All Business articles – Page 18
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CargoLogicAir expected to have funds to pay creditors
Administrators of UK-based freight operator CargoLogicAir expect to realise sufficient funds to pay all creditors in full, but have outlined the difficulties of its task given the company’s Russian links and the international sanctions regime, writes Air Cargo News' sister title FlightGlobal.CargoLogicAir, which operated Boeing 747 freighters, was forced to ...
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SATS shareholders approve WFS acquisition
Singapore-based SATS' shareholders have voted to approve the planned takeover of cargo-handling giant Worldwide Flight Services (WFS).At an Extraordinary General Meeting on January 18, 96.8% of the total number of votes were in favour of a resolution to approve the transaction.With the receipt of shareholder approvals, the deal is now ...
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Boeing confirms 2022 was a busy year for freighters
Boeing has reported it received a total of 78 orders across its commercial freighter line in 2022.This included 45 orders for the B767-300F and current B777F.It also launched the B777-8F with more than 50 orders, including conversions.Commercial deliveries include 44 new production freighters.In total, there were 480 aircraft (passenger and ...
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Strike Aviation looks ahead to a cargo recovery in the second-half
Andrius Antanaitis. Source: Strike AviationGSSA Strike Aviation is expecting that the air cargo market will pick up in the second half of the year following a tough opening six months.The company said that it expects the market slowdown experienced last year to continue in the first part of the ...
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US SMEs explore nearshoring to avoid supply chain disruption
US small- and medium-sized enterprises (SMEs) are moving their supply chains closer to their home market at a faster rate than predicted to help minimise supply chain disruption.A survey from Gartner-owned consultant Capterra shows that 88% of the 300 SMEs surveyed plan or are currently in the process of switching ...
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Air Cargo News' most read in 2022
Last year was another turbulent year for the air cargo industry as the rapid growth experienced in 2021 turned to decline and capacity began to open up as passenger networks re-opened.Despite the demand declines, volumes stayed ahead of pre-Covid levels and rates remained far above the levels achieved in 2019 ...
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CLIVE: Dig deeper for true air cargo market picture
The air cargo industry is holding its own given the economic pressures it faced last year and despite a consistent drop in demand.According to the latest industry analysis by Xeneta-owned CLIVE Data Services, in December, chargeable weight fell 8% year on year and the general airfreight spot rate registered its ...
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Maersk completes Martin Bencher acquisition
Martin Bencher employees. Photo: MaerskMaersk has completed the acquisition of Danish project logistics specialist Martin Bencher Group as it strives to diversify its supply chain offering.The deal, announced in August last year, has an enterprise value of $61m and will allow the shipping giant to launch Maersk Project Logistics.Founded in ...
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SATS seeks shareholders' approval for WFS takeover
SATS will hold an Extraordinary General Meeting (EGM) on January 18 to seek shareholders’ approval for the proposed acquisition of air cargo handler Worldwide Flight Services (WFS).The Singapore-based aviation services company struck a deal last September to buy WFS from an affiliate of asset investor Cerberus Capital Management in a ...
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Dachser takes over joint ventures in Hungary
Photo: DachserLogistics company Dachser has acquired the remaining 50% of the shares in its Hungarian joint ventures “Liegl & Dachser Szállítmányozási és Logisztikai Kft.” (transport and storage of industrial goods and food products) and “Liegl & Dachser ASL Hungary Kft.” (air and sea freight).In the course of the acquisition, which ...
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FedEx Express is pain point for FedEx in second quarter
FedEx faced continued weak market demand for air cargo in the second quarter with FedEx Express a particular pain point.In the second quarter ended November 30, the transport company said previously implemented cost reduction measures helped soften the blow of reduced FedEx Express revenue.Second quarter fiscal 2023 revenue was $22.8bn ...
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What would a combined DB Schenker and DHL mean for airfreight volumes?
Last week Deutsche Bahn assigned its management board to examine and prepare the case for a potential sale of up to 100% of its shares in DB Schenker.Speculation immediately turned to who could be a potential buyer for the forwarding unit if state-owned Deutsche Bahn does decide to pursue a ...
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Volga-Dnepr UK strike-off notice discontinued
The compulsory strike-off notice that was served to Volga-Dnepr UK earlier this year has now been withdrawn according to Companies House.A new filing on the UK's company register dated December 21 shows that cause has been shown as to why Volga-Dnepr UK should not be struck off the register."Accordingly the ...
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MSC's acquisition of Bolloré Africa Logistics is complete
MSC Group's subsidiary SAS Shipping Agencies Services has completed the acquisition of Bolloré Africa Logistics.The sale, agreed in May, comprises all of the Bolloré Group transport and logistics activities in Africa, on the basis of a €5.7bn enterprise value, net of minority interests.The sale price of the shares is €5.1bn. ...
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Deutsche Bahn prepares for the sale of DB Schenker
Deutsche Bahn is preparing for the sale of its freight forwarding subsidiary DB Schenker as it looks to focus on its core rail business.The rail group said today that it has assigned its management board to examine and prepare the case for a potential sale of up to 100% of ...
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Hyperion launches aircraft funding platform
Hyperion Aero Capital (Hyperion) has launched an aircraft funding platform focused on financing long-term cargo leasing and leased business jets.Financing for aircraft has become increasingly fragmented as the traditional lenders have retreated to more vanilla financing and yet the private aviation sector continues to grow.Post-COVID, shipping blockages and limitations on ...
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IATA: Airlines to return to profit next year but cargo under pressure
Airline association IATA is expecting airlines to return to profit next year after three years of losses due to the outbreak of Covid but cargo volumes, yields and profits are set to decline.IATA said that in 2023 it expects airlines to post a "small" net profit of $4.7bn, which equates ...
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Groupe BBL acquires Share Logistics Group
France-based logistics service provider Groupe BBL has acquired South Holland-headquartered Share Logistics Group.The companies said that Share Logistics Group data, based on the estimated results for 2022, show a combined revenue for the Group subsidiaries that is close to €230m.This data also shows “around 50,000 overseas transport files on full ...
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SATS secures funding plan for WFS takeover
Aviation services company SATS has finalised its funding plan for the proposed acquisition of cargo handler Worldwide Flight Services (WFS).The funding plan for the total acquisition cost of S$1.8bn is a mix of term loan and renounceable underwritten rights issue, with the remaining amount financed by internal cash balance.The loan ...
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DB Schenker set for reorganisation
Freight forwarding giant DB Schenker is planning to restructure in order to "simplify" and "reduce administration costs", according to Air Cargo News sister title DVZ.Following up on reports in the Loadstar, sources confirmed to the German publication that the move would streamline management at individual country level, replacing them with ...