its
guidance for Group EBITDA in the range of USD 1.1 to 3.1 Billion and Group EBIT
between negative USD 1.5 Billion and positive USD 0.5 Billion, subject to
considerable uncertainty given volatile freight rate dynamics and the ongoing
Middle East conflict.
AD Ports Group Q1 net profit
jumps 41% to record AED 653 Million
AD Ports Group reported record quarterly profits in Q1 2026,
driven by strong growth across its maritime, logistics and economic zones
businesses. Revenue rose 25%
year-on-year to AED 5.75 Billion through organic growth.
EBITDA increased 33% to AED 1.52 Billion, while EBITDA margin
improved to 26.4% from 24.7% a year earlier.
HMM Q1 profit falls
HMM reported lower revenue and profit for the first quarter of
2026 as container freight rates declined and operating costs increased. Revenue
fell 4.8% year-on-year to KRW 2,719 Billion.
Operating profit dropped 56% to KRW 270 Billion, while net
profit declined 52% to KRW 354 Billion. HMM said the average Shanghai
Containerised Freight Index fell 14% during the quarter to 1,507 points.
Freight rates on major trade lanes declined sharply. Rates to
the US West Coast dropped 38%, while East Coast rates fell 37%. The company
also faced higher operating costs linked to the prolonged Middle East crisis.
Despite the weaker market conditions, HMM maintained an operating margin of
9.9%.
HMM expects market uncertainty to continue due to increasing
vessel supply from newbuild deliveries, geopolitical tensions in the Middle
East and US tariff policies. In its container business, the company plans to
optimize fuel costs and launch new services to markets including Africa through
a hub-and-spoke strategy.
HMM also aims to expand cargo demand in Southeast Asia. In the
bulk segment, the company said it will focus on improving profitability through
strategic VLCC operations and by securing additional long-term cargo contracts
globally.
/// Air Cargo News ///
Astral launches Nairobi-Asmara
freighter route
Astral Aviation has launched a new weekly freighter service between Nairobi, Kenya and Asmara, Eritrea to strengthen trade and logistics connectivity across the Horn of Africa and beyond.
“The new service will connect Asmara to Astral’s extensive regional and international network via Nairobi, linking Eritrea with key markets across Africa, the Middle East, Asia and Europe,” said the Kenyan cargo airline.
Astral added: “This new route underscores Astral Aviation’s continued commitment to providing reliable cargo connectivity, facilitating trade flows, and supporting economic growth across emerging markets.”
In 2025, Astral continued to build out its network. The carrier added a Haikou, China to Johannesburg, South Africa route in October.
In June last year, Astral also launched a route linking Hong Kong to Brisbane, Australia. The service is being operated on an ACMI (aircraft, crew, maintenance and insurance) basis on behalf of Aus Air Cargo.
Jomo Kenyatta International Airport (NBO)-hubbed Astral currently has three aircraft in its fleet. These include a Boeing 767-300 passenger to freighter (P2F) aircraft, a Boeing 767-200P2F and a Boeing 737-400P2F.
Astral previously told Air Cargo News that it also planned to add a Boeing 737-800F and two Boeing 777 passenger to freighter (P2F) aircraft. The airline also confirmed it has postponed its order for two Embraer E190Fs indefinitely.
Flower shipments blossom for Mother’s
Day celebration
The air cargo market saw flower volumes bloom in the run-up to this year’s Mother’s Day celebrations in North America.
Figures from data firm WorldACD show that in the week ending 26 April, air cargo volumes from Central and South America increased by 19% week on week due to extra flower volumes.
“Flower exports from key countries such as Colombia and Ecuador were shipped to the US and Canada ahead of Mother’s Day on 10 May,” the company said. “That 19% week-on-week rise is identical to the growth of that market in the equivalent week last year.”
In response to the rising flower volumes, air cargo capacity from Central and South America increased by 8% week on week.
Meanwhile, airlines were keen to promote their flower operations over the period.
Avianca Cargo moved more than 21,000 tons of flowers and accounted for 42% of Colombian flower exports to the US.
The airline said that there were up to 24 daily departures during peak days and approximately 24m stems transported within a 24-hour period at peak.
“This performance marks the largest Mother’s Day season in the company’s history,” the airline said.
“Including shipments from Ecuador, at least one out of every three flowers exported from the region reached its destination aboard Avianca Cargo aircraft.”
To meet increased seasonal demand, Avianca Cargo operated more than 330 cargo flights, surpassing the number of flights operated in 2025.
During a typical week, about 30% of Avianca Cargo’s capacity is dedicated to flower transportation. During the Mother’s Day season, that figure increased to 42%,
The
operation was supported by a fleet of nine dedicated freighters, two more than
the previous year, as well as additional leased capacity, allowing the company
to meet demand without disrupting service across other markets.
LATAM Cargo said that it closed the 2026 Mother’s Day, having transported 24,400 tons of flowers from South America.
“The
result consolidates the company’s leadership for the fourth consecutive year in
floral air cargo from
the region,” LATAM said in a press release.
The operation was coordinated from three origin airports — Bogotá, Quito, and Medellín — encompassing more than 430 dedicated flights for the season.
“To sustain this standard, ground crew staffing more than doubled compared to a regular week, reinforcing ramp, warehouse, and supervisory teams across all three hubs,” the airline added.
“Close collaboration with growers and exporters was critical. Having volume data available several days in advance made it possible to size the required resources at every point in the supply chain — from cargo receipt at the warehouse to the cut-off of each flight frequency — ensuring a best-in-class service standard.
The volume transported is equivalent to approximately 560m stems.
The US accounted for the largest share of volume, but growth was also recorded outside that corridor: Oceania, Europe,
Chile,
and Brazil all posted notable gains during the season — a signal that demand
for fresh flowers from Colombia & Ecuador
continue to expand into less traditional consumer markets.
Middle East conflict and weaker dollar weigh on IAG Cargo in Q1
Image
© IAG CargoIAG Cargo saw both revenues and cargo traffic decline in the first quarter of the year as the Middle East conflict, a weaker dollar and a strong comparison period last year affected comparisons.
The cargo business of IAG saw first-quarter revenues decline by 13.5% year on year to €275m, while cargo traffic was down 7.7% on Q1 2025 at 1.2bn cargo tonne kms and yields slipped 6.3% to €22.78cents.
The group pointed out that last year’s first-quarter performance was particularly strong and the market had settled since then.
IAG added that cargo performance from March was affected by the Middle East conflict.
“Market yields were elevated in the first half of 2025, supported by global supply chain disruptions and strong demand; however, since the third quarter of 2025, yields have declined as market rates stabilised from the previous year’s Red Sea-related surge,” the airline group said.
“Cargo revenue was further impacted by a weakened US dollar, while March performance was affected by cancellations to destinations in the Middle East.
“The Group continued to prioritise high-yielding and premium flows, particularly across Asia Pacific and India.”
The performance is in contrast to that of its European rivals Air France KLM
and Lufthansa Cargo, which benefited from having access to freighters to
capitalise on the grounding of much of the Middle East fleet and closure of
airspace in the region.
Lufthansa’s logistics division saw cargo traffic, revenues and operating profits improve in the first quarter of the year in part as a result of capacity tightness caused by the Middle East conflict.
The logistics division, which includes Lufthansa Cargo, time:matters, Jettainer, HeyWorld and a 50% stake in AeroLogic, saw revenues improve by 5% to €876m, earnings before interest and tax (ebit) were up 40% to €83m and cargo traffic improved by 7% to 2.2bn revenue cargo tonne kms.
Meanwhile, Air France KLM saw first-quarter revenues at the cargo business decline by 3.5% year on year to €600m despite cargo volumes increasing by 4% to 234,000 tons and cargo traffic improving by 3.8% to 1.8bn revenue tonne km.
However,
much of this was down to its performance in January and February.
In March, the group benefited from the situation in the Middle East. Also, the drop off in performance was less steep than that of IAG.
“Unit revenue per available tonne km at constant currency was below last year’s level in January and February, which showed strong cargo demand due to front-loading of shipments and tariff-driven shifts,” the company said in a first-quarter results press release.
“In March, the Middle East conflict reduced industry capacity and pushed the Group’s yield and unit revenue above last year’s levels.”
The Emirates Group delivers strong FY26
performance
The Emirates Group has released its 2025-26 Annual Report, reporting record-high profit, revenue, and cash balance levels despite facing a disruptive and challenging final month of the financial year. Emirates Sky Cargo delivered a strong performance in 2025-26, transporting 2.4 million tonnes of cargo worldwide, a 3% increase compared with the previous year.
The
division’s capacity expanded significantly following the delivery of five new
Boeing 777 Freighter aircraft, boosting freighter capacity by 13%. SkyCargo
reported revenue of AED 16.2 billion ($4.4 billion), contributing 12% to
Emirates’ total revenue. However, cargo yield per Freight Tonne Kilometre
(FTKM) declined by 3% due to market pressures and the impact of tariffs on
global trade, particularly within the eCommerce sector.
The division expanded its freighter network to 44 destinations during the year with the addition of Bangkok, Budapest, Liege, and Tokyo Narita, while also increasing frequencies on existing routes and growing its trucking network. Emirates SkyCargo also strengthened its specialist logistics offerings with the launch of Emirates Courier Express, a cross-border door-to-door delivery solution, alongside a new Aerospace and Engineering suite tailored for time-sensitive shipments in aviation, engineering, defence, and space industries.
By the end of March 2026, Emirates SkyCargo’s freighter fleet stood at 13 Boeing 777Fs, with eight more aircraft pending delivery. Emirates also took ownership of 29 A380s and five Boeing 777 aircraft at the end of their leases, while raising AED 10 billion through various aircraft financing structures to support its fleet expansion programme.
The Emirates Group closed the financial year with a strong cash balance of AED 54.9 billion ($15 billion), enabling it to meet all financing obligations, including aircraft pre-delivery payments and lease commitments. Emirates’ total passenger and cargo capacity increased by 1% in 2025–26, reaching 60.6 billion ATKMs, reflecting steady growth in its global operations.
The company reported a record revenue of AED 150.5 billion ($41.0 billion), marking a 3% increase compared with the previous year. In 2025–26, the Group invested a total of AED 17.9 billion ($4.9 billion) in new aircraft, infrastructure, equipment, and advanced technologies to support its ongoing expansion and growth strategy.
Similarly, dnata reported a 12% rise in total revenue, reaching a record AED 23.6 billion ($6.4 billion), supported by stronger global flight and travel demand, especially across key markets including Australia, Europe, the UAE, the UK, and the US. Also Read - Saudia Cargo partners with Tibah to boost Madinah cargo hub dnata’s Airport Operations segment, which includes ground and cargo handling, recorded revenue of AED 11.2 billion ($3.1 billion).
Aircraft turns handled globally rose by 12% to 888,793, while cargo volumes increased by 2% to 3.2 million tonnes, supported by new contracts and higher flight activity across key international markets.
During the year, dnata announced a joint venture to launch ground handling and cargo services at Azerbaijan’s Alat International Airport, scheduled to open in late 2027. In Amsterdam, the company inaugurated a new fully automated cargo facility with an annual capacity of 600,000 tonnes, backed by a €70 million investment.
Cargo volumes at Brussels Airport rise 6.2% in April
Cargo volumes at Brussels Airport increased 6.2% year-on-year to 73,964 tonnes in April 2026, supported by growth in full freighter services, integrator operations and trucked volumes.
The
airport said flown cargo volumes grew 6.4% during the month. Full freighter
volumes recorded the highest growth at 23.5%, while integrator services
increased 1.9%.
Trucked volumes also rose by 5.2% compared to April last year. Belly cargo volumes, however, declined 8% year-on-year in April.
According to Brussels Airport, the main import regions were Asia, Africa and North America, while exports were mainly destined for Asia and North America.
Prestwick Airport ships one million kg of Scottish salmon in 2026
Glasgow
Prestwick Airport has exported one million kilograms of Scottish salmon since 1
January 2026, marking a milestone in its seafood export operations and growing
role in handling premium perishable exports.
The year-to-date volume follows the launch of Prestwick’s Scotland-to-China seafood export service in September last year. The service was supported by investment in new equipment, dedicated cool chain staff and temperature-controlled facilities for time-sensitive exports.
Prestwick’s seafood export operation includes high-volume metal detectors, temperature exposure and tracking systems, and 87 tonnes of chiller capacity. Sean Scott, Cargo Services Business Manager, and Scott Mains, Warehouse Supervisor, hold salmon box “This is an important marker for the airport and for the Scottish seafood sector,” said Ian Forgie, Chief Executive Officer, Glasgow Prestwick Airport.
“It shows that exporters are using the new service at scale, and that the investments we have made in cool chain facilities, people and specialist handling are giving producers a faster and more resilient route to market.
“Every hour saved between the catch and final market helps protect quality, shelf life and value for exporters, and that is exactly where Prestwick can make a difference.” The milestone comes during a period of cargo growth at the airport, supported by new scheduled freighter capacity.
Air China Cargo increased its Prestwick-Chengdu service from four flights a week to a daily service in March, taking Prestwick’s direct scheduled cargo flights to and from mainland China to 15. At present, 11 flights are operated by Air China Cargo and four by China Southern Logistics every week.
Ethiopian Airlines also added three weekly cargo flights to Hong Kong earlier this month, expanding Prestwick’s links with Asian trade and creating additional export options to markets including South Korea and Vietnam.
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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