JUPITER SEA & AIR
SERVICES PVT. LTD, EGMORE – CHENNAI, INDIA.
E-MAIL : Robert.sands@jupiterseaair.co.in Mobile : +91 98407 85202
Corporate News
Letter for Saturday August 29, 2026
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/// Sea Cargo News ///
COSCO
Shipping Ports announces 2026 interim results
COSCO Shipping Ports reported higher revenue,
profit and container throughput for the first half of 2026.
Total throughput increased by 7.9% year on
year to 80,157,047 TEUs, while equity throughput rose by 7% to 24,492,008 TEUs.
Revenue increased by 12.3% to US$905.3
million. Profit attributable to equity holders climbed by 28.5% to US$233.7
million.
Revenue and profit increase
Gross profit reached US$239.5 million,
representing growth of 9.3% compared with the first half of 2025.
COSCO Shipping Ports declared a first interim
dividend of 2.360 US cents per share.
|
Financial measure |
First half of 2026 |
Annual change |
|
Revenue |
US$905.3 million |
+12.3% |
|
Gross profit |
US$239.5 million |
+9.3% |
|
Profit attributable to equity holders |
US$233.7 million |
+28.5% |
|
First interim dividend |
2.360 US cents per share |
— |
The company attributed its performance to
lean operational management and the continued optimisation of resources and
business processes.
Total throughput exceeds 80 million TEUs
COSCO Shipping Ports handled 80.16 million
TEUs during the six-month period, compared with 74.3 million TEUs one year
earlier.
Terminals in which the group holds
controlling stakes handled 16.89 million TEUs, an increase of 2.5%. These
facilities accounted for 21.1% of total throughput.
Non-controlling terminals handled 63.26
million TEUs, up 9.4%, and represented 78.9% of the group total.
|
Throughput category |
First half of 2026 |
First half of 2025 |
Change |
|
Total throughput |
80.16 million TEUs |
74.30 million TEUs |
+7.9% |
|
Controlling terminals |
16.89 million TEUs |
16.48 million TEUs |
+2.5% |
|
Non-controlling terminals |
63.26 million TEUs |
57.81 million TEUs |
+9.4% |
|
Equity throughput |
24.49 million TEUs |
22.88 million TEUs |
+7% |
Equity throughput from controlling terminals
increased by 2.6% to 9.94 million TEUs.
Non-controlling terminals generated equity
throughput of 14.55 million TEUs, representing growth of 10.3%.
China terminals handle 59 million TEUs
The group’s terminals in China handled 59.02
million TEUs, an increase of 4.7%.
China accounted for 73.6% of COSCO Shipping
Ports’ total throughput.
Equity throughput from Chinese terminals
increased by 4.8% to 16.92 million TEUs.
|
Region |
First half of 2026 |
Annual change |
Share of group throughput |
|
Bohai Rim |
27.48 million TEUs |
+6.4% |
34.3% |
|
Yangtze River Delta |
8.68 million TEUs |
+3.6% |
10.8% |
|
Southeast Coast and Others |
2.70 million TEUs |
-2.8% |
3.4% |
|
Pearl River Delta |
15.58 million TEUs |
+6.5% |
19.4% |
|
Southwest Coast |
4.57 million TEUs |
-4% |
5.7% |
|
Total China |
59.02 million TEUs |
+4.7% |
73.6% |
Wuhan terminal records strong growth
Dalian Container Terminal increased its
throughput by 4.8% to 2.7 million TEUs.
CSP Wuhan Terminal recorded growth of 34.6%
to 198,577 TEUs. The terminal continued developing its role as a rail-water
intermodal hub and expanded its Yangtze River feeder network.
Xiamen Ocean Gate Container Terminal handled
1.37 million TEUs, up 6.8%, following the introduction of new services.
Guangzhou South China Oceangate Container
Terminal increased its throughput by 7.4% to 3.22 million TEUs.
The Southeast Coast and Others region
recorded a 2.8% decline, while Southwest Coast throughput decreased by 4% due
to market volatility and changes in cargo mix.
Overseas throughput rises by 18%
COSCO Shipping Ports’ overseas terminals
handled 21.14 million TEUs, representing an increase of 18%.
Overseas facilities accounted for 26.4% of
the group’s total throughput.
Equity throughput from overseas terminals
increased by 12.4% to 7.58 million TEUs.
Piraeus Terminal handled 1.995 million TEUs,
down 2.9%. COSCO Shipping Ports linked the decline to softer Mediterranean
demand and adverse weather conditions.
CSP Abu Dhabi Terminal recorded a 44.3%
decline to 442,977 TEUs due to geopolitical tensions in the Middle East.
Chancay throughput climbs by 68.2%
CSP Chancay Terminal handled 201,773 TEUs
during the first half of 2026.
This represented an increase of 68.2% from
119,945 TEUs in the corresponding period of 2025.
The terminal established a network of three
mainline services and five feeder services during the period.
COSCO Shipping Ports said this network
strengthened Chancay’s regional connectivity.
Company targets network expansion
COSCO Shipping Ports plans to continue
optimising its global terminal network and accelerating investment in emerging
and regional markets.
The company will pursue controlling stakes in
strategic hubs and minority stakes in key gateway ports when market conditions
permit.
It will also develop port-side logistics
parks, supply chain services and integrated shipping, port and logistics
solutions.
The group plans to strengthen major hubs,
including CSP Wuhan Terminal, Piraeus Terminal, CSP Abu Dhabi Terminal and CSP
Chancay Terminal.
COSCO Shipping Ports will also continue
introducing automation, artificial intelligence and digital technologies across
its operations.
The company intends to expand its use of
clean energy and participate in the green fuel supply chain as part of its port
decarbonisation strategy.
ONE launches export carrier haulage from
India ICDs
Ocean Network Express will launch Export Carrier Haulage services from inland container depots across India from 20 September 2026.
The new service will provide customers with a
single-window solution for export container movements from ICD locations.
The applicable export rail haulage charges
will vary according to the container type, size and weight. Customers can
review the rates through ONE’s Export Haulage tariff.
Export Carrier Haulage conditions
ONE Export Carrier Haulage charges will apply
when:
·
The empty container pick-up point is an ICD.
·
The laden container handover point is an ICD.
·
The Place of Receipt on the ONE Bill of
Lading is the same ICD.
Other applicable local charges will also
apply according to ONE’s tariff.
ONE will accept reefer containers under
Carrier Haulage from facilities where the carrier has already published Export
Carrier Haulage rates.
Merchant Haulage requirements
Customers can continue arranging inland
transport through Shipper PDA or Merchant Haulage.
Under Merchant Haulage, the Place of Receipt
on the Bill of Lading will no longer show the ICD. Instead, ONE will list the
respective Port of Loading because the customer will arrange the haulage.
The applicable rate will be based on the date
the customer hands over the container at the Port of Loading.
Customers will be responsible for collecting
the empty container and delivering the laden container to the port within the
standard export free time.
Delays beyond the applicable free period will
result in detention or ground rent charges according to ONE’s published tariff.
Terminal Handling Charges will also apply
under Merchant Haulage according to the carrier’s tariff.
Panama
Canal cuts daily transit slots amid reduced rainfall
The Panama Canal will reduce daily transit capacity from September as lower-than-expected rainfall continues to affect its watershed.
The Panama Canal Authority (ACP) announced
temporary changes to transit slots, auction rules and draft adjustments. The
measures aim to conserve water while maintaining reliable operations.
From 3 September 2026, nine daily
slots will be available at the Neopanamax Locks. The Panamax Locks will offer
25 slots per day.
From 15 September, Panamax
capacity will be reduced further to 23 daily slots.
Lower rainfall forces additional measures
The restrictions come despite the arrival of
Panama’s rainy season.
According to the ACP, precipitation across
the Canal watershed has remained below expectations. The authority said
additional measures are therefore needed to protect the long-term
sustainability of transit operations.
The Canal has already introduced water-saving
measures in response to the effects of El Niño.
The latest reduction in daily transits could
increase waiting times for vessels arriving without confirmed
reservations.
The ACP is therefore urging shipping
companies to use its Transit Reservation System. A confirmed booking is the
only mechanism that guarantees a transit date.
Panama Canal changes auction system
The Canal will also temporarily change the
allocation of daily auction slots from 3 September.
Neopanamax, Supers and Regular vessels will
be divided into four groups:
·
Group 1: LNG and LPG carriers
·
Group 2: dry bulk carriers, general cargo
vessels and others
·
Group 3: containerships, vehicle
carriers/RoRo vessels and refrigerated vessels
·
Group 4: chemical tankers and crude/product
tankers
Customers that already hold a booking for the
same transit date through LoTSA, NetZero or previous allocations will generally
not be eligible for another slot. An exception will apply when there are no
other competitors.
At the Neopanamax Locks, fully laden
containerships with the highest TEU capacity will receive priority during
the allocation process. Customer Ranking will be used as the tiebreaker.
Neopanamax draft changes postponed
The ACP has also revised the timing of
previously announced draft restrictions.
A maximum authorised draft of 14.63
metres (48 feet) TFW, which was due to take effect on 26 August, has been
postponed until 2 September 2026.
A further adjustment to 14.48 metres
(47.5 feet) TFW, previously scheduled for 3 September, has been postponed
until 1 October 2026.
The Canal Authority said it will continue
monitoring rainfall, watershed inflows and Gatun Lake levels.
Further operational changes could follow if
weather and water conditions require additional measures.
Port of
Long Beach posts second-busiest July on record
The Port of Long Beach handled 928,508 TEUs in July 2026, marking the second-busiest July in its history as shippers moved cargo ahead of new US tariffs.
Despite the strong monthly volume, throughput
was 1.7% lower than in July 2025.
July was only the seventh month in
the port’s 115-year history in which container volumes exceeded
900,000 TEUs.
Shippers move cargo ahead of tariffs
Port CEO Dr. Noel Hacegaba said the strong
volumes reflected a final push by companies ahead of the 24 July expiration of
the temporary tariff programme.
“This capped an early peak season as
companies continued to navigate tariff uncertainty, higher fuel costs and other
global issues,” said Hacegaba.
“Our strong import numbers show that the
supply chain continues to be resilient and adapting to this new normal,” he
added.
Imports remained almost unchanged year on
year, declining 0.1% to 467,461 TEUs.
Exports, however, increased 14.8% to 104,843
TEUs, while empty container movements fell 7.4% to 356,205 TEUs.
Long Beach volumes rise in first seven months
Between January and July, the Port of Long
Beach handled 5,758,086 TEUs, up 1.2% compared with the same period
in 2025.
Long Beach Harbor Commission President Steven
Neal said customers continue to use the port for reliable and efficient cargo
movements.
“We offer certainty in unpredictable times
and customers see the value in what we can provide,” said Neal.
Looking ahead, the port is monitoring global
economic conditions, consumer demand, trade policies and geopolitical
developments for their potential impact on cargo volumes.
“Businesses can’t control trade policy,
geopolitical events or energy markets; what they can control is how quickly
they respond,” said Hacegaba.
The Port of Long Beach is also progressing
with its long-term infrastructure programme. It plans to invest US$3.3
billion over the next decade as part of its strategy to modernise
infrastructure and improve cargo efficiency.
Under its 2050 vision, the port aims to
increase annual container handling capacity to 20 million TEUs.
Sea-Intelligence:
1.7 million TEU vessel space absorbed in delays
Global container vessel schedule reliability remains somewhat stable around 60‑65%, showing no signs of improvement, and in stark contrast to the 2011‑2019 normality of 70‑80%.
Furthermore, late vessel arrivals are now
settling into 5‑5.5 days of delay, up from the pre-pandemic norm of 3‑4 days.
This structural shift to a larger risk of vessel delays, and their longer
durations, inexorably leads to a larger share of global capacity being rendered
unavailable, as vessels stuck in delays do not move cargo.
The
share of these delayed vessels combined with the duration of the delays, can be
used to calculate the amount of global deep‑sea capacity effectively absorbed
by delays (Figure 1).
In
2011‑2019, the container shipping industry was quite stable. During that time,
on average, only 2.2% of the world’s container shipping capacity was tied up by
delays. The industry accepted this 2.2% rate as a standard part of balancing
supply and demand.
However,
following the pandemic, things have changed a lot. Now, a total of 5.0% of all
global deep‑sea capacity is tied up. This means that 2.8% more shipping space
is absorbed right now, compared to what was considered to be normal
pre-pandemic.
We
can use the current global fleet size to calculate how much total cargo space
is currently unusable due to vessel delays. Right now, with a 5% absorption
rate, the global market is “missing” capacity for 1.7 million TEUs from
continuous delays.
To
understand how big this is, a fleet of that exact size would be the 8th largest
container shipping company in the entire world, sitting just behind Evergreen.
If we look at only the extra 2.8% of absorbed capacity above the pre‑pandemic
baseline level of 2.2%, it equals 1.0 million TEUs of absorbed capacity.
That
specific amount of missing space is almost equal to the entire total capacity
of HMM, the current 8thlargest container shipping line.
/// Air Cargo News ///
Delhi Airport
Expands Air Cargo Network to London and Copenhagen
Delhi’s Indira Gandhi International Airport has expanded India’s domestic-to-international air cargo transshipment network, adding London and Copenhagen as new international destinations and connecting them with cargo originating from four additional Indian cities.
The
expanded network, launched as part of the scaled-up transshipment cargo
framework, now links Bengaluru, Ahmedabad, Mumbai and Hyderabad with London and
Copenhagen through Delhi Airport’s Transshipment Excellence Centre (TEC) at
Terminal 2.
The expansion follows the successful
completion of a proof-of-concept operation on the Chennai–Delhi–Frankfurt
route.
The proof-of-concept began on June 20, 2026, with Air India operating the
service end-to-end. During the trial, around 280 tonnes of cargo were
transhipped through Delhi, while aircraft capacity utilisation increased from
approximately 75% to nearly 100%.
A
key feature of the reform is the removal of mandatory re-screening for eligible
transhipment cargo at the transit airport. The measure is designed to reduce
handling delays, congestion and operating costs while speeding up the movement
of cargo between domestic and international flights.
The
new network is expected to significantly increase Air India’s cargo volumes on
the covered routes. Monthly cargo carriage is projected to rise from around
1,763 Tons to 3,183 tons representing an increase of nearly 80%.
The
initiative is particularly important for Indian exporters handling
time-sensitive and high value commodities, including pharmaceuticals,
perishables, seafood, electronics and engineering products. Faster transhipment
can help reduce cargo dwell time and improve the reliability of international
supply chains.
Delhi
Airport’s TEC is being positioned as a central hub for consolidating domestic
cargo before it moves onward to international destinations. The model is
intended to allow exporters from multiple Indian cities to access global
markets through an Indian hub rather than relying on overseas trans-shipment
centres.
Volga-Dnepr loses bid to be removed
from Canadian sanctions
The
Canadian government has upheld sanctions against Russia-based Volga-Dnepr
Airlines (VDA) that were imposed following the start of the Russia-Ukraine war,
which has resulted in one of its AN-124’s being grounded at Toronto Pearson
International Airport for more than four years.
The
airline had applied to be removed from Canada’s sanctions list in 2023 but this
application was rejected in 2024. VDA subsequently sought a judicial review of
the Minister of Foreign Affairs’ (Minister) decision, but the Canadian Federal
Court has now upheld the decision.
VDA
has stated that it had refused to carry military cargo since 2018. However, the
Federal Court stated that the airline had benefited from contracts and
subsidies from the Russian government.
The
Federal Court summary report of the case said that VDA was added to the
sanctions list in April 2023 and in June that year the airline filed a
delisting application.
The
application also included submissions supporting the delisting of Aleksey
Isaykin, the airline’s former chairman and majority shareholder.
In
a decision letter dated 29 October 2024, the Minister declined VDA’s delisting
application and concluded that there were no reasonable grounds to recommend
removing VDA from the Sanctions List.
The
summary report said the Minister found that the airline “benefitted from
contracts and subsidies from the Russian government to assist with activities
intended to ease or otherwise circumvent the effects of sanctions imposed
against Russia by Canada and its partners, and as such that [VDA] have engaged
in activities that indirectly facilitate, support or contribute to a violation
or attempted violation of the sovereignty or territorial integrity of Ukraine”.
The
Minister based this conclusion on open-source evidence that in April 2022, VDA
entered agreements with the Russian government for the purpose of transporting
goods between Russian cities and importing goods from countries that had not
imposed sanctions on Russia; contracted with Moscow enterprises to transport
cargo, and thus restore supply chains interrupted by sanctions; and received
subsidies from the Russian government to counteract sanctions and mitigate the
effects of sanctions on the Russian economy.
Overall,
the Minister found “that by entering into the April 2022 agreement with the
Russian government, VDA facilitated the Russian government’s access to
essential goods and services that would otherwise have been restricted by
international sanctions”.
Volga-Dnepr
is also trying to secure the return of an AN-124 aircraft that has been at
Toronto Pearson Airport since February 2022.
The
Canadian government has seized the aircraft as part of the war sanctions, but
Volga-Dnepr last year labelled this a “pirate hijacking”.
Meanwhile,
Evraz Avia Servis now holds 100% of
Volga-Dnepr-Moscow and
AirBridgeCargo, plus 67% stake in Atran.
Lufthansa Cargo in talks with operators
for its A321 freighters
Image: © Lufthansa Cargo
Lufthansa
Cargo is continuing its search for an operator for its fleet of Airbus A321
freighters that have been grounded since mid-April.
A
spokesperson told Air Cargo News that the four freighters,
which were grounded when operator Lufthansa City Line was closed, have now been
moved out of Frankfurt, where they had been parked since April, and had the
Lufthansa Cargo branding removed.
The
cargo business is in talks with potential operators as its own flight
operations are based around widebody Boeing 777 freighter aircraft.
“We
are currently working intensively to evaluate the available options for
operating our A321 freighter fleet. As part of this process, we are in
discussions with several potential operators to identify a sustainable solution
for the future operation of the aircraft,” the spokesperson said.
“As
part of the ongoing evaluation of different operating scenarios, the aircraft
have been transitioned to a neutral exterior appearance.
“Since
the aircraft are currently grounded, the branding was removed during this
period. For operational reasons, the aircraft are moved on a regular basis, for
example to undergo scheduled inspections and maintenance checks.
“Furthermore,
they had been moved from Frankfurt due to commercial reasons.”
The
overall Lufthansa group could have been one option to operate the aircraft
given it has a fleet of more than 35 A321-200s.
However,
in a previous update, the airline said that it seemed
likely the operator would be outside the Lufthansa Group.
Flight
tracking site FlightAware suggests that three of the aircraft have been moved
to Budapest and one to Sofia.
The
duration of the current suspension of flight operations has not yet been
finally determined, the spokesperson said.
The
decision to ground the CityLine fleet was part of a series of measures
announced in April by Lufthansa in view of increased kerosene prices as well as
rising additional burdens from labour disputes, although the company was
already under pressure.
Lufthansa
Cargo launched
its A321 freighter network in 2022 to cover to intra-European demand and
demand between Europe and North Africa.
The
28-ton capacity converted aircraft were based at Frankfurt Airport and operated
by CityLine under a wet lease agreement.
High tech and lithium batteries keep
demand growing at Cathay Pacific in July
Semiconductor
and lithium battery shipments have helped grow Cathay Cargo volumes again in
July, and the airline is confident that technology shipments will continue to
be big business.
Cathay
Cargo carried 6% more cargo in July compared to the same month last year, while
capacity was at a similar level.
In
the first seven months of 2026, the total tonnage flown by the cargo arm of
Cathay Pacific increased by 8% compared with the same period for 2025.
Cathay
chief customer and commercial officer Lavinia Lau said: “Cargo demand remained
resilient across our network, with strong growth from Northeast Asia and
Southeast Asia.
“Our
specialist solutions continued to perform well, with Cathay Expert benefitting
from robust semiconductor flows within Asia, while Cathay Dangerous Goods was
boosted by increased lithium battery shipments from Northeast Asia and the
Greater Bay Area.
“Looking
ahead, while we expect the summer holiday period will affect demand on certain
routes, we anticipate that demand for technology shipments will remain robust.”
Cathay
Cargo saw volumes and revenues
increase in
the first half of the year as figures were boosted by rising demand for data
centre-related and AI shipments.
The
airline now plans to deploy additional capacity as the air cargo industry moves
towards the peak season.
“We
will deploy additional freighter capacity to the Americas starting this month
to meet customer demand, along with additional freighter capacity from Air Hong
Kong on selected regional routes later this year,” said Lau.
Cathay
Pacific recently said it is expecting a six-month delay to the delivery
of its Airbus A350 freighter aircraft.
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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