All Business articles – Page 26
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News
Menzies dismisses takeover bid
Aviation services group John Menzies has rebuffed a takeover bid from Agility subsidiary National Aviation Services (NAS) Holding.Menzies, which provides airfreight wholesale through Air Menzies International and ground handling through Menzies Aviation, said that after careful consideration it had rejected the offer of £5.10 per share.The board concluded that the ...
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NewsDSV reports record results on higher rates and GIL takeover
DSV reported record revenues and profits last year thanks to higher freight rates and acquistions.The Danish forwarder reported a 57.2% year-on-year increase in revenues for the year of DKr182.3bn, while earnings before interest and tax (ebit) were up 70.4% to DKr16.2bn and net profit climbed 164.3% to DKr11.2bn.Results were boosted ...
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News
Maersk swoops on Pilot to expand US forwarding presence
Shipping giant AP Moller Maersk has swooped on US forwarder Pilot Freight Services as it continues to expand its logistics presence.The transaction price is $1.7bn and the deal is expected to be completed in the second quarter of 2022. The current owners of Pilot are private equity firm ATL Partners ...
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News
Swissport boosted by record cargo performance
Ground handler Swissport reported a successful business year in 2021 thanks primarily to its cargo unit.The company processed 5.1m tonnes of cargo at its more than 100 air cargo facilities last year, which is an all-time high and represents a 10% increase compared with pre-pandemic 2019 levels.Meanwhile, the company's larger ...
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News
Flexport secures funding as it looks to expansion
Flexport has secured $935m in funding to be used to "accelerate development of its technology platform" and expand.The freight forwarder said the money would allow it to add new locations and markets, continue building a "logistics tech ecosystem" and invest and partner with new companies in the industry.It added that ...
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News
Airfreight rates remain elevated in January
Airfreight rates on key trades were ahead of last year in January even though prices were down from the December peak.The latest figures from the Baltic Exchange Airfreight Index (BAI) show that rates from Hong Kong to North America stood at $10.90 per kg in January.This is far above the ...
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NewsAir cargo the 'silver lining' for Asian airlines
Air cargo was the sliver lining for Asian airlines last year as demand edged ahead of pre-pandemic levels while passenger traffic was decimated.The latest figures from the Association of Asia Pacific Airlines (AAPA) show that last year carriers from the region saw their international cargo traffic increase by 20.1% year ...
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NewsXeneta swoops on CLIVE Data Services
Niall van de Wouw of CLIVE Data Services and Xeneta's Patrik Berglund. Source: CLIVE Data ServicesAir and ocean rate data provider Xeneta has acquired airfreight data firm CLIVE Data Services as it looks to meet rising demand.Xeneta said that acquisition comes as the global freight market had been through its ...
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News
Broker Air Partner set to be bought in $107m deal
Private aviation firm Wheels Up Experience Inc has reached an agreement to buy UK-based charter broker Air Partner.Under the terms of the transaction, Wheels Up will acquire the entire issued and to be issued ordinary share capital of Air Partner for £1.25 per share, equivalent to an enterprise value of ...
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NewsNew fund to boost air cargo investment
Photo: PixabayA new exchange traded fund (ETF) that aims to provide diversified access to the global sea shipping and airfreight industries has begun trading on the New York Stock Exchange (NYSE).Investment advisory firm U.S. Global Investors’ U.S. Global Sea to Sky Cargo ETF (SEA) consists of common stocks listed on ...
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NewsSave the Date: Air Cargo News Awards announced
The Air Cargo News Awards will this year take place on September 16 in the UK at the Runnymede on Thames Hotel, just a stone's throw from Heathrow Airport.Last year's event was a sell out with more than 240 industry figures attending the glittering awards ceremony to honour and celebrate ...
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News
Financial risks for P2F conversions
Financing a P2F conversion can be a complex process with significant risks, a new report has highlighted.Beyond standard asset, debtor and jurisdictional risks, financing a P2F conversion brings into play considerations that are not ordinarily found in a typical aircraft financing deal, said London-headquartered international law firm ReedSmith.The company said ...
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News
‘Cargo-centric’ strategy reaps record revenue for China Airlines
China Airlines has disclosed record cargo revenues for 2021, as it doubles down on what it calls a “cargo-centric business model”.For the full year, the Taiwanese carrier says cargo revenue surpassed NT$100bn ($3.6bn), the highest in its 62 years of operations.China Airlines also stated that freighter revenue in December hit ...
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News
Bluebird pursues widebodies with Boeing 777-300ERs
Icelandic ACMI leasing and airfreight company Bluebird Nordic will lease three Boeing 777-300ER aircraft in an effort to expand its widebody cargo ACMI operations.Avia Solutions Group-owned Bluebird Nordic concluded the lease agreements at the end of December. At present, the aircraft are in passenger configuration but will be converted into ...
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NewsShenzhen Bao’an cargo exceeds 1.5m tonnes
Shenzhen Bao’an International Airport. Copyright: 準建築人手札網站 Forgemind ArchiMedia, CC BY 2.0 , via Wikimedia CommonsShenzhen Bao’an International Airport’s cargo handling volume exceeded 1.5m tonnes in 2021.The local transport bureau said cargo throughput is up 12% year on year, according to China’s state press agency, Xinhua.Shenzhen handled about 318,000 flights last ...
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NewsPhilippines Airlines bounces back from bankruptcy
Philippines Airlines Airbus A340-313X. Copyright: Toshi Aoki - JP Spotters, CC BY-SA 3.0 , via Wikimedia CommonsPhilippines Airlines (PAL) has emerged from bankruptcy proceedings with a new focus on growing air cargo.The airline has exited chapter 11 of the United States Bankruptcy Code voluntarily, having successfully completed its financial restructuring ...
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NewsAtlas Air orders Boeing 777 freighters
Atlas Air Worldwide Holdings, Inc. has ordered four new Boeing 777 freighters, with the first due for delivery in November.The company, which reached a quarterly revenue record of $1bn in the third quarter of 2021, said the order of the 777-200LRFs is in response to strong customer demand for dedicated ...
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NewsEtihad Airways signs MoU for UAE-China air cargo
Etihad Airways and Henan Province Airport Group have signed an air cargo MoU. Photo: Etihad AirwaysEtihad Airways and Henan Province Airport Group plan to establish a strategic partnership that will boost air cargo business between the UAE and China.The national airline of the UAE and the parent company of Zhengzhou ...
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News
K+N targets Africa with network expansion
Freight forwarding giant Kuehne+Nagel (K+N) has expanded its presence in Africa through the addition of several new offices across the continent.The Switzerland-headquartered company told Air Cargo News that it began the expansion project in 2021 with the second phase being completed this year.In total, K+N has added 10 countries to ...
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NewsSupply chain issues continue to weigh down air cargo growth
Ongoing supply chain issues continued to weigh down air cargo demand growth in December but rates continued to surge.According to figures from CLIVE Data Services, air cargo demand in December - traditionally the peak season - fell by 5% compared with the same month in 2019 (used for comparison to ...