All Business articles – Page 30
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News
Kuehne+Nagel sells minority stake in Apex
Kuehne+Nagel has agreed to sell a 24.9% stake in recently acquired Apex International to private equity firm Partners Group.The forwarder said that following the deal, it will work alongside Partners Group to implement a "transformational value creation plan" for the China-based forwarder with key initiatives including establishing new freight forwarding ...
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NewsWorldACD: Air cargo demand on the up but with regional variances
Air cargo demand continues to track in line with 2019 levels but regional performance is mixed, according to WorldACD.The data provider's latest numbers show that air cargo demand in chargeable weight was in May around 1% below 2019 levels — used for comparison given Covid's impact in 2020 — and ...
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FedEx to add freighters and boost spending to meet demand
FedEx will boost spending over the coming year and add more freighter orders to meet growing e-commerce demand.Announcing its results full-year results for fiscal year ended May 31, the express giant said it expected to spend around $7.2bn in FY 2022 compared with around $5.9bn last year.Meanwhile, FedEx will exercise ...
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Seko Logistics notes clients "pivoting" between sea and air capacity
Seko Logistics has said many of its manufacturer clients are "pivoting" between seafreight to airfreight and "leveraging air capacity as an option when they can".The logistics provider said growth in cross-border e-commerce is increasingly pushing manufacturers to use airfreight, as seafreight capacity struggles to cope with pressure.The company also noted ...
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NewsHat-trick of new cargo airlines plan for take-off
Source: AliscargoThe past week has seen three new companies - in the UK, Italy and Vietnam - reveal plans to enter the all-cargo market as prices and availability of capacity make the market an attractive prospect.Last week, Italian firm Aliscargo was preparing for the arrival of its first aircraft - ...
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Cargo the bright spot for Emirates as it notes first loss in more than 30 years
Cargo revenue was the bright spot for the Emirates Group, which revealed its first loss in over 30 years in its financial results for 2020-2021.The carrier recorded an annual loss of AED22.1bn (US$6.0bn) due entirely to the effect of the Covid pandemic which led to wholesale withdrawal of flights and ...
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NewsHong Kong Airlines goes to ‘critical survival mode’, flying only eight jets
Hong Kong Airlines (HKA) will stand down its fleet of Airbus A320s until mid-2022 and operate a skeletal fleet of just eight A330s on cargo flights, as the embattled carrier enters what it calls “a critical survival mode”.The airline confirmed reports of a wide-ranging restructuring — its latest in more ...
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John Menzies taps into Chinese air cargo market
Aviation services firm John Menzies is set to expand into the Chinese air cargo market.The business is investing £3.4m (US$4.8m) to acquire a minor equity stake, by way of a joint venture, in Chinese firm Guangzhou JFreight Aviation Logistics Supply Chain Co. Ltd (JFreight).The joint venture will see Menzies managing ...
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NewsVolga-Dnepr and Krasnoyarsk Airport pledge to increase hub's cargo potential
Left to right: Andrey Metzle, general director of Krasnoyarsk Airport; Alexander Uss, governor of Krasnoyarsk; Alexey Isaykin, partner and chairman of the board, Volga-Dnepr GroupKrasnoyarsk International Airport, Volga-Dnepr Group and the Krasnoyarsk region have signed an agreement that aims to develop the airport into an international logistics hub.The move follows ...
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MasAir set to grow fleet with two leased A330-300 P2Fs
Aircraft lessor CDB Aviation is leasing two of its Airbus A330-300 passenger-to-freighter (P2F) aircraft to Mexican freighter operator MasAir Cargo.MasAir Cargo said the deal marks the first-ever time that it has obtained a lease for the A330-300 P2F aircraft type.The aircraft are expected to be delivered to the carrier in ...
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NewsRock-it Cargo and Sela Sport Company form logistics partnership
Event logistics firm Rock-it Cargo (Rock-it) and Sela Sport Company (Sela) have formed a partnership to support the growing sports and entertainment markets in Saudi Arabia and other global destinations.Los Angeles-headquartered Rock-it will serve as Sela’s freight forwarder and logistics provider in all countries outside of Saudi Arabia.Meanwhile, Jeddah-headquartered Sela ...
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NewsFinnair notes high cargo volumes as it converts A330s to preighters
Tommi Voss, head of cargo operations at FinnairAs with many carriers, Finnair has reported higher-than-usual airfreight demand due to the pandemic.Tommi Voss, head of cargo operations at Finnair, recently told Air Cargo News: "The beginning of the year is typically low season for us, but this year we haven't seen ...
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Kuehne+Nagel completes Apex acquisition as it looks to expand in Asia
Kuehne+Nagel (K+N) has completed the majority acquisition of Apex International as part of efforts to expand its presence in the Asian market.The deal was first announced in February but earlier today K+N announced it had now received unconditional regulatory approvals from the competent authorities.The purchase price paid at closing ...
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Transpacific airfreight rates climb in April
Airfreight rates from Hong Kong to North America took off in April as a combination of capacity shortages and rising demand hit the market.Baltic Exchange Air Freight Index (BAI) figures show that in April the average price on services from Hong Kong to North America increased by 54.7% compared with ...
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NewsDHL Global Forwarding sees airfreight revenues and profits soar in Q1
Deutsche Post DHL Global Forwarding has reported large increases in its airfreight revenues, profits and volumes in the first quarter as higher demand and lower capacity benefited the company.The forwarder, which could this year lose its status as the airfreight market leader due to Kuehne+Nagel's plans to acquire Apex, saw ...
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NewsCargolux's profits reach a record high in 2020
Cargolux last year recorded record profits as the loss of bellyhold operations boosted demand for all-cargo aircraft.The freighter operator, which last year celebrated its 50th anniversary, achieved a 3745% year on year increase in net profits to $768.7m. Its previous record was $211.2m in 2018.Cargolux also recorded revenues of $3.17bn ...
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Dronamics adds three German droneports
Drone operator Dronamics has added three airports in Germany that will be part of its broader European Droneport Network.The three airports are Paderborn-Lippstadt, Rostock–Laage and Airport Weeze, which the drone firm said could service a total of 12.7m people within a one-hour drive.Dronamics said that its droneport network now totals ...
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UPS' revenues increase as pandemic drives demand
UPS achieved increased revenues across all of its divisions, the company reported its first quarter 2021 results - and it attributed this to demand driven by the pandemic.The company's consolidated revenue increased by 27% year on year to $22.9bn, while consolidated operating profit climbed 158% to $2.8bn.UPS chief executive Carol ...
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DSV Panalpina airfreight volumes slide in first quarter
DSV Panalpina saw its airfreight volumes decline in the first quarter of the year despite growth in the overall market.The forwarder's air volumes for the period declined by 6.6% year on year to 336,307 tonnes, while the overall market is estimated to have grown by 5-7% as it bounced back ...
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DSV to break into top three with takeover of Agility GIL
DSV is set to become a top three global forwarder as it continues its expansion through the planned acquisition of Agility Global Integrated Logistics (GIL) in a deal worth around $4.1bn.The purchase is expected to increase DSV's annual revenue by around 23%, which will rank the combined company as one ...