All Business articles – Page 19
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News
Atlas Air takeover moves ahead after shareholders' approval
The takeover of Atlas Air Worldwide Holdings took a step forward yesterday when the firm's shareholders voted to approve the deal.More than 99% of the shareholder votes cast were in favor of the adoption of the agreement, which represented approximately 80.9% of the outstanding shares of company's common stock.The final ...
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NewsWallenborn acquires stake in Skyroad Logistics
Photo: WallenbornAir cargo road feeder services (RFS) operator Wallenborn is acquiring a shareholding in Australian RFS firm Skyroad Logistics.The stake, which Wallenbon told Air Cargo News it is "not disclosing" at this stage, enables Wallenborn to add Oceania to its RFS network, which already provides extensive coverage in Europe and ...
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News
Air cargo to join box shipping in 'overcapacity corner'
Air cargo faces a stint in 'overcapacity corner' next year alongside the ocean shipping sector, according to data analyst Xeneta.The data firm, which is parent to CLIVE Data Services, said that weaker volumes and higher capacity would result in overcapacity in air cargo next year.Ocean shipping is also expected to ...
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News
Cargojet delays B777F delivery
Freighter operator Cargojet has delayed the delivery of one of its B777 converted freighters as part of efforts to manage capital expenditure (CapEx).Speaking following the publication of the Canada-based airline's third-quarter results, president and chief executive Ajay Virmani said that the company had delayed the delivery of one of its ...
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NewsThink big to address skills shortage
TIACA ACF panelYou wouldn’t know that staff shortages are one of the biggest challenges facing the air cargo industry by listening to Westjet executive vice-president, cargo, Kirsten de Bruijn.The executive vice-president, cargo for Westjet said that the company hasn’t experienced any recruiting or hiring issues in its cargo business.“Air cargo ...
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NewsSeabury highlights a mixed picture for air cargo
Sander Schuringa. Source: Air Cargo NewsWhile the air cargo industry faces dark clouds there are reasons to stay positive, according to Accenture's Seabury Cargo.Speaking at the TIACA Air Cargo Forum, the consultant's commercial manager Sander Schuringa highlighted the current headwinds facing the air cargo sector.He pointed to air cargo demand ...
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NewsAir cargo leaders optimistic on future demand and capacity
Air Cargo Forum CEO conference panel. Photo: Rebecca JeffreyOvercapacity is not expected to be an issue in the long term, according to a group of air cargo bosses.Reflecting on the future at TIACA’s Air Cargo Forum (ACF) in Miami, Tobias König, global chief executive, Rhenus Air & Ocean, said that ...
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NewsAirfreight peak season looking unlikely as demand falls again
Air cargo volumes declined 8% year on year in October - the eighth consecutive month of decline - and the outlook is equally downbeat.According to Xeneta-owned CLIVE Data Services the market outlook "remains uncertain" and there is also nothing to indicate an upturn next year from its weekly market data.There ...
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News
Airfreight rates decline again in October
Airfreight rates continued to buck normal seasonal trends and declined again in October as the air cargo market remained subdued.The market usually sees an increase in rates out of Asia between September and October as the industry continues to ramp up toward the peak season. However, that was not the ...
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News
Corporación América Airports consortium is top bidder for Nigeria cargo concessions
A Corporación América Airports (CAA)-led consortium is the preferred bidder for the Abuja and Kano airports and cargo terminals concessions in Nigeria.The consortium formed by global airport operator CAA, Mota-Engil, Engenharia e Construção África S.A., and Mota-Engil Nigeria Limited, of which CAA will hold a 51% stake, has been declared ...
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News
China's freighter fleet to quadruple
China’s freighter fleet is expected to quadruple in size to more than 800 aircraft in the period up to 2041, according to Boeing's 2022 Commercial Market Outlook (CMO) for China.The CMO for China predicts that the country’s growing economy will be a big factor in its commercial aircraft fleet more ...
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News
DSV records airfreight slowdown in Q3 as rates and demand drop
DSV reported a "reduced growth rate" for airfreight business in the third quarter of 2022 as rates declined and consumer demand dropped amid economic uncertainty.In the third quarter of 2022, the forwarder’s Air & Sea division reported a 44.2% year-on-year increase in earnings before interest and tax (ebit) before special ...
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News
Kuehne+Nagel sees slower Q3 airfreight growth
Kuehne+Nagel’s (K&N) air logistics division saw positive but slower growth in the third quarter of 2022 as airfreight market capacity has grown and demand dropped.The air division’s third-quarter net turnover was SFr2.8bn, up 7% from the same period of 2021, earnings before interest and tax (ebit) was SFr323m, 35% up ...
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News
ACS reports record H1 revenues as cargo demand continues to soar
Broker Air Charter Service reported record revenues in the first half of the year as firms turned to aircraft charters in response to supply chain issues.The company said that sales increased by 49% year on year to $770m over the first six months of the financial year, running to July ...
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News
DP DHL to raise outlook following improvement in e-commerce
Deutsche Post DHL will raise its outlook for operating profits after consumer e-commerce demand picked up in the third quarter of the year.The express and postal giant said that third-quarter earnings before interest and tax (ebit) is expected to reach €2bn compared with €1.8bn last year."Therefore, 2022 ebit guidance (currently: ...
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NewsHellmann and partner create new Swiss forwarding arm
Photo: Hellmann Worldwide LogisitcsHellmann Worldwide Logistics and partner ATS-Hellmann Worldwide Logistics will transfer their air and seafreight activities in Switzerland to Hellmann through the creation of its own Swiss national company.Hellmann will take over the international air and sea freight services previously performed by ATS-Hellmann at the beginning of 2023.The ...
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NewsMaersk to provide global logistics for construction equipment giant
JCB operations. Photo: MaerskShipping firm Maersk has announced a new multi-year logistics partnership with UK-based construction equipment manufacturer JCB.Under the agreement, Maersk will become the new global Lead Logistics Provider (LLP) for JCB.Maersk will offer end-to-end supply chain management services and management of JCB's appointed third-party warehousing provider.To oversee JCB’s ...
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News'Jumpy' airfreight market sees spot rates fall again
General airfreight spot rates have fallen as the air cargo market faces lower demand and more capacity.According to the latest weekly market data from Xeneta-owned CLIVE Data Services, general airfreight spot rates fell 9% year-on-year in September, to below the 2021 level for the first time this year, as returning ...
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Airfreight rates on key lanes continue gradual descent in September
Airfreight rates on key trade lanes out of Asia continued to weaken in September despite the industry heading towards the peak season.The latest figures from the Baltic Exchange Airfreight Index (BAI) show that in September rates from Hong Kong to North America declined by 18.5% compared with a year ago ...
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NewsSATS to buy Worldwide Flight Services in €2.25bn deal
Source: WFSSingapore-based cargo handler SATS has reached agreement to buy Worldwide Flight Services (WFS) from an affiliate of asset investor Cerberus Capital Management in a deal with an enterprise value of €2.25bn.The transaction will bring together WFS, the world’s largest air cargo handler with operations in the Americas and Europe, ...