All Business articles – Page 21
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News
Freightos sees strong platform growth in Q2 2022
New business from airlines investing in digitalisation has helped global freight booking and payment platform Freightos achieve strong growth in the second quarter of 2022.Freightos recorded 150,000 platform transactions, resulting in growth of 163% year-over-year in the second quarter.Gross Booking Value (GBV) was $155m – up 137% year over year, ...
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NewsSEKO Logistics acquires US 3PL and fulfilment services provider
One of Pixior's US facilities. Photo: PixiorSEKO Logistics has acquired California-based 3PL and fulfilment services provider Pixior.With seven locations along the west coast, and one location in Connecticut, Pixior provides e-commerce fulfilment and retail services, with an emphasis on serving high-end fashion brands.SEKO said the acquisition of Pixior brings key ...
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News
Cargo expansion helps Titan Airways to narrow losses
The delivery of new cargo aircraft helped UK-based freighter operator Titan Airways to narrow its losses and record revenues for the last financial year.For the 2021/2022 financial year running to March, the company reported record revenues of £121.1m, an increase of 110.1%, gross profits improved to £4.6m from a loss ...
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NewsUPS expands in healthcare with Bomi acquisition
Source: UPSUPS plans to acquire healthcare logistics provider Bomi Group to expand its temperature-controlled facilities.The transaction will add temperature-controlled facilities in 14 countries - measuring 390,000 sq m - and nearly 3,000 employees."The acquisition will play a key role in the delivery of next-generation pharmaceutical and biologic treatments that increasingly ...
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News
Atlas Air sees profits slide in Q2 as costs rise
Atlas Air Worldwide, which yesterday announced it is being acquired in a $3bn deal, saw volumes and profits take a hit in the second quarter while revenues improved.The company saw revenue grow to $1.2bn in the second quarter of 2022, compared with $990m last year, volumes totaled 83,922 block hours, ...
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NewsMaersk opens its war chest for project firm Martin Bencher
Source: MaerskCash-rich shipping giant AP Moller Maersk has announced the planned purchase of project logistics firm Martin Bencher as part of efforts to expand its supply chain offering.Maersk said the deal has an enterprise value of $61m and will allow the company to launch Maersk Project Logistics.Martin Bencher Group is ...
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News
Atlas Air Worldwide to be acquired in $3bn takeover
Freighter firm Atlas Air Worldwide has entered into a definitive agreement to be acquired by an investor group in an all-cash transaction with an enterprise valuation of approximately $5.2bn.The takeover is led by funds managed by affiliates of Apollo, affiliates of JF Lehman & Company, and Hill City Capital.Under the ...
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News
UK customs says 3,500 firms face losing ability to import
UK customs (HMRC) has warned that 3,500 companies have yet to register for its new import system and could lose the ability to import goods.HMRC said that on October 1 import declarations will change from being processed through the current CHIEF system to the new Customs Declaration Service (CDS).Many businesses ...
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NewsLufthansa Cargo revenues surge despite volume drop
Lufthansa's logistics division saw revenues and operating profits increase again in the second quarter of the year despite a small drop in cargo volume.The division, which includes Lufthansa Cargo, time:matters, Jettainer and the company's share of AeroLogic, saw its second-quarter revenues increase by 45% year on year to €1.3bn, while ...
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News
Reports: Apollo group in talks over Atlas Air takeover bid
A group led by investment firm Apollo Global Managment is in talks to purchase airfreight group Atlas Air Worldwide Holdings, according to Reuters.The newswire quotes a person familiar with the matter as saying that talks are at an advance stage, although no details of whether a deal had been reached ...
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News
CargoLogic Germany insolvency proceedings imminent
Insolvency proceedings are expected to be opened imminently against CargoLogic Germany (CLG), according to the airline's administrator.In an update, a spokesperson for insolvency administrator Lucas Flöther said that the company will soon need to start paying staff wages again. Those costs were previously secured for three months as part of ...
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NewsEtihad Cargo sees first-half revenues rise despite volume decline
Etihad Cargo reported a first-half increase in cargo revenues despite a drop in volumes as a result of a ramp-up of passenger operations.The Abu Dhabi-headquartered airline reported cargo revenues of $802m in the first half of 2022, representing an increase of 6% on the same period last year, despite a ...
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NewsAir France KLM sees cargo volumes tumble in Q2
Air France KLM (AF KLM) saw cargo revenue growth flatten and volumes decline in the second quarter as the group switched aircraft away from Asia.The airline group said that second-quarter revenues increased by 2.6% year on year to €918m, while cargo traffic dropped by 17.2% on last year to 1.7bn ...
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NewsIAG Cargo sees revenues fall in Q2
IAG Cargo registered declines in both freight traffic and revenues in the second quarter of the year.The cargo business saw second-quarter cargo revenues decline by 1.9% year on year to €411m, while traffic was down 5% on last year to 949m cargo tonne km.The decline in demand reflects overall market ...
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News
BIFA urges traders to prepare for UK's new customs system
UK freight forwarders association BIFA is urging traders to make sure they are prepared for the switchover to the new UK's new customs declaration system in the next couple of months.The association said it is confident that freight forwarders are ready for the change from the current CHIEF system to ...
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Newscargo-partner makes offer to acquire one third of sim cargo
Copyright: Esther Horvath/ cargo-partnerLogistics provider cargo-partner has announced its offer to acquire one third of the shares in European road groupage network sim cargo.cargo-partner has been a long term partner of the groupage network and a system partner of Germany-headquartered sim cargo, especially for distribution in Central and Eastern Europe.The ...
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Four Russian cargo carriers to receive subsidies
The Volga-Dnepr Group is among four Russian cargo airlines that will receive government support subsidies.Russian state-owned news agency Ria Novosti reports that Russian Federal Air Transport Agency Rosaviatsia has approved subsidies for Volga-Dnepr, Abakan Air, Aviastar-TU and Aviacon Zitotrans.Rosaviatsia said the money is in response to external sanctions and will ...
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NewsCEVA expands in Africa with latest acquistion
Source: CEVAFast-growing CEVA Logistics is expanding its presence in Africa through the purchase of forwarder Spedag Interfreight.Spedag has offices in several countries in east Africa and specialises in energy and infrastructure, aid and relief, oil and gas, and commodities.The company employs around 400 people in 24 locations in Kenya, Uganda, ...
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Newscargo-partner weighs up ownership options as Stefan Krauter steps down
Stefan Krauter. Copyright: Esther HorvathLogistics provider cargo-partner is considering its future ownership structure as founder, chairman and chief executive Stefan Krauter prepares to step down.Karin Schwarz, corporate director of communications and marketing at the Austria-based company confirmed the plans, telling Air Cargo News that a decision on new ownership of ...
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Unexpected airfreight rate stagnation down to fuel prices and a slowing market
Many had expected the opening up of Shanghai and Hong Kong following strict Covid lockdowns to result in a surge in rates from Asia as factories played catch up following months of closure.However, TAC Index figures show that rates actually declined marginally in June compared with May from Hong Kong ...