All Business articles – Page 14
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News
Western Global ratings withdrawn as bankruptcy considered
Freighter operator Western Global Airlines has had its credit rating withdrawn by financial services firm Moody's while reports suggest the company is considering bankruptcy.Newswire Bloomberg yesterday reported that the Florida-based airline was weighing up whether to declare bankruptcy due to liquidity issues.Citing people with knowledge of the matter, Bloomberg said ...
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FedEx to ground more planes as profits come under pressure
Express giant FedEx will ground more aircraft after both revenues and operating income declined during its fiscal fourth quarter of the year due to "demand weakness and cost inflation".In a results call, FedEx Corporation president and chief executive Raj Subramaniam said that the company had retired 18 aircraft, including 12 ...
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NewsDeutsche Post DHL Group to get a new name
Source: DHL GroupDeutsche Post DHL Group will on July 1 change its name to DHL Group to "reflect the transformation the group has gone through" over the past years.The company pointed out that 90% of its revenue stems from its businesses trading under the DHL name.Group chief executive Tobias Meyer ...
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CargoLogicAir not likely to be sold as a going concern
The joint administrator of CargoLogicAir has said the airline is unlikely to be sold as a going concern in its latest update on the company.UK-based CargoLogicAir, which operated Boeing 747 freighters, was forced to halt services after sanctions relating to the Ukrainian conflict prevented it from flying to European Union ...
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NewsFreight forwarders continue the hunt for market share
Freight forwarders are on the lookout to expand their customer base as market volumes dwindle.Niall van de Wouw, Xeneta’s chief airfreight officer, said freight forwarders are becoming restless with continued reduced demand."There are a lot of ambitious forwarders in the market that want to grow – but they cannot grow ...
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Kuehne+Nagel expands in Africa with latest acquisition
Kuehne+Nagel has expanded its presence in Africa and the perishables market through the acquisition of Morgan Cargo.The acquired forwarder has a presence in South Africa, Kenya and the UK, employs around 450 people and in 2022 handled more than 40,000 tonnes of airfreight and 20,000 TEU of seafreight.The company also ...
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Rates down again in May as outlook weakens
Airfreight rates on major east-west trade lanes were down again last month (see dashboard at end of article) as commentators warn that pressure on pricing will remain for the rest of the year.The latest figures from the Baltic Exchange Airfreight Index (BAI) show that average rates - based on contract ...
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NewsIATA lowers expectations for cargo revenues and yields
IATA has lowered its expectations for air cargo revenues and yields for the year due to growing capacity and a weak demand outlook.In its latest airline profitability report, the airline association predicted cargo revenues of $142.3bn this year, which is 31.3% down on last year and behind the $149.4bn that ...
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Reduced demand and returning belly capacity result in "double whammy" for airfreight rates
Soft demand and continued returning belly capacity combined to hit airfreight rates again in May, and pressure on rates is expected for the rest of the year."2023 airfreight rates continue to grind lower, and the month of May was no different, enduring a double whammy of soft demand and the ...
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News
Geodis acquires Swiss freight forwarder
France headquartered transport and logistics services provider Geodis has acquired the Swiss freight forwarder, ITS - International Transport & Shipping Ltd.Marie-Christine Lombard, chief executive of Geodis, commented: “Switzerland is home to a wide number of multinational companies that are key GEODIS customers, among them several dynamic members of the pharmaceutical ...
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Hellmann buys out Czech and Slovak partner
German forwarding and logistics company Hellmann Worldwide Logistics has taken over its long-standing Slovakian and Czech air- and seafreight partner, PKZ Group, and set up its own Slovakian national company.The acquisition includes PKZ’s ten locations as well as its air and multimodal operations.Existing business activities and the PKZ Group workforce ...
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NewsAir Partner and Worldwide GSA join forces in APAC
Centre of photo: Pierre Van der Stichele, Air Partner; and Maggie Goh, chief executive of Worldwide GSA groupGlobal aviation services group, Air Partner, has joined forces with Worldwide GSA, a sister company of the Air Logistics Group, to enhance and expand its cargo offering in the Asia-Pacific (APAC) region.Air Partner ...
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Cargo iQ joins forces with forwarders and airports to drive up standards
Airfreight quality standards organisation Cargo iQ, the International Federation of Freight Forwarders Associations (FIATA) and the Airport Services Association (ASA) have signed a pact to improve practices across the supply chain.It aims to strengthen collaboration between forwarder, ground handler and airline communities and work globally to achieve common standards and ...
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NewsDigitalisation could see air cargo winners and losers
Ismail Durmaz. Photo: Global GSA GroupWinners and losers could emerge as digitalisation’s role in air cargo develops, says the head of Global GSA Group.Speaking to Air Cargo News, chief executive Ismail Durmaz says digitalisation will disrupt the industry, but it’s not yet clear which part/s will be impacted, and how.“We ...
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Lufthansa becomes minority shareholder in ITA
Lufthansa has agreed to acquire 41% of Italian carrier ITA and could in the future purchase the rest of the state-owned airline.Deutsche Lufthansa today reached an agreement with the Italian Ministry of Economy and Finance (MEF) to acquire the stake through a €325m capital increase.As part of the agreement, the ...
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Scan Global Logistics appoints former Maersk boss
Fast-growing forwarder Scan Global Logistics (SGL) has appointed Nils Smedegaard Andersen as its first new board member and chairman of the board.Andersen is the former chief executive of Carlsberg and of shipping giant AP Moller-Maersk, where he held the top job for nine years."SGL has transformed from a local and ...
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Cainiao IPO gets go ahead
Chinese e-commerce specialist Alibaba Group plans to start exploring an IPO for its logistics unit Cainiao.The Group said its board has approved the process and it aims to complete the initial public offering in the next 12 to 18 months."Our board of directors approved the commencement of a process to ...
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DB Schenker sale discussions back on the agenda
Discussions around the future of freight forwarding giant DB Schenker have been back on the agenda in the last few days.Last week, Deutsche Post-owned DHL Global Forwarding chief executive Tim Scharwath told Reuters that his company is in a position to integrate a large acquisition.He added that if Deutsche Bahn-owned ...
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Emirates SkyCargo reports heightened demand for long-term deals
Emirates SkyCargo has reported high demand for long-term contracts despite the current market uncertainties.Speaking to Air Cargo News during Air Cargo Europe, Nabil Sultan, divisional senior vice president at Emirates SkyCargo, said that companies were looking to secure long-term capacity in order to avoid capacity shortages experienced over the last ...
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Nippon Express acquisition of cargo-partner is confirmed
Austrian logistics provider cargo-partner will be sold to Japanese global logistics services company Nippon Express, the companies have confirmed after speculation dating back to last year.Cargo-partner company owner and founder Stefan Krauter, who had already passed on control of the company to the management team, described Nippon Express as his ...