All Business articles – Page 38
-
NewsAir Cargo Forum the latest event to be cancelled
Tiaca and event organiser Messe München have announced the cancellation of the 2020 Air Cargo Forum (ACF), due to take place in Miami in November.The partners said that they had taken the decision to cancel the event in light of concerns over the health and safety of the ACF exhibitors, ...
-
News
Virgin Atlantic files for bankruptcy protection, plans restructuring vote
Virgin Atlantic creditors will vote on the UK carrier’s restructuring plan at a meeting on 25 August after court proceedings in London.The UK carrier secured the order following a 4 August court hearing, held as part of the planned private recapitalisation it announced in July under the UK Companies Act.In ...
-
News
Atlas Air sees share price soar as investors circle
Atlas Air Worldwide Holdings has seen its share price increase rapidly since the start of the year as investors look to benefit from the ongoing capacity crunch.New York-headquartered Atlas Air Worldwide Holdings has seen its share price on the NASDAQ exchange double from $27.73 on January 2 to $55.72 as ...
-
NewsDHL the latest to report rapid airfreight revenue growth
Deutsche Post (DP) DHL is the latest company to report soaring airfreight revenues as a result of the capacity crunch experienced in the second quarter of the year.The German express and parcels giant saw second-quarter revenues from its airfreight forwarding business increase by 57% year on year to €1.8bn, gross ...
-
News
Expeditors outlines 'intense' and 'unsettled' Q2 for air cargo
Seattle-headquartered freight forwarder Expeditors has described the second quarter as "intense" and "unsettled" as a result of the supply-demand imbalance in air cargo.Summing up the second three months of the year, president and chief executive Jeffrey Musser said that the Covid-19 outbreak has had a significant and widespread impact on ...
-
News
Airfreight rates up as capacity comes under pressure
Airfreight rates from key Asian hubs continued to climb last week as ocean capacity shortages and personal protective equipment shipments pick up.The latest figures from TAC Index show that average airfreight rates from Hong Kong to North America last week climbed for the fourth week in a row as they ...
-
News
IAG Cargo achieves higher revenues despite a slide in volumes
IAG Cargo saw is revenues rise in the first half of this year, despite volumes being down on a year earlier.Revenues for the first six months increased 10.5% year on year to €615m, while volumes dipped 33% to 232 tonnes "due to the reduction in passenger schedules"."Yields were significantly higher, ...
-
NewsAir France KLM cargo revenues up despite volume decline
Air France KLM saw its cargo revenues grow in the second quarter of the year despite a dramatic drop off in volumes.The French-Dutch airline group recorded a 44.4% year-on-year drop in cargo traffic during the second quarter to 1.2bn revenue tonne kms, but revenues increased by 5.2% on last year ...
-
NewsAirfreight propels 'better than expected' Q2 results for DSV Panalpina
DSV Panalpina saw its airfreight revenues rapidly increase during the second quarter of the year as a result of the coronavirus outbreak and the ongoing integration of Panalpina.The forwarder saw airfreight revenues for the second-quarter increase by 164.2% year on year to DKK12bn, gross profit for its air business was ...
-
News
Airfreight the star for CH Robinson in volatile Q2
Third-party logistics provider CH Robinson saw second quarter 2020 revenues fall 7.2% to $3.6bn in a “volatile environment” and lower pricing in trucking while airfreight revenues surged due to reduced capacity and larger shipment sizes.Net group revenues decreased 11.6% to $614.5m as income from operations dropped 17.0% to $188.8m.Second quarter ...
-
News
Better than expected results for UPS in Q2
US parcels and logistics giant UPS saw “better than expected” financial results in 2020’s second quarter as consolidated average daily volume surged to a record 20.9% growth.Second-quarter 2020 consolidated revenue increased to $20.5bn, a 13.4% increase from the same period 2019.Adjusted net income was $1.9bn, 8.8% above the same period ...
-
News
Air cargo declines narrow in June as market remains 'exceptionally challenging'
Airfreight traffic declines showed some signs of improving in June but business remains "exceptionally challenging", according to the latest IATA market wrap-up.The airline association's latest data shows that air cargo demand in cargo tonne km (CTK) terms declined by 17.6% year on year in June, which is a "modest" improvement ...
-
News
Cargo.one raises $18.6m as it looks to triple in size
Digital booking platform cargo.one has raised $18.6m in venture funding in its Series A round to help it achieve significant expansion by the end of this year.Cargo.one said it will use the funding to onboard new airlines, grow in new markets, hire 70 employees and ultimately triple in size."In the ...
-
NewsGebrüder Weiss starts work on Graz facility
Gebrüder Weiss is expanding its presence in Austria with a new €26m logistics terminal in Graz in the district of Styria, Austria.The company held has a ‘ground-breaking ceremony’ to mark the construction of the 70,000 sq m facility, which commenced in April this year and is expected to be completed ...
-
News
PayCargo integrates with Unisys for air cargo payments
PayCargo’s online payment solution is now directly integrated with Unisys’ cargo management system.The two partners said the tie-up would "provide Unisys’ partner carriers with access to a single platform that includes modern payment services, with automated data flows that saves time and money".As reported, Delta Cargo has become the first ...
-
News
US regional cargo carriers call for covid-19 payroll scheme extension
The Regional Air Cargo Carriers Association (RACCA) is one of a number of aviation companies calling on the US government to extend the payroll support programme (PSP) of Coronavirus Aid, Relief, and Economic Security (CARES) Act.RACCA said that congress is now deliberating next steps in packages designed to provide relief ...
-
News
K+N sees airfreight revenues and profits rise in H1
Kuehne + Nagel's air division experienced an increase in revenues and profits in the first half of the year despite the coronavirus outbreak.The forwarder recorded a 4.2% year-on-year increase in net turnover in the first half of this year to CHF2.5bn in 2020, while earnings before interest and tax (ebit) ...
-
News
Air Partner performance boosted by airfreight operations and repatriation flights
The strong demand for airfreight transport, group travel and repatriation flights during the coronavirus pandemic helped to bolster the performance of global aviation services company Air Partner in the first five months of its financial year.However, the outlook for the rest of 2020 looks less rosy for the UK-headquartered firm, ...
-
NewsFTA to become Logistics UK later this month
UK supply chain group the Freight Transport Association has officially changed its name to Logistics UK.The group first announced plans for the change in February of this year, but the name change was delayed as a result of the Covid-19 outbreak.The move comes as the organisation looks to achieve more ...
-
News
Transpacific airfreight rates edge back up
Transpacific airfreight rates increased last week as two US carriers temporarily back tracked on their plans for services to Hong Kong.The latest figures from TAC Index show that airfreight rates from Shanghai to North America increased by 4.2% week on week to $4.69 per kg while from Hong Kong to ...