All Business articles – Page 22
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News
Kuehne+Nagel's Klaus-Michael Kuehne increases stake in Lufthansa to 15%
Kuehne+Nagel majority owner Klaus-Michael Kuehne has increased his stake in German airline Lufthansa to 15% to become the airline's largest shareholder.In a shareholder notification on its website, Lufthansa said that Kühne's share in the business had increased from 10% to 15.01% on July 5.It was only in April that Kuehne ...
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News
Geodis completes Keppel purchase as it expands in Asia Pacific
Geodis has completed the acquisition of e-commerce specialist Keppel Logistics as the forwarder expands its presence in Asia.The deal was first announced at the start of the year but Geodis has now obtained all regulatory approvals allowing completion.Geodis said the acquisition would bolster the two firms' respective e-commerce offerings by ...
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Insights
Supply chain spotlight: The key to supply chain resilience
The logistics industry has faced a period of unprecedented challenges in recent years and, as a result, the resilience of the supply chain across the globe has received unprecedented attention.The World Economic Forum defines supply chain resilience as "the ability of a global supply chain to reorganise and deliver its ...
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InsightsEngineering a future flight path for Virgin Atlantic Cargo
Virgin Atlantic Cargo’s managing director Phil Wardlaw joined the team late last year and faces the challenge of navigating the division through a rapidly changing market.He moved over to cargo with more than 30 years in operations and engineering roles and joined at a time when the cargo team was ...
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NewsScan Global Logistics acquires Sea-Air Logistics
Photo: Scan Global LogisticsGlobal logistics provider Scan Global Logistics (SGL) has acquired Sea-Air Logistics (SAL) to increase its presence in China and Hong Kong.The acquisition of the Hong Kong-headquartered air and ocean freight logistics provider is effective July 5.In October 2021, Denmark-headquartered SGL acquired SAL's longstanding partner, Horizon International Cargo ...
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News
Airfreight rates on key lanes fall in June
Airfreight rates on key east-west trade lanes fell in June as the air cargo market enters the quieter summer period.The latest figures from the Baltic Exchange Airfreight Index (BAI) show that airfreight rates from Hong Kong to North America dropped by 10.1% in June compared with May to $8.72 per ...
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News
Dispute between K+N and energy shipper goes to arbitration
A dispute between Kuehne+Nagel and oil and gas field services company Baker Hughes has been ordered to arbitration by a US federal court judge.The case centres on the September 2020 transportation of an air cargo shipment that was seized by customs authorities at its destination in Brazil.In court documents seen ...
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News
FedEx expects slow recovery in bellyhold capacity and lower growth
FedEx yesterday reported its full financial year results and outlined expectations of ongoing supply chain disruption, a slow return of air bellyhold capacity and lower growth levels for the coming fiscal year.In the fiscal year ending May 31, the express giant saw revenues increase by 11.3% year on year to ...
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News
DSV unaware of any CH Robinson divestment process
DSV has said it is unaware of any divestment process at CH Robinson after reports emerged that the Danish forwarder was interested in buying the US firm's forwarding business.In a statement to Air Cargo News, DSV, which has expanded rapidly through acquisitions over the past few years, added that would ...
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NewsHellmann Worldwide Logistics acquires overnight express provider
From left to right: Tobias Maue (CEP Pricing & Tender Mgmt), Ondřej Zíta (Managing Director CEP CZ/SVK), Wilfried Hesselmann (Head of CEP Europe) and Gennaro Ippolito (M&A Legal). Photo: HellmannHellmann Worldwide Logistics is taking over the Czech and Slovakian-based overnight express provider OptimNet Solutions s.r.o. to continue its expansion strategy ...
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News
Forwarder GTS swoops on airfreight specialist Cargo Holland
Time-critical logistics firm Global Transport Solutions (GTS) has acquired forwarder Cargo Holland as it looks to consolidate its presence in the Netherlands.Cargo Holland specialises in airfreight solutions and is located at Schiphol Airport. The forwarder will be integrated into GTS' third-party logistics time-critical service provider, Best Global Logistics.Cargo Holland chief ...
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News
Envirotainer to be sold
Temperature-controlled ULD firm Envirotainer is set to be sold in a deal worth around €2.8bn.The deal will see private equity firm Cinven and co-investor Novo Holdings sell the air cargo business to another private equity firm, EQT, and investment company Mubadala.International law firm Clifford Chance advised Cinven and Novo Holdings ...
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News
China airfreight rates predicted to rise in coming months
Airfreight rates out of China are expected to rise over the coming months while the peak season could be muted, according to Bruce Chan, senior analyst at investment bank Stifel.In the latest Baltic Exchange market round-up, Chan said that rates out of Hong Kong and China had remained high over ...
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NewsDB Schenker buys logistics software provider
Photo: DB SchenkerFreight forwarder DB Schenker has acquired logistics software provider Bitergo to strengthens its digital strategy and move towards cloud-based software for small and medium-sized customers.The Germany-based companies worked closely together for three years prior to the takeover on May 31.Bitergo will continue to serve external customers as an ...
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NewsScan Global Logistics continues expansion with new UAE business
Source: Scan Global LogisticsScan Global Logistics (SGL) has opened a wholly-owned business in Dubai, taking advantage of the new no-local sponsor regulation.The company had commercial representation in Dubai for a number of years, but decided to take advantage of new regulations allowing 100% foreign ownership in the UAE.Only one month ...
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News
Maersk completes $644m Senator acquisition as it looks to air cargo
Shipping giant AP Moller-Maersk has completed the acquisition of Senator International for $644m as it looks to boost its presence in forwarding and airfreight.Maersk said that Senator brings with it a well-developed airfreight network comprising own controlled flights and long-term partnerships with airlines, a well-established full container load (FCL) and ...
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News
Rhenus Air and Ocean adds two new Danish locations
German logistics company Rhenus Air & Ocean has expanded its presence in north-west Europe by opening two new business sites in Copenhagen and Aarhus.Rhenus said the two new Danish offices would strengthen connections with the Netherlands, Belgium, Ireland, Norway, and the UK.Prior to this, Rhenus had already added a new ...
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NewsAirfreight volumes fall again in May
General air cargo market volumes fell again in May as the pandemic, Ukraine-Russia war and economic turbulence continued to take their toll.According to Xeneta’s CLIVE Data Services, general air cargo market volumes fell 7% year-over-year in May, following on from declines in April and also in March.Airfreight demand for May ...
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News
Airfreight rates pick up in May despite demand declines
Airfreight rates on major east-west trades continued to increase on a year ago in May despite analyst figures showing demand declines over the last few months.The latest figures from the Baltic Exchange Airfreight Index (BAI) show that average rates from Hong Kong to North America in May increased by 21.7% ...
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NewsFreightos set for listing following merger with Gesher
Source: FreightosCargo booking portal Freightos and Israel-based special purpose acquisition company Gesher I Acquisition Corp. have entered into a definitive merger agreement that will see the portal being listed on the NASDAQ stock exchange.The combined entity will be known as Freightos and will have a pro forma enterprise value of ...