Friday, 10 March 2017


New Custom Exchange Rates applicable w.e.f. Friday 17-02-2017:

Foreign Currency
Rate of exchange of one unit of foreign currency equivalent to Indian rupees


(For Imported Goods)
  (For Export Goods)
Australian Dollar
Bahrain Dinar
Canadian Dollar               
Danish Kroner
Hong Kong Dollar
Kuwait Dinar
New Zealand Dollar
Norwegian Kroner
Pound Sterling
Singapore Dollar
South African Rand
Saudi Arabian Riyal
Swedish Kroner
Swiss Franc
UAE Dirham
US Dollar
Chinese Yuan
Qatari Riyal

Foreign Currency
Rate of exchange of 100 units of foreign currency equivalent to Indian rupees


(For Imported Goods)
  (For Export Goods)
Japanese Yen
Kenya Shilling

Air Freight News :

Trump outlines priorities for US aviation.

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Donald Trump. Photo credit: Gage Skidmore
New US president Donald Trump has met with the chief executives of a large number of big US carriers, as well as senior executives of airport authorities and representatives of aviation trade bodies.

The meeting took place at The White House, during which he outlined some of his thoughts on the challenges facing the country’s aviation industry.   In particular he pointed to the need to invest in airport infrastructure and air traffic systems across the country.

“Our airports used to be the best. Now they’re at the bottom of the rung,” he warned.  Trump also took aim at the new air traffic control system, known as NextGen, being developed in the US, which he described as being “totally out of whack. It’s way over budget, it’s way beyond schedule, and when it’s completed, it’s not going to be a good system,” he said.
Trump also said he would be looking at easing regulatory and tax burdens on the industry.

The president also suggested that the funding for infrastructure spending would not come from raising taxes or fees.
One participant suggested that an increase in the passenger-facility charge, which currently stands at $4.50, could be used to fund airport improvements.  “The problem is, I don't like raising fees or taxes − I'll be honest,” Trump said. “I mean, we're spending all this money overseas, we're giving away trillions of dollars to all these countries.  All of the countries that trade with us are ripping us off.  The last thing we have to do is raise the fee.  I understand what you're saying, but $4.50 - it's a lot when you look at all of the passengers.”

The meeting was attended by a broad section of the industry, including Bill Flynn, president and chief executive, Atlas Air Worldwide Holdings; Dave Bronczek, president and chief operating officer, FedEx Corporation; and Myron Gray, president, US operations, UPS.

It was also suggested by one participant that the US Federal Aviation Administration (FAA) needed to be reformed as a not-for-profit corporation with seats on the board given to a range of interested parties.  While the president did not respond directly to this suggestion, he was keen for pilot representation at the top level of the FAA.

In an introduction earlier in the event, Trump was giving little away on his feelings about foreign airlines' access to the US market. “I know you're under pressure from a lot of foreign elements and foreign carriers, I've been hearing that a little bit.  At the same time, we want to make life good for them also.  They come with big investments − in many cases, those investments are made by their governments.  But they are still big investments.”
This comes as the row over Middle Eastern airlines access to the US market looks to be re-emerging. At the start of this month (February), a number of US legacy passenger airlines resurrected their complaints to the US Government that they are suffering as a result of Middle Eastern carriers being unfairly subsidised by their state authorities. Others, including Atlas and FedEx, have asked for the current status quo to be maintained.
It's all looking rose-y for air cargo.

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Benjamin Franklin said that there are two things that are certain in life, death and taxes. If, however, Franklin had been a freight transport journalist he could have added a third to that list, that mid-February would see an outpouring of press releases about the transport of roses for Valentine's today.
So far there have been releases from express firm UPS, Heathrow Airport, Emirates SkyCargo, IAG Cargo, LATAM and American Airlines and there is still time for more.
The releases do actually contain some interesting facts, for instance, UPS reckons it will deliver a whopping 89m flowers, enough to fill 64 Boeing 767s, for this year's Valentine's day.
According to the National Retail Federation, U.S. consumers are projected to spend $2bn on flowers and more than $18bn on Valentine’s Day gifts, it adds.
Many of the tropical flowers and roses originate in Latin America, primarily Colombia and Ecuador. More than 90% of the imported flowers will travel through Miami International Airport (MIA), where UPS is the largest air cargo carrier.
HACTL handles valuable equine shipment.

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Hong Kong Air Cargo Terminals Ltd (Hactl) has handled 60 horses competing in this month’s Longines Masters show jumping event in Hong Kong.
All the horses were processed through the handler’s Livestock Handling Centre at Hong Kong International Airport (HKIA).
European Horse Services (EHS) is responsible for the shipment of the horses from Liege to Hong Kong, and will be likewise for their return journey after the event.
The equine cargo is flying on board an Etihad Airways aircraft.
It is the fifth year that the Longines Masters has come to Hong Kong for one of its constituent events, and Hactl has handled horses flying into Hong Kong each year since 2013.
This year’s Longines Masters in Hong Kong is the culmination of an intercontinental series of show jumping events that began in Los Angeles in September and moved to Paris in December; it is taking place at Hong Kong’s AsiaWorld-Expo complex between 10 and 12 February.
LUG to handle Etihad Cargo in Frankfurt and Munich.
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LUG aircargo handling, a freight handler operating at Germany’s Frankfurt and Munich airports, has begun processing Abu Dhabi-based Etihad Cargo’s freight at Munich Airport.
It will also begin handling Etihad Cargo’s freight at Frankfurt Airport from next month (March). 
Etihad flies passenger aircraft twice a day to both German airports, but it also operates full-freighter Airbus 330-200F and Boeing 777-200F aircraft to Frankfurt twice a week.
The agreement with Etihad, LUG’s first Middle Eastern carrier customer, covers the complete range of cargo handling services, including full-freighter, belly cargo and road feeder services, for Etihad as well as for its airline partners such as airberlin.
Patrik Tschirch, LUG aircargo handling’s managing director and chief executive, commented: “Key success factors for our co-operation will be a strong customer focus as well as our innovative and consistently efficient operational processes.
“We expect a freight throughput of some 50,000 tonnes per year. This gives the company a strong push,” he added.
LUG aircargo handling is a member of the Dettmer Group. It handled over 300,000 tons of cargo in 2016.
It operates from 33,000 sq m covered warehousing space with direct ramp access for all types of cargo, including dangerous goods, at Frankfurt Airport, and from some 3,300 sq m at Munich Airport.
Sea Freight News :

Data is the Future, Says CEO of Shipping Giant Bahri

India Tradeways
The National Shipping Company of Saudi Arabia, or Bahri, the world’s second largest owner/operator of very large crude carriers or oil super tankers, is betting big on data to innovate and realize deep data science driven insights to help support smarter decision making, bring cost and operating efficiencies and create sustainable share-holder value. Bahri Data, one of the six business units within Bahri and started in early 2015, is expanding it’s data team by hiring more data scientists, considered “very rare for a shipping company”, says Ibrahim Al-Omar, the chief executive officer of Bahri. “What we are doing on the data side is we are hiring ex Yahoo team. We are also hiring from the Indian market and they will be based in our office in Mumbai. Bahri data will be more about how can I monetise my data and get value out of our data,” Ibrahim said.

Tax Department To Start Consultation On Changes In Customs Act

The tax department has asked officials to start an outreach programme with stakeholders and make systemic changes to implement proposed modifications in the Customs Act aimed at de-cluttering ports and enhancing revenue. The Finance Bill 2017 proposes to modify the Customs Act for filing of bill of entry the same day on which the vessel, aircraft or vehicle carrying the goods arrives at a customs station. Changes have also been proposed relating to the payment of duty and interest. In a communication to chief commissioners of Customs and Central Excise, CBEC Member and Special Secretary Ananya Ray said the proposals are of far reaching impact and would take the force of law upon the enactment of the Finance Bill. Tax experts said the earlier practice of importers to file bill of entry as per their convenience was causing administrative issues at customs stations.

India scraps service tax on ocean freight

Kathmandu Post
Following Nepal government’s request, the Indian government has removed 4.5 service tax imposed on ocean freight. Although the tax was meant for India’s importers, the provision also affected Nepali traders as Nepal relies on Indian clearing agents for the management of goods imported from third countries that land at Indian ports. “We have received information that the Indian government has decided not to levy the tax in the case of Nepal,” said Eknarayan Aryal, Consul General in Kolkata, adding the decision comes into effect immediately. Article 11 of the World Trade Organisation’s Trade Facilitation Agreement states: “Traffic in transit shall not be conditioned upon the collection of any fees or charges imposed in respect of transit, except the charges of transportation or those commensurate with administrative expenses entailed by transit or with the cost of services rendered.”

Thar Dry Port handles first car train

Maritime Gateway
Hasti Petrochemical & Shipping Limited, Unit The Thar Dry Port Sanand handled the first full car train from APL VASCOR on its newly commissioned Private Freight Terminal on 30th December, 2016. In all 180 cars were unloaded from the railway’s NMG rake within the permitted time and the same were stacked inside the ICD at a predetermined location from where the cars were also successfully loaded into trailers for local dispatch. “We are now entering into a long term contract for a period of four years with APL VASCOR for handling of car trains at our PFT and also providing space for stacking and dispatch of the cars from ICD Sanand” highlighted a release. Allotment of PPQ station code for ICD Sanand.ICD Sanand has recently granted station code no “C”(PPQS) 1(53) for Plant Quarantine Station vide notification no 8-217-/2004-PPI(PT) Dated 12th January, 2017.

First cargo ship from India arrives in B'desh

The first container ship from India has arrived in Bangladesh's Panagon river port here under the Coastal Shipping Agreement signed in 2015, allowing direct cargo vessel movement between the two countries. The ship, 'Shonartori Nou Kalyan-1' reached the Pangaon Inland Container Terminal at Keraniganj yesterday with 65 containers on board, reported. At an event to mark the arrival of the ship, Bangladesh Commerce Minister Tofail Ahmed said that cargo ships will now reach and depart from Pangaon to India every 15 days. With this, the Coastal Shipping Agreement signed in 2015, comes into effect, paving way for direct cargo vessel movement between the two neighbouring countries. The link between the Pangaon terminal and India will save time and money, said Minister Khan. "The shipping ministry is in the process to procure 36 more ships to boost the use of this network," he said.

Expert says bunker prices may continue mixed trends next week

Hellenic Shipping News
World fuel indexes continued irregular fluctuations this week while market focused on two main drivers: OPEC’s supply-cut deal and rebound in U.S. drilling activity. The IEA increased its 2016 estimates for world oil demand growth for a third month, and boosted its outlook for 2017, anticipating an increase of 1.4 million barrels a day this year. It also predicts that world oil inventories will fall by 600,000 barrels a day during the first half of the year if OPEC sticks to its agreement. While stockpiles in industrialized nations have declined for five months in a row, they still remain significantly above average levels. OPEC cut its crude oil production by 890,000 bpd from December to average 32.14 million bpd in January. Production in January decreased the most in Saudi Arabia, Iraq and the UAE, while production in Nigeria, Libya and Iran increased.

HMM’s Direct Weekly ACS Service Flagged Off From Krishnapatnam Port

Maritime Professional
A direct weekly service of HMM’s (Hyundai Merchant Marine) ACS Service was flagged off, amid lot of fanfare, from Krishnapatnam Port Container Terminal on the February 17, 2017. Inauguration of the maiden vessel call by “M.V. HYUNDAI PRESTIGE”, as part of ACS’s Service, has written a new chapter in the EXIM trade from East Coast of India. The KPCT team conducted a formal inaugural ceremony commemorating the maiden call with Mr. Y.D Park (MD, Hyundai Merchant Marine India) & Mr. Anil Yendluri (CEO, Krishnapatnam Port) launching the service from KPCT. Mr. Jithendra Nimmagadda (COO, KPCT) welcomed the vessel by presenting a memento to the vessel Captain Musteata Loan. Sales, Operations and Customer service teams of Hyundai Merchant Marine and their agents Choice Group along with KPCT team were part of this memorable inaugural event.

London P&I Club loses Cosco's business following merger with China Shipping

Sea News
Other clubs are also likely to be caught out by the development, as the owner hitherto split its huge fleet among a number of providers, reported UK's Lloyd's List. In practice, each unit within the group can place its P&I as it sees fit. Many of its mainland-based subsidiaries are thought to use China P&I, for instance. China Cosco Shipping Group (CCSG) chief executive Xu Lirong presides over a shipping empire with assets valued at US$90 billion. In total, CCSG comprises 1,114 vessels with a capacity of 85.3 million dwt, making it the world's number one ship owner. Its containership fleet capacity is 1.58 million TEU, ranking it fourth in the world, and that figure tops two million TEU, if its order book is included. London Club chief executive Ian Gooch told Lloyd's List: "As a result of the consolidation, it looks as if they are making alternative arrangements.

Singapore Bunker Trader Opportunity with Major Oil Business

A major international business in the oil & gas market and a leading physical supplier of bunker fuel in Singapore and other ports are looking to hire a Bunker Trader to join their Singapore team. In this position you will be responsible for the sale of bunker fuel in Singapore. This will be mainly selling ex-wharf to trading houses as well as end users. As our Client is an established business you will be handling some existing accounts and you will also be expected to use your network and business development skills to bring in new customers. The ideal person for this position will have around 2 to 6 years experience as a Bunker Trader in the Singapore market. Our client can offer an attractive salary as well as significant annual performance bonus. They can provide a stable and secure work environment as well as excellent career development potential for the right person.

Infographic: Will 2M Defeat Largest Alliance?

Port Technology
The 2M Alliance, led by Maersk Line and Mediterranean Shipping Company (MSC), offers shared vessels over 44 regular routes between Europe, Asia and the US east and west coasts. But will it take this year's top TEU spot when the Ocean Alliance, the largest in history, launches in April 2017? PTI's audience thinks so. PTI reported its initial poll results with an Ocean Alliance infographic on February 3, 2017, and found that 48.4% of participants believed the 2M Alliance would be crowned the strongest by the end of the year with THE Alliance coming second with 27.4% of the vote. This was despite the Ocean Alliance being led by CMA-CGM and made up of China Cosco Shipping, Evergreen Line, and Orient Overseas Container Line, offering 40 services on the east-west trades with 498 port calls. And, almost two weeks later (February 16, 2017), 2M has kept its place with 44.7% believing it will still be the TEU leader by the end of 2017.

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