JUPITER SEA & AIR
SERVICES PVT. LTD, EGMORE – CHENNAI, INDIA.
E-MAIL : Robert.sands@jupiterseaair.co.in Mobile : +91 98407 85202
Corporate News
Letter for Monday September 28, 2026
Today’s
Exchange Rates
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Day's Low-High |
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95.96 |
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95.83 |
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1.137 |
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1.1382 |
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1.1362 - 1.1399 |
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126.952 |
-0.203796 |
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126.84 |
127.1558 |
126.8378 - 127.1471 |
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109.1464 |
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-0.074068 |
109.0369 |
109.2273 |
109.031 - 109.3435 |
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158.743 |
0.422989 |
0.267173 |
158.32 |
158.32 |
157.795 - 158.889 |
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1.3226 |
-0.0013 |
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1.3215 - 1.3256 |
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0.6044 |
-0.0019 |
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0.6048 |
0.6063 |
0.6044 - 0.6075 |
/// Sea Cargo News ///
EU steel imports:
new ‘melt and pour’ evidence requirements from 1 October 2026
New EU evidence requirements come into effect on 1 October 2026 for affected steel imports. Importers will need documentation confirming where the steel was melted and poured, together with its heat number. Businesses importing affected products should review their supplier documentation now to help avoid potential customs delays from October.
EU steel imports: new ‘melt and pour’
evidence requirements from 1 October 2026
Businesses importing certain steel products
into the European Union should prepare for new customs evidence requirements
taking effect from 1 October 2026. Under Commission Implementing Regulation
(EU) 2026/1963, importers of affected steel products will be required to hold
evidence confirming the country in which the steel was melted and poured.
For businesses importing steel into the EU,
this means ensuring the required information is available from suppliers before
the customs declaration is submitted.
What
evidence will importers need?
The primary evidence will be a Mill Test
Certificate (MTC). The MTC should contain two key pieces of information:
• The country where the steel was melted and
poured
• The heat number of the imported steel
Irish Revenue guidance issued in September
confirms these requirements and also recognises that Mill Test Certificates are
not globally harmonised and may not currently contain all the required
information.
Where either the melt and pour country or
heat number is missing from the MTC, complementary evidence may be accepted.
This can include invoices, delivery notes, quality certificates, purchase
orders or contracts, long-term supplier declarations, production and cost
accounting documents, customs documents from the exporting country, commercial
correspondence and production descriptions.
A
transition period will apply
A one-year transition period will run from 1
October 2026 to 30 September 2027. During this period, where an MTC cannot be
provided, alternative documentation may be accepted as standalone evidence,
provided it contains both the country of melt and pour and the heat number of
the imported steel.
This gives importers time to work with mills,
manufacturers and suppliers to ensure the required information becomes part of
their standard documentation. From October 2027, the scope of acceptable
evidence is expected to narrow.
Why
businesses should prepare now
The new requirements have the potential to
affect customs clearance if the necessary documentation is not available. Where
evidence other than an MTC is supplied, customs authorities may carry out
additional verification. This could result in delays, while imports may be
rejected where appropriate evidence cannot be provided.
Importers should therefore avoid waiting
until goods arrive in the EU before establishing whether the required
information is available.
What
should EU steel importers do before 1 October?
Businesses importing affected steel products
should review upcoming shipments and speak with their suppliers now. Importers
should establish whether their products are affected by the new evidence
requirements and confirm that suppliers can provide an MTC containing the
required melt and pour country and heat number.
Where existing MTCs do not contain this
information, businesses should identify what supporting documentation is
available and ensure it can be clearly linked to the imported steel.
Businesses importing steel regularly should
also consider incorporating these requirements into purchasing and supplier
processes for future orders, rather than treating the evidence solely as a
customs requirement at the point of import.
Importers should ensure melt and pour and
heat number information is obtained and documented from suppliers ahead of 1
October 2026.
Quota
availability remains important
For importers seeking access to steel tariff
quotas, having the correct evidence does not guarantee that a tariff quota will
be allocated.
Quota availability can change, particularly
where available balances are limited or reducing quickly. Where a quota is
critical or subject to a blocking period, security may also be required for the
full non-quota rate of duty.
Sufficient funds must be available to cover
any required deposit. If there is an issue with the deposit request when the
customs declaration is submitted, the quota request may not be sent to the
European Commission and may therefore not be allocated.
India–Savannah Transit
Falls 10–14 Days With Suez Return
The return of container shipping services to the Suez Canal route is reducing transit times between India and Savannah by around 10–14 days, offering shippers a faster alternative to longer routes around the Cape of Good Hope.
The shift follows changes in carrier routing
decisions as shipping lines reassess the security and operational conditions in
the Red Sea and Suez corridor. Using the Suez route significantly shortens the
sailing distance between Indian ports and the US East Coast.
For Indian exporters, the shorter transit
time could improve supply-chain planning and reduce the time goods remain in
transit. The benefit is particularly relevant for time-sensitive cargo,
manufactured goods, textiles, engineering products and other containerised
exports moving to the US market.
The longer Cape of Good Hope routing had
added substantial time to services between Asia and the US East Coast. It also
increased fuel consumption and vessel operating costs, contributing to higher
freight expenses and schedule disruptions.
A disruption to Suez routing can improve
schedule efficiency and potentially release vessel capacity that was previously
tied up by longer voyages. However, shipping lines contribute to monitor
security conditions closely and routing decisions remain subject to
developments in the region.
Savannah is an important gateway for cargo entering the US South-east, serving
major consumer and manufacturing markets across the region. Faster connections
from India could therefore support more efficient trade flows between the two
markets.
The 10-14 days reduction in transit time
highlights the significant logistics advantage of the Suez route and could
provide Indian exporters with greater predictability as carriers re-store
services through the traditional
Asia-Europe East Coast corridor.
Middle
East conflict costs Hapag-Lloyd US$600 million
Hapag-Lloyd incurred around US$600 million in additional costs as a result of the Middle East conflict, according to CEO Rolf Habben Jansen.
The majority of the additional expenditure
came from higher oil prices.
The carrier also faced costs related to
alternative land routes, insurance and the storage of containers affected by
disruption in the region.
Higher oil prices drive additional costs
“The large majority of the USD 600 million
was higher oil prices,” said Habben Jansen.
“There were also the land bridges we had to
build up, insurance costs and additional storage costs for boxes that were
stuck for a while.”
Hapag-Lloyd has established several land
bridges to countries in the Upper Gulf to maintain cargo flows during the
disruption.
The carrier continues to offer customers
alternative routings where required.
“It causes quite a lot of additional cost,
but we are able to keep those supply chains going,” said Habben Jansen.
Five Gemini services use Red Sea and Suez
Canal
Hapag-Lloyd also provided an update on its
current operations through the Red Sea and Suez Canal.
Five Gemini services are currently routed
through the corridor: SE2, SE3, SE4, NE4 and IEX.
However, Hapag-Lloyd said the Red Sea
continues to play only a limited role in its overall network.
The vast majority of its services continue to
sail around the Cape of Good Hope.
The carrier said it continues to assess the
security situation with maritime security advisers, authorities and its
partners.
Hapag-Lloyd highlights Gemini network
resilience
Hapag-Lloyd said disruption in the Middle
East has had a limited impact on the remainder of its global network.
The carrier pointed to the hub-and-spoke
structure of the Gemini Cooperation with Maersk as an important factor.
“This crisis has shown that our network is
resilient,” said Habben Jansen. “The impact on the rest of our global network
has been limited, and the hub-and-spoke structure we operate in Gemini together
with Maersk has again proven to be robust.”
Hapag-Lloyd said it will continue monitoring
developments and adjust its network if security conditions change.
Chittagong
depots raise charge by 10%, users denounce
As the government of Bangladesh increased diesel prices by 17% effective Monday September 21, the inland container depots (ICDs) in Chittagong have increased charges by 10% on the same day.
Earlier, on April 19th, the off dock owners
had increased charges by 8% after the government had increased diesel price by
15% then.
The off dock charge hike has been denounced
by the users, especially by the garment exporters, saying, their cost of doing
business has gone up and the latest charge hike will further erode their
competitiveness in the global market.
25 crew
rescued after abandoning MSC Hermes III
All 25 crew members aboard the container
vessel MSC Hermes III have been safely rescued after abandoning the ship
in a lifeboat, according to the Maritime and Port Authority of Singapore (MPA).
The Maritime Rescue Coordination Centre
(MRCC) Singapore received a distress alert from the Liberia-registered
containership at approximately 08:45 Singapore time on 22 September.
At the time, the vessel was around 300
kilometres east of Vietnam, within Singapore’s Maritime Search and Rescue
Region.
MSC Ruby rescues entire crew
Following the distress alert, MRCC Singapore
immediately issued a broadcast requesting assistance from vessels operating in
the vicinity.
Three vessels responded to the request.
The MSC Ruby subsequently recovered
all 25 crew members from a lifeboat after they had abandoned the MSC Hermes
III.
All crew members are safe and no injuries
have been reported.
MRCC Singapore is now coordinating with the
Vietnamese Maritime Rescue Coordination Centre to arrange for the rescued
seafarers to return safely to shore.
The MPA has not disclosed the nature of the
incident that prompted the crew to abandon the vessel.
UAE to
fully enforce Maritime Pre-load Cargo Information rules from October
The United Arab Emirates will begin full enforcement of its Maritime Pre-load Cargo Information (MPCI) programme on 1 October 2026.
The industry transition period ends on 30
September, after which shipments will be required to comply fully with the UAE
National Advance Information Center (NAIC) requirements.
Hapag-Lloyd has reminded customers that
missing, incomplete or inaccurate shipment information could result in Do Not
Load (DNL) instructions, cargo holds, loading restrictions or regulatory
penalties.
MPCI Party ID becomes mandatory
Customers must include the relevant MPCI Code
or Party ID when submitting Shipping Instructions.
The Party ID is issued to registered economic
operators, including shipping lines, freight forwarders and agents.
Companies without a code must complete a
one-time registration through the NAIC portal.
For direct or non-consolidated Bills of
Lading, a six-digit HS Code is mandatory.
Shipping documentation must also contain the
full names and addresses of the shipper, consignee and notify party.
Accurate container and seal numbers are
required, together with a clear and specific description of the cargo.
New requirements for freight forwarders and
NVOCCs
Freight forwarders and NVOCCs issuing House
Bills of Lading must complete their HBL filings at least 24 hours before
loading at the last foreign port before the UAE.
The Hapag-Lloyd Master Bill of Lading number
must be included as the parent bill in the HBL filing.
The filing must also reach Assessment
Complete (AC) status.
If the required HBL filing is missing, the
Master Bill of Lading may remain in Pending Sub-Filing (PSF) status.
As a result, the associated container may not
receive approval for loading. Full enforcement of the MPCI requirements begins
on 1 October.
Hapag-Lloyd
details revised ZIM proposal to address Israeli concerns
Hapag-Lloyd is developing a revised proposal for its planned combination with ZIM as discussions with Israeli authorities intensify.
Hapag-Lloyd CEO Rolf Habben Jansen said the
company remains convinced that the transaction makes strategic sense. However,
adjustments could be made to address concerns raised during the approval
process.
Revised proposal addresses Israeli concerns
Hapag-Lloyd said it has listened to concerns
raised by the Israeli government and relevant authorities.
Together with its partners, the carrier is
now developing an improved proposal aimed at strengthening Israel’s maritime
security and independence.
The revised proposal would secure Israel’s
access to key shipping routes, including connections with Asia.
It would also strengthen protections under
the Golden Share framework.
According to Habben Jansen, the agreement
would prevent foreign interference in the transportation of sensitive Israeli
cargo.
“We have listened carefully to the needs
raised during our discussions with the Israeli government and the relevant
authorities,” said Habben Jansen.
Regulatory discussions intensify
Hapag-Lloyd entered into a binding merger
agreement with ZIM in February.
The agreement has been approved by ZIM’s
shareholders, while the companies continue working with regulatory authorities
to secure the necessary approvals.
Habben Jansen said discussions with
authorities have become “significantly more intensive” and have now moved into
a phase of direct dialogue.
“We remain convinced that the concept is
sound. If adjustments are needed to address concerns raised in the process, we
will have to make them,” he said.
Hapag-Lloyd expects up to US$500 million in
synergies
Hapag-Lloyd also reiterated the strategic
rationale behind the transaction.
Habben Jansen pointed to ZIM’s modern fleet,
workforce and customer base as key benefits of the proposed combination.
Hapag-Lloyd expects synergies of between US$300
million and US$500 million.
The combination would also strengthen
Hapag-Lloyd’s position as the world’s fifth-largest container shipping company.
The combined operation would have more than 400
vessels, capacity exceeding 3 million TEUs and annual transport
volumes of more than 18 million TEUs.
Japan
launches weekly container throughput data for six major ports
Japan has launched a new weekly container throughput report covering six of the country’s major ports, aiming to provide a faster picture of changes in international container flows.
The Ministry of Land, Infrastructure,
Transport and Tourism (MLIT) began publishing the new Container Cargo Flow
Weekly Report on 18 September, using data collected through Japan’s Cyber Port
platform.
The system covers the ports of Tokyo,
Kawasaki, Yokohama, Nagoya, Osaka and Kobe.
Container flows to be tracked weekly
The report provides weekly foreign-trade
container volumes for each of the six ports on a TEU basis.
Data are divided into exports, imports and
total container throughput. MLIT will also provide comparisons with the
previous week, the corresponding week of the previous month and the same week a
year earlier.
Volumes across all six ports will also be
aggregated, providing a broader indication of changes in container flows
through Japan’s major gateways.
Each reporting period will generally cover
Monday through Sunday, with the results scheduled for publication by the Friday
of the second following week.
According to MLIT, the initiative is designed
to allow earlier identification of developments in port logistics and support
faster data-based port policy decisions.
Data based on Cyber Port
The weekly figures are compiled using Cyber
Port, Japan’s government-operated digital platform for port logistics and
administrative procedures.
MLIT noted that the figures are preliminary
and may subsequently be revised.
The data also include empty containers and
may differ from preliminary or final statistics published separately through
Japan’s official Port Survey.
The weekly report adds a higher-frequency
indicator to Japan’s existing port statistics, allowing changes in container
trade through the six major ports to be identified significantly earlier than
through conventional reporting cycles.
/// Air Cargo News ///
Cargojet ups freighter flights to Liege
Cargojet
will increase its capacity between North America and Europe this month with the
launch of an additional service to Liège, Belgium.
The
Canadian freighter operator said the new Wednesday service beginning 23
September builds on its established weekend service.
This
new service to the Belgian freighter hub will be operated with a Boeing 767
freighter on the Hamilton – Halifax – Liège – Hamilton route.
Cargojet
said the service advances its One Network strategy by integrating domestic
overnight, ACMI and charter operations across an expanding network of
international markets.
“This
expansion demonstrates the power of our One Network strategy—connecting our
domestic overnight network with our international operations to deliver greater
reach, flexibility and value for our customers,” said Pauline Dhillon, chief
executive, Cargojet.
“Growing
demand from customers across Central and Western Europe for our weekend Liège
service created an opportunity to add mid-week capacity and provide customers
with a more seamless, fully connected solution between Canada, Europe and
beyond.”
The
carrier entered the scheduled European market with the launch
of a Liege connection last year. Previously, Cargojet only offered a charter
operation to Europe.
According
to Planespotters, Cargojet has a
fleet comprising 16 757Fs, 25 767Fs, mostly passenger to freighter (P2F)
conversions.
Cargojet
saw both its revenues and profits grow in the second
quarter
of the year as higher fuel prices, contractual price increases and new charter
opportunities affected performance.
Cathay Cargo sees volumes grow in
August while HKIA records a drop
Cathay
Cargo continued to see its airfreight volumes rise in August despite the
challenge presented by the European Union’s (EU) new charge for e-commerce
packages.
The
Hong Kong-based carrier saw cargo carried in tonnage terms in August increase
by 8.6% year on year to 151,904 tonnes, beating the year-to-date increase of
8.2%.
Meanwhile,
demand in revenue freight tonne kms increased by the lower amount of 3.1%,
suggesting that the airline has been carrying more cargo but over shorter
distances than last year – perhaps a reflection of a greater focus on Southeast
Asia.
The
increase also comes despite the EU adding a €3 charge per package with a value
of less than €150, which is estimated to have caused a 24%
decline in e-commerce volumes heading from China to Europe in July
compared with June.
Elsewhere,
the carrier’s capacity in available freight tonne-km terms in August was up
1.4% and the cargo load factor improved by 0.9 percentage points to 57.4%.
Cathay
chief customer and commercial officer Lavinia Lau said: “Cargo tonnage in
August was supported by healthy demand across our key markets. Demand for
Cathay Expert was driven by robust semiconductor shipments within Asia, while
Cathay Pharma reported notable growth from Europe and the Chinese Mainland.
“Cargo
tonnage in August was supported by healthy demand across our key markets.
Demand for Cathay Expert was driven by robust semiconductor shipments within
Asia, while Cathay Pharma reported notable growth from Europe and the Chinese
Mainland. Our Cathay Priority solution also continued to perform well,
reflecting shippers’ need to replenish inventory ahead of the traditional
year-end air cargo peak.
“Our
Cathay Priority solution also continued to perform well, reflecting shippers’
need to replenish inventory ahead of the traditional year-end air cargo peak.”
On
outlook, she said: “Demand is expected to remain strong, supported in part by
high-tech product launches and rising demand as we enter the traditional air
cargo peak season.”
HKIA
drop off
While
tonnages at Cathay continued to climb in August, Hong Kong International
Airport saw volumes decline 1.2% year on year in August to 428,000 tonnes. This
compared with a year-to-date increase of 2.7%.
Volumes
also declined in July following the implementation of the new EU charge.
“Exports
declined by 8.8% year on year, partially offset by 18.2% growth in
transshipments and 3.6% growth in imports. Among key trading regions, Southeast
Asia and the Chinese Mainland remained resilient, helping to cushion softer
traffic with Europe and the Middle East amid evolving regional trade dynamics,”
the airport authority said.
DHL Express begins direct Bahrain-South
Africa flights
DHL
Express has completed the first direct DHL flight between Bahrain and South
Africa with the launch of a weekly Boeing 767 freighter service between Bahrain
International and O. R. Tambo International in Johannesburg.
The
route reinforces DHL’s continued investment in strengthening Sub-Saharan Africa
network connectivity, expanding heavier-weight capability, improving
flexibility and supporting growing trade flows between the Middle East and
Africa, said the company.
This
route provides greater inbound and outbound capacity for South Africa and
neighbouring countries through the DHL Johannesburg Hub, one of the company’s
key gateways on the continent.
South
Africa is one of DHL’s “Geographic Tailwinds” markets, reflecting its growing
role in global trade flows and its potential to drive future trade growth.
The
investment also reflects shifting global supply chains, as companies diversify
sourcing, manufacturing and customer markets beyond traditional corridors,
pointed out DHL.
It
added that Bahrain’s position as a gateway between Africa, the Gulf and Asia
makes it an important link for businesses seeking faster access to
international markets.
“Every
new connection we introduce is designed with our customers in mind. As global
trade routes diversify and economic ties between Africa and the Middle East
continue to strengthen, we are seeing powerful geographical tailwinds creating
new opportunities for businesses,” said Anthony Beckley, vice president of
operations and aviation for DHL Express Sub-Saharan Africa.
“Demand
is growing across sectors such as healthcare, technology, manufacturing and
cross-border e-commerce, all of which rely on fast, reliable international
logistics.
“While
this first direct DHL flight between Bahrain and South Africa is a significant
network milestone, its real value lies in the opportunities it creates for
customers.”
Richard
Gale, vice president of aviation, DHL Express MENA, added: “DHL Express is the
only logistics provider operating a dedicated intra-regional air fleet across
the Middle East, connecting customers through Bahrain with major global
gateways including Hong Kong, Leipzig and Cincinnati.
“Bahrain’s
position at the crossroads of Africa and the Middle East makes it an ideal hub
for customers seeking faster, more reliable access across these growing trade
corridors. We are pleased to add this direct Johannesburg connection as
economic ties between Africa and the Gulf deepen.”
Last
month, DHL Express expanded its presence
in Shenzhen
and added a new China-Southeast Asia-Europe flight as part of efforts to
capitalise on fast-growing data centre and pharma demand.
Hong Kong’s Hacis launches Vietnam road
operation to expand reach
Hong
Kong Air Cargo Industry Services Limited (Hacis) has launched a road operation
to Vietnam to expand the catchment area of its Hong Kong operation.
The
Hactl-owned logistics firm said the expansion of its SuperLink China Direct
will bring additional cargo flows to Hong Kong International Airport and offer
Vietnamese enterprises and overseas shippers a more “convenient and cost‑effective
logistics and air-road intermodal solution”.
The
scheduled road feeder operation is customs bonded and has been connecting
the Chinese mainland to Hong Kong International Airport for several years.
The
company said that a successful trial of the service has already been completed,
with Hacis partnering with Vietnamese logistics company U&I Logistics
Corporation to deliver a pilot shipment.
The
import shipment was transported from Vietnam by truck to Wuzhou, before being
carried onward to Hong Kong via Hacis’ Customs-bonded road feeder services.
Hacis
said that the new service is expected to generate additional import and export
cargo flows through Hong Kong, supporting cargo growth at HKIA and creating new
opportunities for freight forwarders and logistics service providers, while
offering Vietnamese businesses and overseas shippers greater flexibility and a
wider range of routing options.
Ringo
Chan, executive director of Hacis, said: “With the support of the Customs in
Hong Kong and the Chinese Mainland, SuperLink China Direct has become a trusted
cross-boundary logistics solution connecting Hong Kong with the Chinese
Mainland.
The
extension to Vietnam marks the first expansion of this proven intermodal
network beyond the Chinese Mainland, with the potential to extend further into
other parts of Asia in future, further strengthening Hong Kong’s regional
connectivity.
“By
linking Vietnam with Hong Kong’s extensive global air cargo network, the new
service provides customers with more routing options and greater flexibility,
while generating additional cargo flows through Hong Kong and creating new
opportunities for the logistics industry.”
Nguyen
Xuan Phuc, chief executive of U&I Logistics Corporation, added: “We are
delighted with our collaboration with Hacis, which opens a brand‑new logistics
route for Vietnamese enterprises beyond traditional sea and air transport,
enabling cargo to move by land through the Chinese Mainland and Hong Kong and
further connecting to international markets.
“It
not only enhances the flexibility and reliability of cross‑border
transportation but also provides businesses with diversified options.”
The
service also uses Hong Kong’s Single E-lock Scheme – a customs clearance
programme launched by the Hong Kong Customs and Excise Department (C&ED)
alongside Mainland China Customs to streamline cross-boundary cargo
transhipment utilising electronic vehicle locks and GPS tracking
technology.
European Aviation completes acquisition
of European Cargo aircraft
European
Aviation has completed the acquisition of troubled European Cargo’s aircraft,
including its fleet of A340 cargo aircraft, with plans to restart flights.
The
company said that it had acquired European Cargo’s 16 A340 aircraft, including
seven “flight-ready” freighters, a large quantity of Rolls-Royce Trent 553 and
556 spare engines, including several with little time since overhaul.
The
aircraft acquisition came about after European Cargo fell into administration
earlier this year.
Also
included in the purchase are more than 14,000 line items of spares for the A340
aircraft and Trent engines.
News
that European Aviation was interested in rescuing
the company emerged in August.
European
Aviation chairman and chief executive Paul Stoddart said: “We are
delighted to have concluded our
acquisition of all of the assets of [European Cargo] with the joint
administrators.
“Whilst
this is a massive investment from [European Aviation], I feel totally confident
that we can keep this excellent fleet of cargo aircraft flying for the
foreseeable future.”
European
Cargo began to run into trouble when its largest customer asked for a 30%
reduction in service price due to softer volumes.
In
addition, the wars in Ukraine and in the Middle East resulted in increasing jet
fuel prices that negatively impacted the business through reduced profit margin
per flight.
The
airline entered administration in June of this year, with 174 of its 219 staff
made redundant.
European
Aviation, which is owned by ex-Formula One team boss Paul Stoddart, previously
owned European Cargo.
The
company sold 49% of its stake in European Cargo in 2022 and the remaining 51%
stake two years later.
The
airline emerged in April 2020 during the onset of the Covid-19 pandemic, after
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.
European
Cargo subsequently obtained approval to operate the -600s in a permanent cargo
configuration, with a 76t payload capability, and has been gradually converting
its fleet.
The
airline had been operating the aircraft between China and Bournemouth and
Teesside in the UK, largely carrying e-commerce shipments.
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 than 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.
L’imad weighs up bid for cargo carrier
Atlas Air
Abu
Dhabi’s L’imad Holding has emerged as one of the companies considering a bid
for airfreight giant Atlas Air Worldwide Holdings.
Quoting
people familiar with the matter, Bloomberg
last week reported
that the sovereign investment platform is considering a bid in order to expand
its presence in the logistics market.
The
bid is also driven by Abu Dhabi’s efforts to provide alternatives to the Strait
of Hormuz, which has been closed since the outbreak of the US-Iran war.
The
company is currently owned by private equity firm Apollo and Bloomberg’s
sources expect the company to be valued at around $10bn.
The
news that the freighter giant could be sold doesn’t come as too much of a
surprise.
In
December last year, reports emerged that Apollo was considering
the potential sale of the company. At the time, the company was valued at
around $12bn, including debts.
An
investor group led by US investor Apollo Global completed
the purchase of Atlas Air Worldwide Holdings in March 2023 in a deal with an
enterprise value of $5.2bn or an equity value of $2.9bn.
Atlas
Air Worldwide provides outsourced aircraft and aviation operating services and
is the parent company of freighter operators Atlas Air and Polar Air Cargo and
lessor Titan Aviation.
Atlas
claims its subsidiary companies operate the world’s largest fleet of 747
freighter aircraft as well as 777 and 767 aircraft for domestic, regional and
international cargo and passenger operations.
It
recently placed an order for 20 next-generation Airbus A350 freighters as it moves
beyond a dedicated Boeing fleet.
Services
include ACMI, CMI, scheduled operations, charter operations and dry leasing.
The
sale comes as Atlas management has been suggesting a shortage of widebody
freighters will hinder the air cargo industry over the coming 10 years and
potentially beyond.
If
the prediction proves correct, Atlas would be in a good position to capitalise
on the development given its large widebody fleet.
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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