Latest News
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India's Shiprocket suffers narrower loss between April and June
Shiprocket, an Indian logistics company backed by Temasek, reported a smaller first-quarter loss on Monday. This was boosted by its core shipping business. The company's earnings are its first quarterly results since August, when it raised $170 million in an initial public offering. Shiprocket is a logistics platform that offers shipping, fulfillment, payment and other services to online merchants. It competes with Delhivery, Blue Dart Express and others. The company reported a consolidated profit of?137.1 millions rupees ($1.45million) for the three months ended June 30. This is down from a loss of 180.3 millions rupees one year ago. The company reported a profit on a standalone basis, excluding subsidiaries, of 201.6 millions rupees. This compares to a loss of 89.9million rupees the previous year. Shiprocket’s core business, which includes domestic shipping, software tools and marketing solutions, saw a 28% increase in pre-tax profit to 526,9 million rupees. Revenues from the company's emerging business, which includes cargo and fulfilment as well as cross-border shipping and marketing solutions, increased by 70%. The company stated that it continues to invest into its emerging businesses which reported a pre-tax profit of 437.5 millions?rupees. Shiprocket’s quarterly revenue increased by about 34%, to?5.92 billion rupees. However, expenses rose by nearly 31%. Costs for freight handling and service have increased across the industry, as inflation and network expansion add to costs. According to a Google and Deloitte study, India's ecommerce market will grow from $90 billion to $250 billion in 2030, as consumers spend more money online.
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North Korea and Russia Open their First Road Bridge, A Symbol of Expanding Ties
North Korea and Russia opened their first bridge on Monday in a well-choreographed show of friendship. The structure spans the Tumen River and was hailed by both sides as a milestone for their growing strategic partnership. First trucks with flags trundled over the bridge's 1 km (0.6 miles) of two-lanes as Russian Premier Mikhail Mishustin, and North Korea's premier Pak Thae Song watched via video link. They addressed workers and officials from both nations. The construction of the new bridge began in April 2018 after it was decided to build the bridge during the visit by Vladimir Putin in North Korea 2024. Although there are direct rail and air links between Moscow, and Pyongyang already exists, until Monday there was no proper road connection. Since 1959, by special arrangement, planks have been placed on the nearby railway bridge, which was the sole border crossing point for decades, to allow vehicles to cross the border. "I'm convinced that the expansion of the cross-border transportation infrastructure will provide a powerful boost for the development of trade and economic, scientific and technological cooperation, and cultural exchange," said Mishustin. He said the ties between Moscow, Pyongyang and the United States were at an "unprecedented high level." The opening of the bridge was hailed as "a truly historic event." He said that the construction of the bridge wasn't just an engineering project but was "a new symbol for friendship". Mishustin stated that up to 300 vehicles could cross the bridge every day. The 'bridge' would also be connected to Russia’s federal road system and would have easy access the the transport corridor, which runs from Vladivostok in the far east to St Petersburg. The Russian government announced that trucks would immediately begin using the bridge to transport cargo. The bridge will be fully operational by the end of the year and can be used to transport passengers as well. The bridge was constructed near an existing "Friendship Bridge", which is a rail bridge that was opened in 1959, after the Korean War. The new bridge was named in honor of Yakov Novichenko. Pyongyang credits him with saving the life Kim Il Sung, North Korea's founding leader, by intercepting the grenade that was thrown towards him and other people. The ties between the two countries have strengthened since the beginning of the Ukraine war in 2022. Pyongyang has sent thousands of troops into Russia's Kursk area to repel an incursion by the Ukrainians in 2024. Mishustin referred to this in his Monday speech, saying that "the Korean Heroes who, just recently, fought side by side with our soldiers to defend Russian soil".
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ArianeGroup examines increase in European space launch
ArianeGroup, a European rocket manufacturer, is looking at a "potential increase" in the deployment of its Ariane 6 heavy launcher. CEO Christophe Bruneau said to reporters on Monday. The European Space Agency said 'on Friday that it was looking at increasing the launch rate for Europe's Ariane 6 rockets and Vega-C in future years in order to deal with a looming satellite deployment bottleneck. Arianespace, ArianeGroup's subsidiary in charge of marketing and operating launches out of French Guiana, wants to achieve a stable launch rate between nine and ten Ariane 6 rockets per year, starting in 2027. Bruneau said at a press briefing that ArianeGroup and?ESA were discussing a possible further ramp-up. The supply chain for?ESA consists of approximately 600?companies. Bruneau explained that the main obstacle is determining how much money will be needed to increase supply of solid propellants for Europe's heavy-lift rocket. The rocket has made nine flights since it was launched in 2024. Bruneau and French space executives were speaking at a briefing for a summit to be held in France on September 9-10, which aims to "promote Europe’s independence in the space sector". Arianespace CEO David Cavailloles said there was a growing understanding in Europe that the space sector is a strategic one that shouldn't rely on third parties for access to orbit. In 2014, European nations agreed to develop Ariane 6 to meet a?growing demand for launch vehicles. However, its emergence was continually delayed. This left?Europe depending on Elon Musk’s SpaceX after a series separate setbacks.
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The Rhine River in Germany is falling but still above its record lows
The water levels in the Rhine River in Germany have fallen due to dry weather. Cargo vessels are now forced to sail with only part of their cargo. However, the river is still well above the'record lows set in August,' according Monday, both navigation authorities and commodity traders. Rhine water levels reached record lows in August. Industry suffered from higher transport costs, logistic bottlenecks, and reduced production. The WSV, the inland navigation agency, said that the navigable water gauge at the chokepoint near Koblenz measured around 34 mm (13 inches) last Monday compared to around 50 cm the previous week. The 'Rhine' fell below 10cm in mid-August. This was below the previous record low of 25cm?in 2018 The river is approximately 1 metre deeper than the navigable gauge. Commodity traders claim that ships continue to sail partially loaded. The industry must spread the loads across multiple vessels, which increases costs. Large volumes of freight are also being moved to roads and rails. The cost of a tanker from Rotterdam - Karlsruhe has risen from EUR100 to EUR120 ($139-$145), traders said. A commodity trader stated that rain in river catchment areas is expected this week. This could help to raise water levels, but it won't solve the problems currently facing the area. Germany and other European nations have experienced successive heatwaves this summer and little?rainfall, which has pushed down the?water level on waterways like the Rhine. The Rhine is a vital shipping path for grain, minerals and refined oil products.
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China tightens up payment rules to automakers
Chinese regulators have introduced stricter rules governing automakers’ payments to suppliers. They are aiming to close loopholes, such as delays in product acceptance procedures and the use of non-cash instruments. In an effort to end the brutal price war in the auto industry, major Chinese manufacturers pledged last year to pay their suppliers within 60-days, after complaints from steelmakers and other suppliers. The Ministry of Industry and Information Technology said in a press release that payment cycles are still longer than those of multinational carmakers and there is room for improvement. The new rules are more than a simple limit on payment terms. They require 'clearer starting point for payment calculation, deadlines for acceptance procedures, and encourage faster cash settlements, especially for small and mid-sized suppliers. The new rules also include service providers and engineering firms in addition to parts suppliers. Automakers are prohibited from forcing suppliers to accept supply-chain notes, commercial bills or other non-cash payment instruments. The MIIT will, along with the State Administration for Market Regulation, conduct a joint regulatory interview with automakers who have large account payable balances or are suspected of?intentionally extending payment periods?, or that receive complaints repeatedly from small and mid-sized suppliers. The regulators said that companies identified as problematic will be required to rectify payment practices, and those found to violate laws or regulations, they will face penalties. The automakers will be required to submit?semiannual and annual reports on supplier payments, while regulators are expected to publish annual third-party assessment to strengthen oversight.
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Police officers in the eastern German state of defuse 21 explosives near power grid
Prosecutors from the German state of Saxony in eastern Germany said that they had found a total?21 explosives devices?in their investigations of attacks on the electrical grid which have kept authorities alert for several days. The total number of homemade explosive devices discovered by investigators has now reached 21. Germany is the focal point of European concerns about the vulnerability critical infrastructure. It experienced a number of sabotage events on the power grid in the last week after a drone strike in August at Leipzig/Halle, for which the German government officially blamed Russia. German police announced on Friday that they are searching for a suspect who claimed responsibility for a number of sabotage attempts?on the electricity grid last week in letters sent to him. They found what looked like explosives in his home. The man is still at loose. Spiegel reported that the initial findings of an investigation into a fire at a transformer substation earlier in Berlin on Monday showed it was caused by a "technical failure". Police Commissioner Barbara Slowik Meisel was quoted as saying this. Separately Bild reported that the police in the western city of Wesl have started major?assessment ops after it was discovered that the security fence surrounding another transformer substation had been cut.
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Consultancies report that Ukraine's weekly exports of important grains are increasing despite high freight rates.
APK-Inform, a consultancy, reported on Monday that Ukraine's weekly wheat, barley, and corn exports increased by 80% between August 27 and September 2. This equates to?433,700?metric tons. The volume of corn exports increased by 212%, to 184.100 tons. Exports of wheat also increased by 40%, to 243,000 tonnes. Since late July, Ukrainian grain exports have dropped sharply after Russian missiles and drones attacked Ukrainian Black Sea ports near Odesa. APK-Inform data showed that in early July, when ports operated as usual, Ukraine exported approximately 760,000 tons per week. Ukraine redirected grain shipments after the closure of its seaports to ports along the Danube River and its western borders. However, officials and analysts claim that these alternative routes are not enough to compensate for the lost seaports. Ukrainian traders' union UGA stated last week that Ukraine's combined grains and oilseeds exports dropped to 1.2?million tonnes in August from 2.5 million tons in July. Before the blockade, Ukraine exported 4 million tons per month of grains and oilseeds via its seaports. Exports are expensive APK-Inform reported that traders have increased grain cargo shipments to the Danube port by 12% in the past week. However, the export growth has been constrained due to a lack of vessels and high shipping rates. Analysts and traders have previously stated that logistics costs for Black Sea ports are $40-$50 higher per ton than those from Danube port. The grain must be transported via rail to river ports and then loaded onto barges or small vessels bound for the port of Constanta in Romania, where it will be transferred to larger ships. The ASAP Agri consulting firm said on Monday that grain freight rates from Ukrainian Danube port ports are continuing to increase sharply. The report stated that "the limited availability of coaster-tonnage willing to make such voyages combined with the?steadily growing waiting times for passage through Sulina Canal" is forcing charterers 'to accept owners' freight ideas. The report said that the rates of short-haul shipments to Marmara and East Coast Greece ports had risen by $10 in the past week. Meanwhile, rates for long-haul destinations like Italy and Spain were up by $20 to $25 a ton. The barge rate has increased by EUR5 per tonne. The report noted that barges are also in high demand. However, fleet availability is very limited. Freight rates have continued to rise.
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China's soybean processors are facing high costs and low margins ahead of Xi’s US visit
China's private soy processors are facing a difficult fourth quarter as Brazil, the top soybean exporter, is experiencing a tightening of its inventories and because tariffs have kept U.S. cargoes out of their reach. China's shrinking pig population is putting pressure on the world's largest oilseed processing industry. It's already facing negative margins, and a weakening demand for 'feed'. Processors hope that President Xi Jinping’s visit to Washington in this month will lead Beijing to relax a 10% tariff on U.S. agriculture goods. U.S. trade representative Jamieson Greer stated on Thursday that the two countries will make "some announcements" on agriculture and nontariff barriers during the summit. However, he did not provide specifics. Johnny Xiang of AgRadar Consulting in Beijing said: "As South America approaches the end of their marketing season, private crushing companies will need to access U.S. soya beans." "That depends on either tariff reductions, or, if that fails, on Sinograin Reserve?auctions, to keep their factories operating," he said. He was referring to China’s state stockpiler. However, the relief is still uncertain. A crusher in China said, "We do not consider U.S. soya beans because of the tariffs." If tariffs are lowered, we will recalculate crushing margins to determine whether U.S. cargoes could be profitable. Traders claim that China's state owned traders purchased about 11 million metric tonnes of U.S. soya beans after Xi met with U.S. President Donald Trump in May. Private crushers have avoided North American cargos due to tariffs. The Chinese Commerce Ministry has been contacted for comment. RISING PRICES AND NEGATIVE MARGINS Benchmark U.S. soy futures are up nearly 12% since their June lows. This is due to adverse weather in the U.S., Chinese government purchases and expectations of El Nino weather affecting global supplies. Brazilian soybeans were quoted for shipment in November at a premium of between $3.15 and $3.20 per bushel over the Chicago Board of Trade's November soybean contract. This included cost and freight to China. Similar U.S. Gulf cargoes, excluding tariffs, were offered between $3.20 and $3.25 per bushel. Buyers expect that the U.S. harvest, which is expected to begin in the coming weeks, will increase supply and lower prices. "The price of U.S. soya beans is still highly uncertain as China has not yet made large-scale purchasing inquiries," said Xiang. The next harvest in Brazil isn't due until 2027. Even without the 10% tariff, imports of U.S. beans for October-through-January shipment would generate negative crush margins at current prices, according to Rosa Wang, an analyst at Shanghai JC ?Intelligence Co. and three other traders and analysts. Wang stated that "theoretical crush margins" for Brazilian and U.S. soya beans, excluding a 10% additional tariff, ranged from 150 to 230 Yuan ($22.35-$34.27) per ton for October to December shipments. China's pig population is expected to decrease in the fourth quarter, as Beijing intensifies its efforts to reduce inventory and limit hogs weights to stabilize a market oversupplied. Two Asia-based traders reported that importers have completed their October purchases and booked 4.8 millions?tons of goods for November. This is around 60% the projected demand. However, buying for December and early January has only just begun. Limited BRAZILIAN Supply Two Brazilian analysts stated that Brazil's ability to increase fourth-quarter sales of crushed stone to China is limited due to the demand from other buyers and strong domestic crushing activity. Rafael Silveira, an analyst at Safras & Mercado, says that by the end July, farmers had sold 82% (compared to?78%) of the crop for 2025/26. This figure is now likely to be close to 85%, he adds. He said that domestic crushers competed with the exporters and paid prices sometimes above the export parity. Brazil's soybean exports to China were down by 2.6 million tons compared to a year ago, but shipments to all other destinations increased by a whopping?6 millions tons, according to Eduardo Vanin senior agriculture strategist with Marex, in Curitiba. According to Chinese customs, Argentina shipped an extra 7.9 million tonnes of soybeans to China, a 92.4% increase from 2024. However, this buffer is expected shrink in 2026 if similar incentives are not implemented.
Hapag-Lloyd to improve $4.2 billion bid on Israel's ZIM
Hapag-Lloyd said that it is working with Israel to improve its $4.2 billion cash offer for ZIM Integrated Shipping Services, which the German shipping company announced on Monday.
The proposed deal was met with 'heavy' opposition in Israel. This included 'ZIM's employees, Defence Minister Israel Katz 'and other government officials who claim that the transfer of Israel's shipping operations to a foreign firm undermines Israel's national security.
Hapag-Lloyd's CEO Rolf Habben Jansen said, "We have developed an improved proposal to strengthen Israel's maritime independence and security."
Habben Jansen said in a press release that "the revised proposal" will ensure Israel's access to important shipping routes including those from Asia.
Hapag-Lloyd - which aims to be the fifth largest shipping group in the world - said the deal would create ZIM - a container shipping company that is owned by the Israeli private equity fund FIMI.
In a similar deal, FIMI intends to?acquire a business that has 16 vessels carved from ZIM which secures 'direct global maritime links for?Israel via a new company named ZIM Israel.
Hapag-Lloyd stated that it held several rounds of meetings, including with officials from the Israeli economy, finance and defense ministries to "revise structural elements of this proposed acquisition". The proposal is expected to go before the Israeli cabinet at the end of the month.
Israel has a "golden stake", which gives Israel special ownership rights over ZIM.
Habben Jensen stated that the agreement would also prevent foreign interference with the transport of Israel's sensitive goods, which is a "significant improvement" over the existing arrangement.
Oren Caspi, Chairman of ZIM's Workers Committee, has said that he is against the proposed merger, stating that ZIM shouldn't be given to "hostile" parties.
At present, ZIM shares up to 24 percent can be sold to a single investor from abroad without Israel's prior approval. Hapag-Lloyd proposed lowering the threshold to 10% in order to prevent foreign influence.
For its part?FIMI has committed not to list ZIM Israel's shares outside Israel's stock exchange.
Hapag-Lloyd stated that the parties had agreed to enhance shipping connections between Israel & Asia on the request of Israeli officials.
(source: Reuters)