All Business articles – Page 18

  • News

    CargoLogicAir expected to have funds to pay creditors

    2023-01-18T16:59:10Z

    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 ...

  • News

    SATS shareholders approve WFS acquisition

    2023-01-18T14:15:52Z

    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 ...

  • News

    Boeing confirms 2022 was a busy year for freighters

    2023-01-11T10:09:36Z

    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 ...

  • Andrius Antanaitis Source Strike Aviation
    News

    Strike Aviation looks ahead to a cargo recovery in the second-half

    2023-01-06T17:09:28Z

    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 ...

  • News

    US SMEs explore nearshoring to avoid supply chain disruption

    2023-01-06T11:07:02Z

    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 ...

  • News

    Air Cargo News' most read in 2022

    2023-01-05T10:34:14Z

    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 ...

  • Air cargo rate in December 2022.
    News

    CLIVE: Dig deeper for true air cargo market picture

    2023-01-04T16:49:25Z

    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 ...

  • Martin Bencher. Photo: Maersk
    News

    Maersk completes Martin Bencher acquisition

    2023-01-04T10:38:58Z

    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 ...

  • News

    SATS seeks shareholders' approval for WFS takeover

    2023-01-03T10:32:15Z

    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 ...

  • Dachser truck. Photo Dachser
    News

    Dachser takes over joint ventures in Hungary

    2022-12-23T10:21:34Z

    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 ...

  • News

    FedEx Express is pain point for FedEx in second quarter

    2022-12-23T09:00:17Z

    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 ...

  • Top-5-DB-and-DHL-combined
    News

    What would a combined DB Schenker and DHL mean for airfreight volumes?

    2022-12-22T11:40:04Z

    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 ...

  • News

    Volga-Dnepr UK strike-off notice discontinued

    2022-12-22T10:55:29Z

    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 ...

  • News

    MSC's acquisition of Bolloré Africa Logistics is complete

    2022-12-21T12:03:49Z

    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. ...

  • News

    Deutsche Bahn prepares for the sale of DB Schenker

    2022-12-15T16:29:52Z

    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 ...

  • News

    Hyperion launches aircraft funding platform

    2022-12-07T12:00:19Z

    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 ...

  • IATA-Industry-statistics.-Source-IATA
    News

    IATA: Airlines to return to profit next year but cargo under pressure

    2022-12-06T12:37:24Z

    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 ...

  • News

    Groupe BBL acquires Share Logistics Group

    2022-12-02T17:13:08Z

    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 ...

  • News

    SATS secures funding plan for WFS takeover

    2022-12-01T12:33:26Z

    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 ...

  • News

    DB Schenker set for reorganisation

    2022-11-30T16:38:02Z

    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 ...