JUPITER SEA & AIR
SERVICES PVT. LTD, EGMORE – CHENNAI, INDIA.
E-MAIL : Robert.sands@jupiterseaair.co.in Mobile : +91 98407 85202
Corporate News
Letter for Wednesday October 07, 2026
Today’s
Exchange Rates
|
Currency ▲ |
Price |
Change |
%Change |
Open |
Prev.Close |
Day's Low-High |
|
96.3 |
0.470001 |
0.490453 |
95.95 |
95.83 |
95.89 - 96.35 |
|
|
1.1225 |
-0.0105 |
-0.92675 |
1.133 |
1.133 |
1.1215 - 1.1337 |
|
|
127.1314 |
-0.124802 |
-0.098071 |
127.1886 |
127.2562 |
127.1148 - 127.5337 |
|
|
108.5387 |
-0.310905 |
-0.285628 |
108.6729 |
108.8496 |
108.5387 - 108.8094 |
|
|
157.914 |
0.503998 |
0.320182 |
157.41 |
157.41 |
157.232 - 158.456 |
|
|
1.3186 |
-0.0079 |
-0.595552 |
1.3265 |
1.3265 |
1.3182 - 1.3273 |
|
|
0.6081 |
-0.0026 |
-0.425743 |
0.609 |
0.6107 |
101.459 - 101.871 |
/// Sea Cargo News ///
Freightos
Weekly Update: China-US truce to reduce some tariffs, and likely postpone port
fees
Last week’s Trump-Xi meeting in Washington yielded a two month extension of last year’s US-China trade truce which was set to expire on November 10th, mutual tariff reductions on some imports, and plans for two more meetings between the leaders before the end of the year. This deescalation likely also postpones US port call fees on China-linked vessels, though the USTR has not issued an official deferral just yet.
The US Treasury Secretary said the US only
agreed to two months because China still needs to fulfill some of its earlier
commitments to purchase US agricultural goods. This stance may imply
expectations for another extension once progress is made on those purchases.
The sides will reduce tariffs on $30B worth
of counterpart imports to most-favored-nation levels, pending the necessary
legal procedures to put these changes into effect. Though the reduction is
modest in the context of the more than $400B of total China-US trade, this news
will be welcomed by US importers and consumers of the nearly 80 affected
product entries, with toys as the largest category by value. China’s list of
more than 1,600 entries comprises mostly agricultural products and commodities.
Transpacific container rates ticked up to the
West Coast last week to $8,400/FEU, a new high for the year, with East Coast
prices level at about $9,600/FEU, $200/FEU lower than its peak in late August,
as resilient demand has kept pressure on rates to close the month.
Demand is likely to cool as we get past
Golden Week and peak season finally ends, but carriers have increased blanked
sailings over the holiday period and into late October. Far East congestion
remains a major drain on available capacity, and likely one factor to some
carriers reducing allocations for some contracted forwarders.
Sea Intelligence estimates that port
congestion is tying up more than 8% of global capacity, and could take up to
ten months to completely unwind. We could therefore expect congestion –
together with higher fuel costs from the Hormuz closure – to contribute to an
elevated rate floor even during low demand stretches, and a higher baseline
from which prices will climb when demand increases again ahead of Lunar New
Year.
Better than expected rainfall and water
levels in Panama has led to some good news for transpacific shippers to the
East Coast. The Panama Canal Authority will restore daily Neopanamax transits
to the normal ten, and increase maximum draft levels to 49 feet in mid-October,
after removing a daily transit and reducing the draft by a foot in late August.
Improved conditions now, however, do not mean that restrictions won’t be
introduced in the coming months if the expected El Nino negatively impacts the
rainy season that normally lasts into January.
Asia – Europe container rates continued to
ease last week as demand likely continues to cool and carriers increase
effective capacity through gradual increases in Red Sea transits. Asia – N.
Europe prices fell 9% to about $3,400/FEU and rates to the Mediterranean
decreased 7% to $3,600/FEU. Despite these trends some carriers are announcing
rate increases for late October.
Even with the $3K – $4k/FEU drop in spot
prices since rates peaked in July, prices on these lanes remain about 50%
higher than a year ago as Far East congestion, backlogs at some N. Europe hubs,
and fuel surcharges keep the rate floor elevated on these lanes as well.
The Freightos Air Index global benchmark
ticked up 5% last week and remains more than 30% higher than a year ago as jet
fuel prices remain elevated. Far East – N. America rates increased 5% to about
$6.80/kg last week and Far East – Europe prices dipped 4% to $4.14/kg.
Port of
Portland receives grant to restore nonstop Asia Air Service
Travel Oregon has awarded US$ 4.5 million to the Port of Portland through its 2026 Competitive Grants Programme to support the restoration of year-round, nonstop air service between Portland International Airport and Asia.
The award forms part of a larger airline
recruitment package designed to reduce start-up risk for carriers establishing
a new route and building demand on the corridor.
The grant reflects the strategic importance
of direct Asia connectivity to Oregon’s tourism and trade economy.
Asia is expected to represent the highest
international visitor spend for the Pacific Northwest region by 2029, making a
nonstop link a long-term platform for sustainable growth in international
visitation and visitor expenditure, as well as broader economic opportunity and
year-round employment across the state.
Curtis Robinhold, Executive Director of the
Port of Portland, described PDX as Oregon’s gateway to the world and framed the
restoration of nonstop Asia service as bringing new visitors, expanding market
access and cementing Oregon’s position as a world-class destination for travel
and business.
He expressed gratitude for Travel Oregon’s
investment in the vision and commitment to introducing more international
travellers to Oregon.
The remaining US$ 500,000 of the US$ 5
million competitive grants programme was awarded to a second project as part of
Travel Oregon’s broader commitment to fostering visitor experiences and
stimulating Oregon’s economy through increased overnight visitation.
MSC blanks
two Asia-US East Coast sailings
MSC will blank two sailings on its Asia-US East Coast network during and after China’s Golden Week holiday.
The carrier attributed the capacity
adjustment to an anticipated slowdown in demand.
|
Week |
Service |
Voyage |
|
40 |
America |
GU640W |
|
42 |
Empire |
GE642E |
MSC said customers can continue placing
bookings as usual. The carrier is arranging alternative services to accommodate
affected cargo.
Hapag-Lloyd
responds to Israeli concerns over revised ZIM deal
Hapag-Lloyd has responded to recent concerns raised by Israeli authorities over its proposed US$4.2 billion acquisition of ZIM, arguing that their positions relate to the original transaction structure and do not reflect significant improvements made to the proposal.
The German carrier and its partner FIMI are
now further detailing the revised structure. Hapag-Lloyd said the proposal will
be submitted and explained to the relevant Israeli authorities over the coming
weeks.
“The positions presented, among others, by
the Ministry of Finance and the Government Companies Authority (GCA) of the
State of Israel relate to our original proposal and do not take into account
the significant improvements that have since been made to the proposed
structure,” said Rolf Habben Jansen, CEO, Hapag-Lloyd.
Habben Jansen said Hapag-Lloyd and FIMI
developed the improved proposal after considering concerns raised by Israeli
authorities.
“We are confident that the strengthened
proposal addresses the concerns raised and will pave the way for approval of
the transaction. We remain focused on closing the transaction as soon as
possible,” said Habben Jansen.
Revised proposal moves toward new review
The comments follow the decision by Israel’s
Government Companies Authority to end its review of the original transaction
structure. As Container News reported earlier this week, any materially revised
structure would require a new application and fresh review process.
Hapag-Lloyd’s latest response comes as the
proposed transaction faces another challenge. A group representing more than
10% of ZIM’s shares has called for any materially revised transaction with
Hapag-Lloyd and FIMI to be submitted to shareholders for approval.
The shareholders argue that board approval
alone would not be sufficient for a substantially different transaction
structure. However, their demand does not establish that another shareholder
vote is legally required.
Against this backdrop, Hapag-Lloyd maintains
that the revised proposal addresses the concerns raised by the Israeli
government.
The improvements include an additional route
connecting Israel with Asia, investment in Israeli maritime personnel, measures
to retain shipping expertise in the country and a new modern fleet for ZIM
Israel. These elements were previously detailed by Hapag-Lloyd and reported by
Container News.
“The substantially improved proposal gives
Israel materially more maritime independence and addresses all its national
security needs,” said Habben Jansen.
Hapag-Lloyd and ZIM entered into a binding
merger agreement in February. The transaction has already received ZIM
shareholder approval but remains subject to regulatory clearances, including
approval connected to the Israeli state’s special rights in ZIM.
Hapag-Lloyd
warns of Malaysia’s new manifest rule
FILE PHOTO: A Hapag-Lloyd container is pictured at a loading terminal in the port of Hamburg Germany July 26, 2018. Picture taken July 26, 2018. REUTERS/Fabian Bimmer/File Photo | Nur für redaktionelle Verwendung.
Hapag-Lloyd has advised customers that
Malaysia’s “No Manifest, No Load” requirement now applies to export cargo with
immediate effect.
Under the rule introduced by the Royal
Malaysian Customs Department, containers must have a valid and complete K5
export manifest before loading.
Customers must submit complete and accurate
Shipping Instructions at least 48 hours before the vessel’s estimated arrival
at the Malaysian port of loading.
For cargo transshipping through Malaysia, the
information required for the K6 transshipment manifest must also be submitted
at least 48 hours before the vessel’s arrival at the transshipment port.
Containers with missing, incomplete or late
Shipping Instructions may not appear on the approved manifest. As a result,
port operators may refuse loading and roll the cargo to a later vessel.
Hapag-Lloyd noted that customers may be
responsible for costs arising from delays or cargo rollover, where applicable.
Westports, Northport and the Port of Tanjung
Pelepas will enforce the requirement in line with Malaysian customs
regulations.
The 48-hour deadline will remain in effect
until further notice. Hapag-Lloyd may review the cut-off as implementation
progresses.
CMA CGM
completes US$1.4 billion FedEx Supply Chain acquisition
CMA CGM has completed its US$1.4 billion acquisition of FedEx Supply Chain, significantly expanding the North American contract logistics operations of its CEVA Logistics subsidiary.
FedEx Supply Chain is now joining CEVA
Logistics, adding nearly 10,000 employees and approximately 34 million square
feet of warehouse space to its operations.
The transaction follows the agreement
announced in July, when CMA CGM agreed to acquire the FedEx third-party
contract logistics business for an enterprise value of US$1.4 billion. At the
time, completion was expected later in 2026, subject to regulatory approvals.
CEVA
expands North American logistics footprint
The combined business operates approximately
150 warehouses, while CEVA’s wider North American network now comprises more
than 240 locations and around 20,000 employees.
The acquisition nearly triples CEVA’s
contract logistics footprint in North America and strengthens its capabilities
in sectors including healthcare, technology, consumer products and retail.
The deal forms part of CMA CGM’s strategy to
expand its end-to-end supply chain capabilities alongside its core ocean
shipping operations. CMA CGM’s corporate history now lists FedEx Supply Chain
among the group’s 2026 acquisitions.
CMA CGM and FedEx deepen freight cooperation
Alongside the acquisition, CMA CGM and FedEx
are entering multi-year commercial agreements covering ocean and air freight.
Under the arrangements announced in July, CMA
CGM will become a preferred ocean carrier for FedEx on a non-exclusive basis.
The companies also plan to cooperate on selected air cargo capacity solutions.
The agreements expand the relationship beyond
contract logistics, connecting FedEx with CMA CGM’s ocean network and the
group’s growing air cargo operations.
For CEVA Logistics, the integration
substantially increases its warehousing and distribution scale in one of CMA
CGM’s key strategic markets.
TICT Records Highest-Ever Monthly
Throughput With 33,771 TEUs in September
Tuticorin International Container Terminal (TICT) at Berth No. 9 of V.O. Chidambaranar Port Authority (VOC Port) handled a record 33,771 TEUs across 32 vessels in September 2026, marking its highest monthly throughput since operations began.
The record performance highlights the growing
momentum of container handling at VOC Port and reflects increasing activity at
TICT. The terminal’s September throughput represents a new monthly benchmark
for its container operations.
The handling of 33,771 TEUs during the month
was achieved through the combined efforts of the terminal team, shipping lines,
logistics operators, port authorities and other stakeholders involved in the
movement of containerised cargo.
The latest milestone comes as VOC Port
continues to strengthen its position as an important maritime gateway for
Southern India. Higher container volumes can support trade connectivity for
exporters and importers across Tamil Nadu and neighbouring regions.
TICT’s performance also underlines the
importance of efficient terminal infrastructure and vessel landing capabilities
in supporting rising containerised trade. Continued growth in throughput could
further enhance the port’s role in regional and international supply chains.
The terminal acknowledged the contribution of
its employees and stakeholders in achieving the September milestone, crediting
their coordinated efforts for the record monthly performance.
With container traffic continuing to gain
momentum, the latest achievement provides a positive indicator for the
development of container operations at VOC Port and its contribution to India’s
maritime trade.
DPA Kandla Sets New National Record with
9.64 Lakh MT Cargo in a Day
Deendayal Port Authority (DPA), Kandla, has achieved yet another remarkable milestone by handling an unprecedented 9,63,951 metric tonnes (MT) of cargo in a single day, setting a new national record in cargo handling.
The latest achievement surpasses the port’s
own previous national record of 9,03,904 MT, achieved on 7 September 2026. The
new record is a significant achievement for Deendayal Port and reflects its
growing operational efficiency, robust infrastructure, and ability to handle
large volumes of cargo with speed and precision.
The record-breaking performance further
reinforces DPA Kandla’s position as one of India’s leading maritime gateways
and highlights the port’s contribution to the country’s trade and logistics
ecosystem.
With this achievement, Deendayal Port has
once again demonstrated its commitment to operations excellence, productivity
and continuous performance improvement, setting new benchmarks in India’s port
sector.
Breaking records, Setting benchmarks, Scaling
new heights – Deendayal Port continues to make history in India’s maritime
sector.
/// Air Cargo News
///
Cathay
Cargo the latest to add Navi Mumbai freighter flights
Cathay
Cargo has become the latest airline to shift its Mumbai freighter flights to
the recently opened Navi Mumbai International Airport (NMIA).
The
Hong Kong carrier said that it would operate three flights to the Indian
airport per week using its Boeing 747-400ERF and 747-8F aircraft.
The
carrier had previously been operating its dedicated cargo flights to Mumbai’s
Chhatrapati Shivaji Maharaj International Airport, but freighter operations are
being temporarily
suspended
at the airport while upgrades are carried out.
The
carrier’s bellyhold cargo operations will remain at Chhatrapati Shivaji
Maharaj.
Cathay
Pacific regional head of cargo for South Asia, the Middle East, and Africa,
Rajesh Menon, said: “The move of our Mumbai freighter operations to Navi Mumbai
International Airport reinforces our steadfast commitment to the Indian market
and its growth trajectory.
“By
combining Navi Mumbai International Airport’s modern infrastructure with our
dedicated freighter presence and our ‘We Know How’ expertise, we are providing
reliable connectivity and specialist handling for local enterprises, exporters
and SMEs.
“This
will also further strengthen connectivity between Western India’s exporters and
key global markets through our Hong Kong hub.”
In
addition to its Navi Mumbai International Airport freighter service, Cathay
Cargo continues to operate its dedicated freighter network across India,
operating five weekly freighter flights from Delhi and Chennai, respectively.
Cathay
Cargo utilises additional bellyhold capacity on Cathay Pacific’s passenger
aircraft across all five of its Indian gateways: Mumbai, Delhi, Chennai,
Bengaluru and Hyderabad with 45 passenger flights per week across these five
cities.
Earlier
this month, Silk Way West announced
the start of its cargo operations at the new India airport.
Hong
Kong Air Cargo is
also moving its freighter flights to the airport.
NMIA
opened its doors back in December, but freighter operations did not get
underway until 1 August, when an IndiGo freighter took off from the airport.
Ocean congestion and tariffs could see
more Q4 air cargo volumes
The
air cargo sector could benefit from shippers switching from congested ocean
transport to air in the fourth quarter, plus further shifts once there is more
clarity on tariffs, Dimerco has predicted in its October Asia Pacific Freight
Report.
The
Taiwanese freight forwarder said that persistent ocean congestion could result
in more interest in air cargo as the fourth quarter progresses.
It
explained ocean shipping has faced supply chain disruption and demand has not
slowed as quickly as expected, meaning the peak of the quarter has been
prolonged and shippers looking for capacity and speed could turn to air.
Dimerco
also pointed out that China-US shipments held back because of uncertainty
around tariffs will be released once the situation becomes clearer.
Due
to time constraints, some of these shipments that were intended for ocean
transportation may be sent by air instead, tightening capacity further.
“Dimerco
expects clearer tariff direction and persistent ocean congestion to potentially
push
more cargo into air as Q4 progresses,” said the company.
“Bookings
look quiet right now, but that’s the calm before the door opens. Once held-back
China-US cargo releases and ocean congestion pushes shippers into air, the
space will face some constraints,” observed Kathy Liu, vice president, global
sales and marketing at Dimerco Express Group.
At
the same time, AI, semiconductor and year-end retail demand are continuing to
push up demand and keep capacity tight in many origins, and in particular,
airfreight remains tight across several Northeast Asian markets.
Taiwan
continues to see strong demand for AI servers, semiconductors, high-performance
computing equipment and electronic components, keeping rates under upward
pressure to the US and across intra-Asia lanes, said Dimerco.
South
Korea is also seeing tighter conditions around the Korean harvest festival
“Chuseok”, with some Southeast Asia services from Incheon requiring bookings up
to two weeks in advance.
Conditions
in China are more mixed. Pre-holiday and e-commerce activity is tightening some
regional routes, while US and Europe capacity remains more balanced in several
origins.
Across
Southeast Asia, India and Australia, air capacity to the US remains tight from
most origins. Singapore faces backlog conditions, Thailand is dealing with
capacity reductions and flooding-related delays at Bangkok, while India is
entering its festive season with both air and ocean space constrained to Europe
and the US.
Ethiopian Airlines orders Boeing 777-8
and 777 freighters
Ethiopian
Airlines has ordered eight 777-8 freighters and two 777 freighters from Boeing
following earlier speculation that the carrier was considering purchasing up to
10 freighters from the US aircraft manufacturer.
Air
Cargo News
reported at the beginning of September that Ethiopian Airlines was rumoured to
have been considering
purchasing
up to 10 freighters from Boeing, including 777Fs and new generation 777-8Fs.
The
order makes Ethiopian the first African carrier to purchase the new generation
777-8F, which will support its expanding global network and advance its
international freight operations.
“This
agreement marks another significant milestone in strengthening Ethiopian
Airlines’ cargo capabilities while supporting the continued expansion of our
global network,” said Mesfin Tasew, Group chief executive of Ethiopian
Airlines.
“The
addition of the Boeing 777-8F Freighters and 777F Freighters will enhance our
ability to serve customers around the world with greater payload capacity,
operational flexibility, efficiency, and sustainability.
“As
demand for cargo services continues to grow, these aircraft will play a vital
role in facilitating global trade, strengthening supply chain connectivity, and
further reinforcing Ethiopia’s position as a leading cargo gateway between
Africa and international markets. It also marks our long-term partnership with
Boeing.”
The
777-8F has a maximum structural payload of 118 tonnes, and the 777F has a
maximum structural payload of 107 tonnes.
The
aircraft will substantially add to Ethiopian’s fleet of 12 777Fs, two 767Fs and
four 737-800SFs.
“Ethiopian
Airlines’ order for the industry-leading 777 Freighter and new 777-8 Freighter
highlights both the strength of our partnership and growing demand for air
cargo worldwide,” said Brad McMullen, Boeing senior vice president of
commercial sales and marketing.
“We
appreciate Ethiopian Airlines’ continued confidence in Boeing and the 777 and
777X family of airplanes as it expands its cargo capabilities and global
network. The airline continues to make history as the first in Africa to order
the new 777-8 Freighter.”
Ethiopian
Airlines currently connects more than 70 cargo markets across Africa, Asia,
Europe, the Middle East and North America.
Cargo handler consolidation could
disadvantage airlines
Airlines
have so far benefited from the consolidation of the cargo handling market, but
this ongoing trend could ultimately disadvantage carriers.
Speaking
at the Aviation Connect event in Athens, consultant Olivier Bijaoui of OB
Invest highlighted the consolidation of the cargo handling market in recent
years.
He
said that between 2000 and 2020, many independent operators were acquired by
larger players or exited the market. As a result, cargo handlers with
multi-country networks began to emerge.
This
benefitted airlines as they were able to tender for multiple markets with one
company and gained pricing benefits as the larger players competed heavily for
new contracts, with research suggesting handling rates in some European markets
had come down by as much as 67% between 2020 and 2025.
The
competitive nature of the market even resulted in some handlers offering a
signing bonus when airlines sign a new contract.
However,
the last six years have seen the merger of larger players. This is gradually
resulting in fewer credible competitors for major tenders, which could
ultimately disadvantage airlines and push up prices and service levels could
suffer.
He
explained that consistent compression can make it harder for smaller
independent operators to remain credible competitors to their larger rivals,
adding that if market exits and consolidation continue, competition may
increasingly depend on a limited number of large international networks.
“What
we are seeing is global networks taking more importance but there needs to be a
response to this and an initiative because ultimately airlines will suffer
whether they like it or not,” Bijaoui said.
“When
you are an airline and you have less and less potential choice, then the power
goes in the other direction and then the procurement [teams], as good as they
are, will not succeed because they have no choice.
He
added: “Airlines have to be very careful about the fact that their choice is
getting slimmer and slimmer, and it will have an impact on their price whether
they like it or not.
“I
am all for competition and all for bringing this industry the capacity to have
the best possible service at the right price, but there is a moment where
somebody has to react to what the situation is.”
Bijaoui
said the industry should aim to preserve enough credible suppliers for
competition to remain effective and sustainable over time.
How GSSAs avoid a race to the bottom
GSSAs
are avoiding a race to the bottom in localised rate wars by utilising data,
creating premium products and feeding in cargo from more lucrative locations.
Speaking
at the Aviation Connect event taking place in Athens this week, Kritika Seth,
executive director of GSA Allied Aviation, outlined how it avoids getting
dragged into rate wars in local markets.
She
said if a rate war takes place, the company evaluates its relationship with the
forwarders in the local market – for instance, whether there is a long-term
commitment – to make a decision on whether to continue business and, if it
decides the rates are too low and there is no wider benefit, it can then
utilise its broad network across India to feed in cargo from other stations
rather than carry lower-margin volumes.
Allied
Aviation also has strong local market knowledge and tries to understand what
the airline customer actually needs in terms of the business it carries.
“India
is a very fragmented market in terms of commodity so feeding cargo from other
gateway stations really adds value to the overall revenue and productivity,”
she said.
“So
if there is a rate war happening in one gateway, I will look at another station
to feed in cargo and optimise the revenue and balance out the entire flight
revenue.”
Seth
added that the company maintains strong price discipline and would not reprice
a lane to win one shipment.
“It
is all about what kind of product I am trying to create for the airline I am
working with,” she added. “So if this is an airline that I am trying to
position as a premium product, we then do not enter any rate wars.”
Speaking
in a later session, Wexco Cargo GSSA managing director Des Vertannes said that
the company utilises data interrogation to maximise profitability by combining
products and verticals.
“You
have to look across the spectrum to see where you can see those opportunities
and then maximise those opportunities, and that is where the data comes in.”
He
added: “There is a lot of research that goes into that and then we feedback to
the airlines and realign.”
During
a presentation, Vertannes also highlighted the importance of quickly responding
to requests for quotes and said GSSAs should sell outcomes, not capacity.
This
entailed knowing commodities, lanes, seasonality and risk; anticipating needs
before they become urgent; and offering advice on routing and service options.
There
is also a need to align the service promise from sales with the delivery of
that service by operations.
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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