All Business articles – Page 24
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News
Cargo revenues continue to surge at American in Q1
American Airlines saw its cargo revenues increase again in the first quarter of the year after a record performance in 2021.The Dallas Fort Worth-hubbed carrier reported cargo revenues of $364m in the first quarter, an increase of 15.4% compared with a year earlier on the back of improved yields.The increase ...
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News
Shanghai factories to restart production but supply chain issues continue
Factories in the Shanghai area are slowly returning to production in a closed-loop system but supply chain disruption is expected to continue for some time.Companies were last week asked to submit plans to stop of the spread of Covid-19 before they could re-start production.In total, 666 companies have been white ...
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NewsVirgin Atlantic Cargo revenues soar in 2021
Source: Virgin Atlantic CargoVirgin Atlantic Cargo saw its revenues more than double to record levels in 2021 as it ramped up cargo flying and airfreight rates hit new highs.The UK-headquartered airline saw its revenues increase by 40% year on year to £448m, while it was up by 200% compared with ...
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News
Kuehne ups his stake in Lufthansa
Kuehne+Nagel majority owner Klaus-Michael Kuehne has doubled his stake in German airline Lufthansa to 10%.In a stock exchange note, the airline revealed that German national Kuehne's KA Logistik Beteiligungen made the investment on April 8.He is now the second largest shareholder in the airline behind the German state, which owns ...
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NewsBillund Airport seeks to double airfreight by 2040
Red and blue buildings show possible developments. Photo: Billund AirportBillund Airport in Denmark and Danish pension company PensionDanmark are collaborating to more than double airfreight at the airport from 77,000 tonnes of goods per year to 160,000 tonnes per year in 2040.The long-term strategic collaboration to create “Airport City” aims ...
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NewsRoyal HaskoningDHV acquires air cargo supply chain specialist
From left: Erwin Faber (Districon), René Dahmen, Sabine Bink, Marije Hulshof (Royal HaskoningDHV), Jeroen Kiks and Jack Pool (Districon). Photo: DistriconNetherlands-based engineering consultancy firm Royal HaskoningDHV has acquired Netherlands-located supply chain solutions company Districon that has links to the air cargo industry.Districon brings to the deal its "knowledge of optimising ...
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News
Moscow supports Volga-Dnepr with "unprecedented" deal
The Russian government has signed an "unprecedented" deal with the Volga-Dnepr Group for the creation of air bridges between Russia and several countries to carry critical goods.Writing in his blog, the Mayor of Moscow, Sergey Sobyanin, said that on behalf of the president of Russia, Vladimir Putin, an agreement had ...
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InsightsAirfreight customers take hit from Ukraine rates rise
Airfreight customers will pay the price as the Russia-Ukraine war continues and impacts rates.Speaking exclusively to Air Cargo News, The Air Charter Association chief executive officer Glenn Hogben says airlines have been forced to change their Asia-Europe routes to avoid Russian and Ukraine airspace since the later country was invaded, ...
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News
Bolloré agrees €5.7bn deal to sell African logistics business
The Bolloré Group has agreed to sell its African logistics business to container shipping giant MSC in a deal with an enterprise value of €5.7bn.The two companies entered discussions over the sale in December and, following the favourable opinions issued by each of the employee representative bodies, the two companies ...
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NewsMixed outcome for airlines in battle against air cargo cartel fines
Source: ShutterstockThere was mixed outcome for airlines in their battle against air cargo cartel fines issued by the European Commission.On March 30, the European Union (EU) General Court dismissed the actions brought by Martinair Holland, KLM, Cargolux Airlines, Air France-KLM, Air France, Lufthansa, Singapore Airlines and Singapore Airlines Cargo and ...
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News
Menzies and NAS finalise £571m takeover deal
Menzies will recommend to shareholders a takeover offer from Agility subsidiary National Aviation Services (NAS) that values the company at £571m.The two companies today announced they reached agreement on the terms of a recommended cash offer to acquire 100% of the ordinary shares in Menzies at a price of £6.08 ...
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News
Rates decline in March despite Ukraine crisis and Covid restrictions
Airfreight rates on major east-west trade lanes declined in March despite the impact of the Ukraine crisis on airfreight and supply chain disruption in Asia caused by Covid.The latest figures from the Baltic Exchange Airfreight Index (BAI) show that in March rates on services from Hong Kong to North America ...
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NewsEV Cargo expands in air cargo with Fast Forward acquisition
Heath Zarin. Source: EV CargoEV Cargo has acquired Netherlands-headquartered Fast Forward Freight in a move that will more than double the firm's annual airfreight volumes.The company - owned by Hong Kong-based private equity firm EmergeVest - said that the acquisition is part of its previously announced corporate strategy to expand ...
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NewsRussian fleet sanctions squeezing capacity
Photo: AntonovSanctions imposed on Russian aircraft fleets are further squeezing air cargo capacity in an already constrained market.Pierre Van Der Stichele, vice president of global freight at aviation services group Air Partner told Air Cargo News that airspace bans on Russian aircraft imposed by the EU, US and others have ...
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News
Triumph powers Mammoth Freighter' 777 freighter conversions
Triumph Group’s Actuation Products & Services operating company has been selected to supply hydraulic power pack units on Mammoth Freighters' Boeing 777 freighter conversion programmes.The hydraulic power pack units were designed, qualified, and manufactured at the North Carolina-based Actuation facility and are expected to offer a cost-effective solution for Mammoth's ...
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Air cargo software platform Aircon launches
New air cargo software platform Aircon has closed a $1m dollar pre-seed round by Schematic Ventures.Texas, US-based Aircon facilitates air cargo rates and consolidation of cargo for freight forwarders and supply chain solutions providers. Development of the platform began in February 2021 and it will be launching live with forwarders ...
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News
New blow for AirBridgeCargo as Bermuda suspends certificates
The Bermuda Civil Aviation Authority (BCCA) has suspended all airworthiness certificates for Russian aircraft on its registry.The suspension entered force on March 12 and is expected to effect around 700 aircraft.All of AirBridgeCargo's fleet of 18 freighters - four B747-400Fs, 13 B747-8Fs and one B777F - are listed on the ...
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News
Turkish Cargo revenues and volumes jump in 2021
Turkish Airlines saw its cargo revenues rapidly increase last year on the back of volume improvements and higher prices.The carrier saw its cargo revenues for last year increase by 48% year on year to $4bn on the back of a 26% increase in cargo volumes to 1.9m tons.Higher industry rates ...
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NewsCathay Pacific targets cargo growth as it records 2021 loss
Photo: Cathay PacificCathay Pacific Group faced an attributable loss of HK$5.5bn in 2021 and is looking to increase "cargo capacity as much as practicable”.Cargo revenue in 2021 was HK$32.3bn, an increase of 31.8% compared to 2020. Cargo revenue tonne kilometres (RFTK) decreased by 1.1% to 8.2bn RFTK.The decline in volumes ...
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NewsAir cargo growth in January "below expectations"
Air cargo growth figures for January were "below expectations" while the outlook for the year ahead is uncertain, according to IATA.The airline association's latest monthly report shows that global air cargo demand in cargo tonne km terms increased by 2.7% year on year in January.Capacity for the month was up ...