JUPITER SEA & AIR SERVICES PVT. LTD, EGMORE – CHENNAI, INDIA.

 

E-MAIL : Robert.sands@jupiterseaair.co.in   Mobile : +91 98407 85202

 

 

Corporate News Letter for  Friday  July  17,  2026

Today’s Exchange Rates

CURRENCY▲	PRICE	CHANGE	%CHANGE	OPEN	PREV.CLOSE
USD/INR	96.35	0.080002	0.083102	96.25	96.27
EUR/USD	1.1451	-0.0012	0.104681	1.1464	1.1463
GBP/INR	130.1462	1.236298	0.95904	130.2899	128.9099
EUR/INR	110.4721	0.559502	0.509042	110.3967	109.9126
USD/JPY	162.348	0.158005	0.09742	162.19	162.19
GBP/USD	1.3509	-0.0031	0.228945	1.354	1.354
JPY/INR	0.5942	0.001	0.168575	0.5936	0.5932

///                   Sea Cargo News            ///

Panama flag detentions put Chinese carriers in US crosshairs

Laura DiBella, commissioner with the Federal Maritime Commission, said China’s port state control inspections against Panama-flagged vessels had continued “with no sign of abatement”.

She described the detentions as retaliatory and said they appeared aimed at punishing Panama over its Supreme Court decision to invalidate the concession previously held by Hong Kong-based CK Hutchison for the Balboa and Cristóbal terminals on either side of the Panama Canal. 

DiBella said Panama-flagged ships carry a meaningful share of US trade and that unwarranted detentions could have commercial and strategic consequences for US shipping. She added that the world could not normalise the practice, warning that it would set a damaging precedent for global supply chains.    

The FMC has powers to investigate whether foreign government rules or practices create unfavourable conditions for US foreign trade.DiBella said an investigation into conduct at Chinese ports could lead to remedial measures, including action affecting Chinese-controlled carriers operating in US trades.

The warning follows an earlier FMC statement in March, when DiBella said the agency was closely monitoring China’s actions against Panama-flagged vessels after a sharp rise in detentions.

Earlier industry numbers showed Panama-flagged detentions in Chinese ports rising to 136 ships in April, after a sharp March spike in which Panama-flagged vessels accounted for around three-quarters of all China port detentions.

The figures marked a steep jump from January and February and suggested the pressure on Panama-flagged tonnage had widened beyond isolated port state control cases.

China has denied targeting Panama-flagged ships and has pushed back against US accusations, saying Washington is using the canal dispute to increase pressure on Beijing.

The row stems from Panama’s decision to take control of the Balboa and Cristóbal terminal concessions after its Supreme Court ruled the CK Hutchison-linked concession unconstitutional.

Panama later appointed APM Terminals and MSC’s Terminal Investment Limited as interim operators while a new process is pursued.

Splash reported last month that the Panama Ship Registry has been caught in the middle of the US-China dispute, with owners reassessing flag choice as Chinese scrutiny of Panama-flagged tonnage increased.

No mass reflagging from Panama has yet occurred. However, Chinese leasing companies are now requiring shipowners to reflag away from Panama as a condition of newbuilding finance, with longer-term implications for the registry.  

The biggest beneficiaries have been Liberia and the Marshall Islands, which have attracted vessels seeking to avoid becoming entangled in a dispute between the world’s two largest economies.      

The latest FMC statement keeps the pressure on Beijing and raises the risk that a port state control dispute could spill into liner regulation and carrier access in the US market.

Danish shipping giant Maersk charts course for India-built vessels

Maersk, among the world’s largest container shipping lines, has initiated talks with Indian shipyards to build these smaller container vessels, Amdi Krogh, the carrier’s global head of ocean assets partnering, told Business Standard.  

The shipping line, which on Friday became the first international player to order containers from an Indian manufacturer — DCM Containers — is also looking to source a larger share of its container demand from India, Krogh said.

He did not specify details of the discussions with shipyards or container manufacturers. The longer-term goal is to build bigger vessels in India once capacity expands, Krogh said. 

Ukraine’s tanker and refinery campaign deepens Russia’s fuel crisis

Ukrainian drone forces struck more than 20 Russian shadow fleet vessels over a 72-hour span, hitting at least 19 tankers with FP-2 kamikaze drones. The first strikes, overnight Sunday into Monday, set fire to a pair of tankers each carrying around 7,000 tonnes of fuel on the Taganrog-Crimea route.

The following night, Ukrainian forces destroyed eight more tankers, named by military outlet Defense Express as Venera-3, Sanar-1, Sanar-17, Climene, Teti, Alexey Savrasov, Penelope and one unidentified vessel, all small, Russian-flagged tankers of around 7,000 deadweight tonnes linked to sanctioned crude transport.

Ukraine’s Unmanned Systems Forces said more than nine further tankers were hit by drone swarms above the Kerch Strait. Russia confirmed damage to two tankers and injuries to two sailors, while satellite fire-monitoring systems showed a blaze covering more than a square kilometre in the Kerch Strait shipping channel. At least one vessel was left adrift, its crew forced to abandon ship.     

Among the vessels hit was a Chevron-chartered tanker, which was struck by a drone off Russia’s Black Sea coast. The Marshall Islands-flagged suezmax Yasa Polaris was hit while inbound for Caspian Pipeline Consortium loadings near Novorossiysk.      

The campaign, part of a 40-day operation authorised by president Volodymyr Zelensky, aims to cut into oil export revenue that funds roughly a quarter of Russia’s state budget and to disrupt the sea link supplying fuel to occupied Crimea.      

Refineries came under renewed pressure too. On July 6, Ukrainian drones struck the Omsk refinery, Russia’s largest and a leading gasoline producer, in a strike from more than 2,400 km inside Russian territory, hitting the primary processing unit and halting output. It was the sixth major Russian refinery forced to shut fully or partially since the start of June. Lukoil’s Nizhny Novgorod refinery, the country’s fourth-largest, was struck again on July 2, days after restarting from a strike on June 24.     

The combined pressure has pushed the resulting fuel crisis into nearly all of Russia’s 83 regions, with more than 50 officially reporting shortages and several, including Irkutsk and Transbaikal, declaring a state of heightened alert. Crimea imposed a full ban on fuel sales to ordinary motorists last month.

Elsewhere, purchases are commonly capped at 20-30 litres per vehicle, with jerry can filling largely prohibited. Industry estimates put Russian gasoline output at around 85,000 tonnes a day against peak summer demand of roughly 110,000 tonnes, a shortfall of about 25,000 tonnes daily.         

Analysts estimate a quarter to a third of Russia’s refining capacity is currently offline; the central bank cited “a temporary contraction in motor fuel production” as an inflation risk when it trimmed interest rates by only a quarter point this week.

President Vladimir Putin has acknowledged the shortages but called them “not critical,” while Moscow has banned gasoline and jet fuel exports and is exploring fuel imports to ease the strain.    

 Kyiv’s maritime campaign has also opened a diplomatic rift beyond Russia. Ukraine has told Athens it will keep attacking Russian vessels on the high seas under its right of self-defence per Article 51 of the UN Charter, Euractiv reported, after a Ukrainian sea drone carrying 100 kg of explosives, reportedly aimed at a Russian tanker, was found near the Greek island of Lefkada in May.

Greece lodged three formal protests and sought an apology, citing fears the Mediterranean could become a war theatre and hit tourism. Kyiv apologised publicly while privately signalling no change in policy, and said Athens had breached a 1996 friendship treaty requiring consultation before going public. 

CITPL Achieves Record Monthly Throughput of 97,211 TEUs in June 2026

The achievement reflects the terminal’s sustained focus on operational efficiency, productivity, and customer-centric services while reinforcing Chennai Port’s position as a key gateway for India’s international trade.   

The record performance was made possible through the collective efforts of CITPL’s workforce, shipping lines, logistics partners, customers, and other stakeholders, whose continued collaboration has contributed to the terminal’s growth and operational excellence.    

The milestone underscores CITPL’s capability to efficiently handle increasing cargo volumes and support the evolving requirements of the global shipping and logistics industry.

 It also highlights the terminal’s commitment to delivering reliable, seamless, and world-class container handling services.

With this achievement, CITPL further strengthens Chennai Port’s role in facilitating India’s growing EXIM trade and enhancing the country’s maritime logistics infrastructure. 

MV Graceous Becomes Largest Vessel to Enter Visakhapatnam Port’s Inner Harbour

The vessel, carrying more than 100,000 metric tonnes of coal, was safely navigated and berthed at EQ-1 following meticulous planning and seamless coordination between the Visakhapatnam Port Authority’s marine team and Anglo-Eastern’s onboard crew. The operation was led by Capt. Anurag Puniya and Abhirup Dalai, whose expertise ensured the successful handling of the large Capesize vessel within the port’s inner harbour.      

The achievement highlights the growing capability of Visakhapatnam Port to accommodate larger vessels while demonstrating the importance of close collaboration between port authorities, ship managers, and vessel operators in executing complex marine operations safely and efficiently.         

Anglo-Eastern said the milestone reflects its continued commitment to delivering safe, efficient, and high-quality ship management services worldwide. The company also acknowledged the support of Teh-Hu Cargocean, the Visakhapatnam Port Authority, and its seafarers and shore-based teams for their role in successfully completing the operation.

The successful berthing of MV Graceous further reinforces Visakhapatnam Port’s operational capabilities and strengthens its position as one of India’s key gateways for handling large bulk cargo vessels.

///                   Air Cargo News            ///

Astral restarts Haikou-Johannesburg route with Fly Noor Aviation                              

                            Image: © Astral Aviation

Astral Aviation has announced the re-start of its dedicated Haikou, China to Johannesburg, South Africa freighter service in partnership with Fly Noor Aviation.

Under the agreement, signed at Air Cargo China 2026 in Shanghai, Astral Aviation will operate twice-weekly scheduled freighter flights linking Haikou to Johannesburg via Nairobi.

The service will use Astral Aviation’s Boeing 767-300F, offering a 50-tonne payload capacity per flight.

The route is expected to support the growing movement of e-commerce shipments, electronics, consumer goods,
textiles, automotive parts, pharmaceuticals and general cargo from China into Africa, while facilitating exports of perishables
agricultural products and other high-value African commodities into Asian markets.

The agreement was signed by Sanjeev Gadhia, chief executive of Astral Aviation, and Damanpreet Singh, chief executive of Fly Noor Aviation Services.

Gadhia said: “We are delighted to partner with Fly Noor Aviation Services in re-starting the Haikou–Johannesburg
freighter service. The agreement signed at Air Cargo China 2026 reflects our shared vision of building stronger logistics bridges between China and Africa.

“This dedicated twice-weekly service will provide customers with reliable capacity, faster transit times and seamless access to one of the world’s fastest-growing trade corridors.”

Singh commented: “Our partnership with Astral Aviation combines two organizations committed to delivering dependable, customer-focused air cargo solutions.

“We are excited to offer the market a scheduled service that meets the growing demand for efficient transportation between China and Africa while supporting the continued expansion of trade between both regions.”

Johannesburg will serve as the primary gateway for cargo distribution throughout southern, eastern and central Africa via Astral Aviation’s established regional network, while Haikou provides strategic access to one of China’s fastest-growing manufacturing, logistics and e-commerce centres.

In May, Astral Aviation launched a weekly freighter service between Nairobi, Kenya and Asmara, Eritrea to strengthen trade and logistics connectivity across the Horn of Africa and beyond.

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.

Cargo facility to be developed at Harrisburg Airport in US

              Image: © Susquehanna Area Regional Airport Authority

Transportation-focused real estate and infrastructure investments company Realterm and the Susquehanna Area Regional Airport Authority (SARAA) have partnered to develop a new cargo facility at Harrisburg International Airport in Pennsylvania, US.

The development will deliver up to 105,000 sq ft of first-line cargo space and will sit directly adjacent to the airfield apron, allowing aircraft to park at the building’s doors and cargo to move straight from plane to warehouse.

There will be eight airside drive-in doors, 40 landside loading dock doors and more than 180 vehicle parking spots.

The building will be developed to LEED-certified standards, incorporating skylights, motion-sensor LED lighting, EV-ready infrastructure and an engineered slab capable of supporting specialised cargo needs, including cooler spaces, floor scales and pallet lifts.

Harrisburg processed over 55,000 tons of cargo in 2025, according to Airports Council International (ACI) World.

“MDT is dedicated to continued cargo growth, and this development is a direct expression of that vision,” said Jennifer Carter, senior vice president, airport affairs, Realterm.

“The airport’s strategic location at the heart of Central Pennsylvania, serving a region that has attracted major investment from global companies, makes MDT the natural choice for operators looking for a competitive advantage in the Mid-Atlantic.”

“This development represents the strength of our long-standing partnership with SARAA, and we see significant untapped demand at MDT,” commented Alexi Lachambre, senior vice president, Investments, Airport Infrastructure, Realterm.

“This is a rare opportunity in today’s market, a readily developable first-line site served by a newly constructed aircraft ramp in a strategic U.S. distribution location.”

Timothy Edwards, executive director of the Susquehanna Area Regional Airport Authority, also added: “MDT recently completed a $60 million expansion of our airside cargo apron and we are truly excited about the partnership with Realterm and the prospect of a new of a state-of-the-art modern air cargo facility which will complement that infrastructure investment.”

Realterm’s recent projects include the $270m Modern Air Cargo Facility at John F. Kennedy International Airport, developed in partnership with the Port Authority of New York and New Jersey, and the Northeast Cargo Campus at O’Hare International Airport, encompassing 900,000 sq ft.

In June last year, Realterm announced plans to develop a new air cargo facility at Leipzig/Halle Airport.

Nagpur Airport charts cargo expansion plan

GMR Airports has outlined a long-term expansion plan for Nagpur Airport that includes investments in cargo infrastructure, positioning the facility as a key logistics hub for central India, announced SGK Kishore, Executive Director and Chief Innovation Officer, GMR Group.

Alongside infrastructure upgrades, the roadmap envisages a long-term cargo handling capacity of 150,000 MT annually. The phased expansion will leverage the airport’s location and proximity to the Multimodal International Cargo Hub and Airport at Nagpur to strengthen freight connectivity.

During the phase II, a dedicated cargo terminal with an annual handling capacity of 20,000 MT will be developed to support growing cargo volumes.

The master plan also includes an Aerocity project integrating logistics and commercial infrastructure and operational assets such as a second runway and supporting aviation facilities.

The expansion is likely to improve handling efficiency and reinforce Nagpur’s role in India’s multimodal logistics network.

‘57% of NZ exports to India will be tariff-free’

Christopher Luxon, Prime Minister, New Zealand, announced that 57 per cent of the country’s exports to India will become tariff-free from the first day the Free Trade Agreement comes into force.

The announcement comes ahead of Narendra Modi, Prime Minister of India’s visit to New Zealand. The pact is likely to increase bilateral cargo flows by expanding market access for farm, industrial, and manufactured products.

As tariffs are reduced in phases, demand for air cargo, ocean shipping, cold chain logistics, and multimodal transport is likely to grow. Higher trade volumes are expected to create opportunities for forwarders, logistics providers, and port operators, while strengthening supply chain connectivity between the two countries.

The agreement is anticipated to support more cross-border trade and reinforce long-term logistics cooperation.

Middle East: cargo business contracts

The Middle East, normally an oasis of prosperous trade and transportation benefiting from favorable tax policies, is currently undergoing a fundamental crisis. The downturn is the result of hostile conflicts between the United States, Israel, and Iran. Which is not over yet as evidenced by recent U.S. airstrikes on Iran and drone attacks by the mullah regime on U.S. bases in Kuwait and Bahrain.

Shippers and their forwarders in Europe and the Far East are sharply reducing the transport of shipments by Gulf airlines. By doing so, they avoid transits of their goods in Doha, Dubai, or Abu Dhabi this way reacting to security alerts caused by military hostilities in the region.

The extent to which this clash is affecting Gulf airlines’ air cargo business is evidenced by IATA’s May figures. According to data, total demand, measured in cargo ton-kilometers (CTK), increased by 6.0% compared to May 2025 levels. Capacity, measured in available cargo ton-kilometers (ACTK), increased by 1.9% compared to May 2025.

Willie Walsh presented his last monthly cargo figures before stepping down as IATA Chief and becoming CEO of Indian carrier Indigo – photo: credit IATA

8.9% down

Carriers in the Middle East, however, reported a combined contraction of 8.9% year-on-year as war-related impacts continued throughout most parts of May.

Monthly data shows that this downward trend in air freight has been ongoing since 28FEB2026, following Operation “Epic Fury,” which Trump had authorized the day before. It was a massive attack in which more than 1,000 targets in Iran were bombed and shelled in the first 24 hours.

The mullah regime responded with drone attacks on targets in the Middle East, also hitting airports in Dubai, Kuwait, and Bahrain. So it’s no wonder that the crisis in the Gulf region quickly began to affect the air freight business of local carriers.

According to IATA, tonnage on the Europe–Middle East route plummeted by 19.8% between 01MAR26 and 31MAY26. On the Middle East–Asia route, the decline was 16.5%. This benefited Air France-KLM Cargo, Lufthansa Cargo, Singapore Airlines Cargo, and ANA Cargo – to name just four players – whose volumes increased significantly during the period in question.

Favorable global cargo climate

Aside from the weakness of Emirates Cargo and its Gulf peers, May offered a favorable outlook for the majority of cargo airlines. Global trade increased by 5.0% year-on-year, extending 25 months of consecutive annual growth.

The Global Manufacturing Output Purchasing Managers’ Index (PMI) rose to 53.5, while the New Export Orders Index remained below the 50-mark at 49.6, suggesting that air cargo growth was driven by specific trade flows rather than a broad-based increase in global exports. 

“May’s strong performance coupled with macro-economic factors give cautious optimism for air cargo’s prospects over the remainder of the year. Trade and manufacturing output are both growing. Airlines have adapted operations to align with shifting demand patterns and supply chain needs.

Meanwhile, yield growth and higher load factors are helping to recoup higher fuel costs. It’s still a tough year, particularly as Middle East uncertainties weigh heavily on parts of the industry, but robust demand and airline resilience are clear,” said Willie Walsh, IATA’s Director General.

Walsh goes, but who comes?

It was the last monthly freight report he presented and commented on. On 30JUN26, he will step down from IAATA’s top deck to take over as CEO of the Indian low-cost carrier Indigo one day after. However, his successor will have to tackle similar challenges to those Walsh had already on his agenda: transitioning aviation from the carbon era to a clean future, improving the industry’s profitability, and reducing the financial burden caused by ever-increasing government taxes and bureaucratic regulations.

Mammoth converted B777-200Fs are awaiting commercial launch

There is no shortage of customers for converted Boeing Triple Seven freighters. But what’s missing are the aircraft ordered by QR Cargo, DHL, and ET Cargo from the U.S. lessor Jetran. Jetran, in turn, is awaiting delivery of the first B777-200LRMF from its supplier, Mammoth Freighters LLC.

This has been the case for two years now, as the first Boeing freighter converted by the Texas-based company was originally scheduled for delivery in 2024. Now, however, it appears that deliveries could begin as early as this year, although Mammoth has not specified a date.

From a regulatory standpoint, the B777-200 Long Range Mammoth Freighter (LRMF) has been given the green light. The Texas-based aircraft converter received the Supplemental Type Certificate (STC) from the FAA on 08APR26, authorizing commercial service of the 777-200LRMF.

After years of delays, the first B777-200 freighter converted by Mammoth is scheduled to be delivered to the lessor Jetran before the turn of this year.

Packed orderbook

The model features the largest main cargo door in its class, a reinforced floor, and an advanced cargo handling system. It offers a payload capacity of approximately 104,800 to 106,000 kg and a range of 4,800 – 4,900 nautical miles at maximum load – figures very close to those of the factory-built Boeing 777F, but at a much lower acquisition cost.

However, the company did not reveal final costs. The program has received more than 40 firm orders across the B777-200LRMF and its sister model, the extended B-300ERMF, with Qatar Airways Cargo having ordered five units via Jetran and DHL nine. 

“We are convinced that our converted B777Fs represent an attractive and competitive option in the long-haul cargo market and will provide Jetrans’ customers – our airline partners – with added value,” Jetran Chief, Jordan Jaffe, told media representatives.

Bill Tarpley, CEO of Mammoth Freighters, notes: “This [FAA] approval reflects years of disciplined engineering and close collaboration with the FAA, and underscores our ability to deliver a high-performance freighter.”

The Mammoth converted B777-200 freighters offer more capacity and are equipped with a larger cargo door, enabling the loading of outsized items

Attractive solution

Mammoth is backed by private investment funds managed by Fortress Investment Group LLC and its affiliates. The converter is based in Fort Worth, Texas with engineering offices in Rancho Bernardo, California and Seattle, Washington.

The B777-200LRMF is positioned as an attractive option for operators seeking long-range capability and high payload without the cost of a brand-new freighter aircraft.

The converter is also exploring expansion opportunities, including potential operators in the Far East. Currently, the first aircraft is undergoing autoland tests which are expected to conclude in the coming weeks.

Making aviation even safer

Autoland describes a system that fully automates the landing phase of an aircraft’s flight, with the human crew supervising the process. The pilots assume a monitoring role during the final stages of the approach and will only intervene in the event of a system failure or emergency and, after landing, taxi the aircraft off the runway to its parking position.

The automated system was designed to enable landing in poor meteorological conditions that do not allow for a visual approach, although it can be utilized at any level of visibility if desired by the flight deck crew. It is yet another technical innovation designed to make aviation safer and to reduce pilots’ workload.

Testing began on 26JUN26 at Fort Worth Alliance Airport (AFW) with a Jetran-owned B777-200LR. The aim is to certify automatic landings in challenging wind and weather situations under CAT II/III conditions.

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.