All Business articles – Page 12
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News
Capacity up but demand remains depressed, says DHL
Demand remains low with minimal growth while global capacity has increased by 12% year on year, said DHL Global Forwarding in its Air Freight – State of the Industry report for August.While only a ‘conservative’ increase in volume demand is expected in the 2023 late-year peak season, most airlines have ...
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News
Ascent Global Logistics acquired by investment firm
Time-critical logistics firm Ascent Global Logistics has been acquired by an investment firm hoping to capitalise on increasingly complex supply chains.The Michigan-headquartered firm has been bought by an affiliate of investment firm HIG Capital from Elliott Investment Management.Ascent’s management team will remain shareholders in the company and Elliott has also ...
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News
CEVA Logistics expands in India with acquisition
French firm CEVA Logistics is expanding in India with the purchase of nationwide contract logistics expert Stellar Value Chain Solutions.CMA CGM-owned CEVA Logistics said it has signed an agreement to acquire 96% of Mumbai-based Stellar Value Chain Solutions from an affiliate of private equity firm Warburg Pincus and other shareholders.Launched ...
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News
Aircon raises over $3m in seed funding
Airfreight consolidation company Aircon has secured seed funding that will enable it to invest in industry partnerships, grow its AI tech infrastructure and expand.The Dallas-based company, which uses AI to identify opportunities across airfreight shipments to maximise space and weight utilisation and reduce costs, has closed a $3.3m seed round ...
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News
Wallenborn withdraws from stake in Skyroad Logistics
Wallenborn will not go ahead with its previously announced acquisition of a stake in Australia-based Skyroad Logistics.Road feeder services (RFS) operator Wallenborn said in November that it would acquire a shareholding in fellow RFS firm Skyroad Logistics, though it did not confirm how large a stake it would take at ...
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NewsSwissport takes majority stake in Düsseldorf Airport cargo handling unit
Photo: SwissportSwissport has closed the acquisition of a 74.9% stake in Flughafen Düsseldorf Cargo, the cargo handling unit of Düsseldorf Airport.Starting August 17, Swissport Deutschland and Flughafen Düsseldorf have embarked on a long-term joint venture partnership at Düsseldorf Airport, operating under the new name of Swissport DUS Cargo Services.First announced ...
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News
Wheels Up rescued with $500m in funding
Delta Air Lines, travel investment firm Certares Management and Knighthead Capital Management have stepped in to rescue troubled private jet firm Wheels Up Experience - parent of cargo charter broker Air Partner.The deal will see the three companies provide a $400m term loan and a $100m liquidity facility from its ...
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News
Flurry of freighter deliveries for ATSG
Air Transport Services Group’s (ATSG) Cargo Aircraft Management (CAM) subsidiary has delivered a record six converted freighters under lease in one month to customers globally.This brings ATSG’s total deliveries this year to nine.Converted freighter deliveries by the company in the past month, each of which are under lease for a ...
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News
Cargojet focuses on costs as e-commerce volumes weaken
Canada-based freighter operator Cargojet will focus on cost reduction initiatives as a slowdown in e-commerce and business-to-business demand hit its financial performance.The airline saw second-quarter revenues decline by 15% year on year to C$209.7m, due primarily to decreases in domestic network revenues, all-in charter revenues, fuel surcharges and other pass-through ...
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NewsDachser eyes acquisitions
Burkhard Eling, DachserAcquisitions are on the growth agenda for German logistics company Dachser.Chief executive Burkhard Eling said the company is “definitely looking for some targets” across its Air & Sea Logistics (ASL) division.However, while in its Road Logistics (RL) business Dachser has traditionally waited for opportunities to acquire partners it ...
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News
Forward Air and Omni Logistics to merge
Global multimodal provider of air, ocean and ground services Omni Logistics will merge with Forward Air, a provider of transportation services across the US, Canada and Mexico.The definitive agreement will create a combined company that generated approximately $3.7bn of adjusted revenue for the twelve months ended June 30."The combination of ...
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News
Cathay Pacific reports lower cargo revenues in H1
Cathay Cargo saw its revenues decline in the first half of the year despite increasing volumes.The Hong Kong-hubbed carrier saw first-half cargo revenues decline by 10.1% year on year to HK$12.4bn, while volumes increased by 23.8% on last year to 651,000 tonnes.Capacity measured in available cargo tonne km increased by ...
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News
Troubled Wheels Up Experience looks to stabilise operations
Private jet firm Wheels Up Experience - the parent of charter broker Air Partner - has moved to stabilise the business as it faces financial troubles.The company yesterday announced that its largest shareholder, Delta Air Lines, has provided a short-term capital infusion to the company.Wheels Up Experience said that it ...
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News
Strong market recovery helps Titan Airways to post record year
UK charter carrier Titan Airways returned to profit for the 12 months ending March 2023, a year in which it posted record revenues of £187m.The improved performance, disclosed in accounts filed with the UK’s Companies House, was driven by a boosting of its fleet utilisation amid the return of regular ...
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NewsWestern Global files for chapter 11 bankruptcy protection
Source: Carlos Yudica/ShutterstockTroubled US freighter operator Western Global Airlines (WGA) has filed for Chapter 11 bankruptcy protection as part of efforts to stabilise operations.Following on from reports last week that the airline had reached a bankruptcy financing deal, WGA today confirmed that it had filed for the protection whilst also ...
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News
Woodland Group acquires WBS Nordic
Global logistics, freight forwarding & supply chain specialist Woodland Group has acquired WBS Nordic, a logistics supplier to the print and publishing industry across the Nordic Regions.This follows the part-acquisition of WBS UK by Woodland Group in September 2021.Woodland Group said in a press release that "we’re pleased to announce ...
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News
Air cargo set for slow recovery as it reaches the bottom
Air cargo volume declines have bottomed out but are expected to remain in the doldrums for a while yet.Writing in the latest Baltic Exchange air cargo market newsletter, Bruce Chan, director and senior research analyst covering global logistics and future mobility at investment bank Stifel said that the company felt ...
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Insights
Putzger perspective: Not there yet
Are we there yet? One of the hallmarks of summer are cars headed to vacation destinations echoing with this refrain issued at frequent intervals by kids anxious to reach the end of the journey. Adults waiting for an outcome usually have a more judicious approach to the distance, but some ...
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News
Freighter leases help ATSG cash in
Air Transport Services Group's (ATSG) Cargo Aircraft Management (CAM) division looked healthy in the second quarter ended June 30, thanks to sustained freighter leases.Aircraft leasing and related revenues from external customers in the second quarter were up 4% for CAM, year on year.This was "driven by higher average lease rates ...
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News
MSC acquires majority stake in AlisCargo Airlines
Mediterranean Shipping Company (MSC) has acquired a majority stake in Milan-based airfreight carrier AlisCargo Airlines.The acquisition follows MSC's confirmation last month that it was in talks with the cargo airline, as it continues to develop its air cargo operations.This deal initiates a 100% takeover set to take place at the ...