All Business articles – Page 10
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NewsDachser takes full control of South Africa JV
Dachser South Africa. Photo: DachserDachser has acquired the remaining 30% of shares in Dachser South Africa and is now the sole owner of the Johannesburg-based country organisation.The global logistics provider has been represented in South Africa since 2011. At that time, Dachser entered into a joint venture (JV) with the ...
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Forward Air-Omni Logistics takeover dispute continues
The ongoing legal battle between Forward Air and Omni Logistics over a takeover deal struck between the firms in August has continued in recent weeks.The most recent development in the ongoing dispute is that Forward Air has filed a counterclaim against Omni's lawsuit, which aims to enforce the merger between ...
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Booking portal Freightos sees Q3 revenues rise but losses deepen
Freightos continued to record improvements in both revenues and the number of transactions made on its booking portals in the third quarter but losses deepened.The company, which includes airfreight booking portal WebCargo, saw its revenues increase by 8.9% year on year to $5.1m in the third quarter of the year ...
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Mother nature helps push up airfreight rates
Airfreight rates continued to rise last week as weather conditions, volcanic activity and wars put capacity under pressure.The latest figures from TAC Index show that the overall Baltic Air Freight Index was up 4.6% in the week to November 20 compared with the previous seven days.The increases were led by ...
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Vaayu Group invests in Indian cargo carrier
UAE-headquartered Vaayu Group has signed an agreement to be a strategic investor in non-scheduled Indian cargo carrier Pradhaan Air Express.The deal was announced on the sidelines of the Dubai Airshow on November 16.Based in New Delhi, Pradhaan Air Express operates the world’s first A320P2F aircraft, which was leased from Vaayu ...
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NewsCargo-partner expands in the UK with Heathrow office
Source: Cargo-PartnerLogistics firm cargo-partner has continued to expand its presence in the UK with the addition of a new office close to Heathrow Airport.The company said the new office is in response to "growing customer demand from local customers".The company also has UK offices in Manchester, Basildon and Bradford and ...
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CargoLogicAir extends administration period
UK freighter operator CargoLogicAir has extended its administration period as it looks to meet creditor demands.The airline was last week granted an extension of its administration period by 24 months until November 16 2025.Following the extension, Jo Milner from the firm's administrator, Buchler Phillips, said: "It’s normal in particularly complex ...
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NewsATSG scales back 767-300 freighter conversions for 2024
Joe Hete, chief executive, ATSG. Photo: ATSGAir Transport Services Group (ATSG) is halting any additional 767-300 freighter conversions next year due to the soft air cargo demand seen this year.In the lessor's third quarter results conference call on November 7, chief executive Joe Hete said: "We are introducing no additional ...
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Omni Logistics takes Forward Air to court over merger delay
Omni Logistics has filed a lawsuit against Forward Air in a bid to enforce the merger agreement between the two companies.The merger agreement between the companies was announced in August, however, at the end of October, global multimodal provider of air, ocean and ground services Omni Logistics said it had ...
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NewsAir cargo outlook: Subdued demand expected in 2024
Source: Air Cargo NewsAir cargo executives are expecting air cargo demand in 2024 to be flat or at best slightly above this year's levels, according to speakers at the Tiaca Executive Summit event.Adopting probably the most positive outlook for air cargo demand in 2024 at the event was data provider ...
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NewsFedEx offers pilots $250,000 to leave ‘overstaffed’ cargo company
Image Source: FedEx ExpressFedEx Express has launched an offer encouraging pilots to move to regional passenger carrier PSA Airlines as direct-entry captains, with the opportunity to flow through to legacy American Airlines. The airlines are sweetening the deal with a $250,000 signing bonus.Details of the offer, which is available to ...
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NewsRegionalisation of supply chains could see tougher competition for air cargo
Source: Air Cargo NewsThe air cargo industry may face increased competition from the maritime, road and rail sectors as changes take place that shorten the distances within supply chains.Speaking about 'Strategic priorities for post-pandemic supply chains' at the transport logistic and air cargo Southeast Asia in Singapore, supply chain specialist ...
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NewsScan Global Logistics expands into South Korea with latest acquisition
L to R: Rob Erskine, SGL, Hoe Jick (Erick) Yang, ENK, Kwon Jik (Kevin) Yang, ENK and Søren Madsen, SGL. Source: SGLScan Global Logistics (SGL) has expanded into the South Korean market through the acquisition of its partner ENK Logistics.ENK Logistics was established in 2006 by Hoe Jick (Erick) ...
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NewsLufthansa's cargo profits tumble in Q3
Lufthansa's logistics business was unable to make an operating profit in the third quarter of the year as the market normalised following the Covid pandemic.The logistics division, which includes Lufthansa Cargo, time:matters, Jettainer, HeyWorld and a 50% stake in AeroLogic, saw third-quarter earnings before interest and tax (ebit) fall to ...
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Asiana board approves plans to sell its cargo business
The Asiana Airlines board has approved plans to sell its cargo business as part of efforts to appease European regulators concerned over the impact of its takeover by Korean Air.Earlier today, the carrier's board approved the plan to offload the cargo unit to another Korean airline after the European Commission ...
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NewsHopes diminish for an air cargo peak season boost
Hopes of a surge in air cargo demand towards the end of the year diminished in October as the latest data showed only a slight uplift in demand.The latest figures from data provider Xeneta show that air cargo demand increased 2% in October compared with September which is described as ...
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NewsAsiana Airlines delays decision on the sale of its cargo business
Source: Thanhliemnguyen/ShutterstockAsiana Airlines has delayed a decision on whether to sell its cargo unit as part of its takeover by Korean Air.The airline's board met yesterday to decide whether to go ahead with the sale as the two companies looked to obtain European Union approval for the deal.In a stock ...
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NewsAir Canada sees cargo revenues dip in Q3
Air Canada continued to report declines in its cargo revenues during the third quarter of the year, although the drop-off has narrowed as the year has progressed.The latest quarterly figures from the combination carrier show that cargo revenues in the third quarter declined by 23.7% year on year to C$315m.However, ...
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NewsUPS Q3 revenues struck by soft demand
UPS has reported a 12.8% dip in third quarter revenues year on year, which it said was due to a drop in demand as a result of "unfavorable macro-economic conditions".The US integrated logistics solutions company said third-quarter 2023 consolidated revenues were $21.1bn.Consolidated operating profit was $1.3bn, down 56.9% compared to ...
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NewsUPS to acquire reverse logistics company
UPS has entered into an agreement to acquire US-based software and reverse logistics company Happy Returns from PayPal.According to UPS, Happy Returns aims to enable "frictionless, no-box, no-label returns for merchants and consumers" and reduce "the cost of e-commerce for all players and creating a more efficient, sustainable supply chain".The ...