JUPITER SEA & AIR
SERVICES PVT. LTD, EGMORE – CHENNAI, INDIA.
E-MAIL : Robert.sands@jupiterseaair.co.in Mobile : +91
98407 85202
Corporate News
Letter for Thursday June 11,
2026
Today’s
Exchange Rates
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CURRENCY▲ |
PRICE |
CHANGE |
%CHANGE |
OPEN |
PREV.CLOSE |
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95.27 |
0.090004 |
0.094383 |
95.54 |
95.36 |
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1.1555 |
0.0012 |
0.103966 |
1.1543 |
1.1543 |
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127.6316 |
0.026604 |
-0.02084 |
127.8756 |
127.6582 |
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110.1069 |
0.134399 |
0.121914 |
110.3153 |
110.2413 |
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160.453 |
0.093002 |
0.057996 |
160.36 |
160.36 |
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1.3395 |
0.0015 |
0.112099 |
1.3379 |
1.338 |
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0.5938 |
-0.0008 |
0.134547 |
0.5946 |
0.5946 |
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/// Sea Cargo News ///
Greek fleet builder Venergy doubles down on tankers with
fresh Chinese suezmax order
The Piraeus-based company, led by VyronVasileiadis, has signed firm contracts for two 158,000 dwtsuezmaxes at the Dalian yard, while securing options for two additional vessels.
The firm ships are scheduled for delivery in
the fourth quarter of 2028, with the optional vessels set for delivery during
2029 if declared. No contract price has been
disclosed. However, recent broker estimates suggest similar Chinese-built
suezmaxes are commanding around $89m apiece.
The latest deal marks another step in
Venergy’s aggressive tanker expansion strategy and follows earlier suezmax
orders placed at Chinese yards as the owner builds a sizeable crude carrier
platform from scratch.
Venergy has adopted a diversified approach
both in terms of vessel segments and shipbuilding partners. The company has
spread its orders across several leading Asian yards, placing MR2 product
tanker contracts at South Korea’s K Shipbuilding, LR2 orders at New Times
Shipbuilding, and suezmax business with Hengli Shipbuilding, CSSC Guangzhou
Shipyard International and Shanghai Waigaoqiao Shipbuilding.
The ordering spree comes less than a year
after Vasileiadis entered shipping independently through the acquisition of
three secondhand MR2 tankers. Since then, the company has moved at remarkable
speed, building a sizeable orderbook spanning both tanker and containership
sectors.
In roughly 11 months, the wider group has
contracted 28 newbuildings across tankers and boxships, representing
investments of more than $1.5bn before accounting for optional vessels.
Including declared and outstanding options, the total investment pipeline is
approaching $2bn and could rise further should additional vessels be exercised.
The latest agreement also underlines the
growing importance of Hengli Shipbuilding in the international tanker market.
The yard has emerged as one of China’s most active shipbuilders, attracting a
steady flow of orders from owners seeking competitive pricing and available
delivery positions.
Alongside Venergy Maritime’s tanker
expansion, sister company OceanV Maritime has been building a foothold in the
containership market, giving the V Group exposure to two of shipping’s key
sectors.
The broader V Group’s interests stretch
beyond ship owning into shipping services, port reception facilities, waste
management and alternative fuels. The latest suezmax order means the group’s
fleet and orderbook now exceed 30 vessels within little more than a year of
launching its independent shipping venture.
Xingtong books quartet of chemical tankers at Chinese
yards
The Shanghai-listed company said its wholly
owned subsidiary, Xingtong Investment (Singapore), has signed separate
newbuilding agreements with Taizhou Maple Leaf Shipbuilding, Taizhou Kouan
Shipbuilding and Jiangxi New Jiangzhou Shipbuilding Heavy Industry for a series
of 13,000 dwt vessels.
Deliveries are scheduled between the end of
2027 and the first half of 2028. Under the agreements, Taizhou Maple Leaf will
build one vessel for RMB174.5m, while Taizhou Kouan will construct another for
RMB175m. Jiangxi New Jiangzhou will deliver two ships at RMB173.9m each.
The quartet will measure 133.3 m in length
and feature cargo capacity of about 15,300 cu m. Designed for the carriage of
IMO-regulated Group II and III chemicals, the vessels will be capable of
transporting a wide range of chemical products while meeting increasingly
stringent environmental requirements, the company said.
Xingtong added the investment supports its
“1+2+1” development strategy and will help modernise its fleet while increasing
the share of greener and more technologically advanced tonnage in its
international operations.
The latest contracts build on Xingtong’s
steady expansion in the specialised tanker segment. Shipbuilding records show
the company previously booked a pair of similar 13,000 dwt stainless steel
chemical tankers at Taizhou Kouan Shipbuilding in March 2025.
Established in 1997, Xingtong controls a
fleet of more than 30 vessels spanning chemical tankers, product tankers and
LPG carriers, and has been steadily growing its presence in both domestic and
international chemical transportation markets.
OOCL Launches New Southeast Asia–India
Service (SIS2)
Hong Kong-based container carrier Orient
Overseas Container Line (OOCL) has launched its new Southeast Asia–Indian
Subcontinent Service 2 (SIS2), further strengthening trade connectivity between
Southeast Asia, China and India.
The new service commenced on 4 June 2026 and
provides a direct link between Haiphong, Vietnam, and India’s west coast
through Mundra, while enhancing connectivity across key regional hubs including
China, Singapore and Hong Kong.
SIS2 Port Rotation: Qinzhou – Yangpu –
Haiphong – Singapore – Mundra – Singapore – Hong Kong – Qinzhou The service is
expected to support growing intra-Asia trade volumes and provide shippers with
additional routing options through major transshipment hubs in Singapore and
Hong Kong.
The direct call at Mundra is set to
facilitate cargo movement between Southeast Asia and India, supporting
expanding regional manufacturing and supply chain networks.
VOCPA Partners with H2Global to
Develop Green Hydrogen Export Corridor to Europe
In a significant step toward advancing
India's green energy export ambitions, the V.O. Chidambaranar Port Authority
(VOCPA) has signed a Memorandum of Understanding (MoU) with H2Global Foundation
and Hintco GmbH to explore the development of green hydrogen and clean shipping
fuel trade corridors between India and Europe.
With this agreement, VOCPA becomes the first
Indian port to establish a partnership with the European agency, marking a
major milestone in strengthening India's role in the global green hydrogen
supply chain.
The collaboration aims to facilitate the
integration of port infrastructure for the export of green hydrogen and its
derivatives from India to Germany and other European markets.
It will also support innovative mechanisms
for clean fuel production, long-term offtake arrangements, and the development
of sustainable maritime fuel ecosystems.
The strategic partnership is expected to
strengthen VOCPA’s vision of emerging as a leading green port and a key gateway
for clean energy exports. It also aligns with India’s broader goals of scaling
up green hydrogen production, promoting sustainable shipping practices and
supporting the global energy transition.
Wan Hai Lines Announces Asia Trade
Rate Restoration from 15 June
Wan Hai Lines has announced a limited rate
restoration across its Asia trade network, citing increased operating costs
arising from recent developments in the Middle East and the evolving shipping
environment.
Effective 15 June 2026, the carrier will
implement a Rate Restoration (RR) of US$100 per 20-foot container and US$200
per 40-foot and high cube container on applicable Asia trade lanes.
According to Wan Hai Lines, the adjustment is
aimed at supporting service continuity and maintaining schedule reliability
amid ongoing geopolitical and operational challenges impacting global shipping
networks.
The carrier noted that it will continue to
closely monitor market conditions and make operational adjustments as necessary
in response to changing circumstances.
The latest increase follows a similar limited
rate adjustment introduced in March 2026 after the company reviewed the impact
of Middle East developments on operating conditions and network performance.
The announcement comes as container shipping
lines continue to reassess costs, capacity deployment and network resilience
amid persistent disruptions affecting global trade flows.
/// Air Cargo News ///
Government Plans Major Air Cargo
Reforms Under New Three-Point Strategy
The
government has announced a comprehensive reform agenda for India’s air cargo
sector, with the Civil Aviation Minister outlining a three-point strategy aimed
at improving efficiency, enhancing infrastructure and strengthening the
country’s position as a global logistics hub.
The
reform roadmap focuses on accelerating cargo infrastructure development,
streamlining regulatory processes and increasing the adoption of technology
across the air freight ecosystem.
The
measures are intended to support the rapid growth of cargo volumes driven by
expanding trade, e-commerce and manufacturing activity. A key component of the
strategy involves upgrading cargo handling facilities at airports and improving
multimodal connectivity to ensure faster and more efficient movement of goods.
The
government is encouraging investments in modern cargo-terminals, warehousing and
cold-chain infrastructure to meet rising demand from exporters and importers.
European Cargo calls in the administrators as rising fuel costs add to pressure
European
Cargo, the Bournemouth-based operator of a fleet of converted A340-600
aircraft, has appointed administrators due to “significant financial pressures”
and rising fuel costs.
European
Cargo stated on its website that three individuals from Teneo Financial
Advisory — Stuart Morris, Robert Fishman and David Soden — were appointed on 3
June.
“The
affairs, business and property of the company are managed by the joint
administrators,” it added.
In
a statement, Teneo Financial Advisory told Air Cargo News: “The
appointment follows a period of significant financial pressure on the business,
driven by reduced flying activity and working capital and fuel cost pressures.
“Following
their appointment, the joint administrators have been assessing the Company’s
position and available options.
“The
Company has ceased trading and, regrettably, redundancies are being made.
Affected employees are being contacted as a priority and the joint
administrators are focused on supporting them through this process, while also
engaging with customers, suppliers, creditors and other key stakeholders.”
European
Cargo emerged in April 2020 during the onset of the Covid-19 pandemic, after
then-parent company European Aviation sought to offer the UK government
capacity to transport medical equipment from Malaysia.
It
had been acquiring Airbus four-engined A340-600 passenger jets from carriers
such as Virgin Atlantic and initially operated them as temporary freighters.
The
airline subsequently obtained approval to operate the -600s in a permanent
cargo configuration, with a 76t payload capability, and has been gradually
converting its fleet.
This
conversion involves removing seats, bulkheads and overhead luggage bins, and
installing a series of pods on the maindeck.
No
cargo door is added during the conversion process, allowing the aircraft to
potentially be turned back into passenger aircraft in the future, but making
the cargo loading process more complicated on a fully converted freighter.
European
Cargo’s most recent financial statement shows it made a full-year net loss of
$26m in 2024 — on revenues of $136m — a slight improvement on its net loss of
$30.6m in 2023.
At
the time, the company had acknowledged the losses, and stated that it had
carried out a full “going concern” review.
This
review had concluded that the company had reached an operational break-even
position, and the addition of further aircraft would increase profitability
beyond 2025 and into 2026.
The
losses came despite revenues continuing to increase as it added new aircraft
and expanded its operations. According to its latest financial statements, it
operated six of the aircraft, although there were plans to convert more
aircraft in the future.
European
Aviation sold its shareholding of 50.01% in European Cargo in November 2024, in
order to focus on its core aviation services business.
The
cargo carrier has been carrying out scheduled and charter services, with a
route network that includes destinations in China.
Most
recently, the carrier added freighter operations between China and Teesside International
Airport and established an operational base at the northeast UK airport.
Fuel
prices have been on the rise in recent months due to the outbreak of fighting
in the Middle East, putting pressure on less fuel-efficient aircraft.
Freight
forwarder Dimerco recently remarked that some airlines had been replacing
four-engined Boeing 747 freighters with smaller but more fuel-efficient
twin-engined Boeing 777 aircraft.
Jet fuel costs and tech demand keep
pressure on Asia airfreight
Air
cargo capacity out of several Asia origins is continuing to come under pressure
as demand remains stable on the back of AI and semiconductor shipments while
jet fuel costs restrict operations, according to freight forwarder Dimerco.
In
its June market summary, the Taiwan-headquartered forwarder said that
airfreight capacity from the island to Europe, the US and intra-Asia was tight,
with rates rising.
Services
out of South Korea were also facing tight capacity and rising rates to the US
and intra-Asia.
“The
pressure is being driven by semiconductor, AI server, high-tech and e-commerce
shipments,” the forwarder said.
It
added that jet fuel constraints are also reducing effective capacity, with some
carriers lowering payloads or replacing Boeing 747 freighters with smaller but
more fuel-efficient Boeing 777 aircraft.
“Even
with demand levels relatively stable versus last year, effective market
capacity has tightened significantly due to fuel-related operational
adjustments,” Dimerco explained.
On
the other hand, Dimerco said that recent trade talks between the US and China
had led to some high-tech shippers resuming direct airfreight services from
China to the US, reducing earlier transhipment flows via Southeast Asia hubs
such as Singapore, Thailand, and Taiwan.
“While
some direct China-US airfreight volumes are returning as trade policies
stabilise, strong AI and semiconductor demand continues to keep capacity
extremely tight across Asia,” said Kathy Liu, vice president of global sales
and marketing at Dimerco Express Group.
The
forwarder also reported ongoing backlogs and congestion in Southeast Asia,
particularly in Thailand where rates were on the rise.
“Operational
congestion is adding to the challenge,” Dimerco said, reporting continued
delays at Thailand’s Suvarnabhumi Airport, especially at Thai Airways (TG) and
Bangkok Flight Services (BFS) terminals, “affecting cargo handling, customs
clearance and export operations”.
Lead
times at the airports are leading to the use of cross-border trucking.
“Congestion
at Thailand’s airport terminals has become a key operational challenge, with
cargo lead times from arrival to final pickup exceeding seven days in some
cases,” Dimerco said.
“As
an alternative, more shippers are turning to cross-border trucking solutions
from China and neighbouring Southeast Asian countries into Thailand.”
Services
from Malaysia’s Kuala Lumpur International and Penang International are “tight”
to other Asian and European destinations while there are backlogs to the US,
Dimerco added.
In
the first quarter of the year, high-tech airfreight imports into the US boomed, with
volumes from Southeast Asia and Taiwan leading the growth.
Figures
from data provider and consultant Aevean show that overall high-tech volumes
into the US in the first quarter increased by 57% year on year, or 157,000
tonnes.
LATAM Cargo targets mining sector with
Germany-Chile link
LATAM
Cargo has added a new freighter link between Germany and Chile targeting the
mining industry.
The
new weekly connection was launched on 23 May and will operate between Frankfurt
and Antofagasta in Chile using one of the group’s Boeing 767 freighter
aircraft.
As
the service also calls at other locations along the route, capacity dedicated
for cargo destined for Antofagasta is limited to 25 tons.
The
service was launched to meet “the connectivity needs of northern Chile,
particularly for products related
to the mining industry”.
As
well as mining spare parts, the service will also target automotive,
pharmaceutical, and consolidated general cargo.
“With
this, the company offers a new alternative to the existing route that includes
a stopover in Santiago, the capital of Chile,” the carrier said.
“The
launch of the Frankfurt-Antofagasta route is the result of focused work
designed to create tailored solutions that add real value to our customers’
supply chains,” said Jorge Carretero, cargo sales director for Europe at LATAM.
“Northern
Chile is home to mining and industrial projects that demand precise logistics.
“By
offering a direct flight from a strategic European hub like Frankfurt, we not
only significantly reduce transit times, but also reaffirm our role as a
partner capable of providing the network that the industry requires in the
region.”
The
service is operated by subsidiary LATAM Cargo Chile.
The
new addition is not the only service added by LATAM Cargo in recent months. In
May, the carrier announced the
start of freighter services to Caracas.
The
airline’s Colombian subsidiary launched the twice-weekly flights between Miami
International and Simón Bolívar International Airport (CCS) in Caracas on 3
May.
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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