All Business articles – Page 4
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NewsCargojet invests in more 767s as Q2 revenue climbs 10%
Cargojet has affirmed its focus on growing 767 freighter operations with the acquisition of two more passenger aircraft for future conversion.The Canadian cargo airline confirmed it had two 767s currently undergoing conversion, but said it had also invested in two more of the type."Cargojet currently has two B767 passenger-to-freighter conversions ...
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Hyundai Glovis confirms Asiana cargo stake
Hyundai Glovis has confirmed it will invest in a consortium led by Air Incheon as part of plans to acquire Asiana Airlines’ cargo business.Earlier this month, Republic of Korea (ROK)-based logistics company Hyundai Glovis said it was considering investing in an acquisition consortium set up by Air Incheon after the ...
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NewsEtihad cargo revenue up 10% in first half
Photo: EtihadEtihad Airways' cargo revenue increased by approximately 10% in the first half of this year compared to the same period of 2023.The Abu Dhabi-headquartered airline's cargo revenue was AED1.9bn ($507m) compared to AED1.7bn ($462) year on year.The increase in revenue was "primarily driven by increased demand and increased belly ...
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NewsBangladesh air cargo spot rates peak
Air cargo spot rates from Bangladesh to Europe have risen to their highest level this year amidst political unrest in the country that has resulted in disruption to air cargo operations.Data from WorldACD shows that in the week from Monday July 29 to Sunday August 4 (week 31), spot rates ...
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NewsATSG sees Q2 revenues and profits decline as 767Fs are returned
Freighter lessor and operator ATSG saw both profits and revenues decline in the second quarter of the year as a result of returned freighter aircraft.The company saw second-quarter revenues fall 7.7% year on year to $488.4m, earnings from continuing operations before income taxes were down 78.4% to $10.7m and net ...
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Expeditors: Buy rates put pressure on profits in erratic Q2
Expeditors saw its profits decline in the second quarter of the year despite increases in airfreight revenues and volumes.The Seattle-headquartered forwarder saw second-quarter airfreight volumes increase by 15% and air revenues improve by 14.5% to $860.3m. However, airfreight expenses rose by 22.9% compared with last year.There was a similar trend ...
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Korean signs Asiana cargo sale agreement with Air Incheon
Korean Air has today signed a "basic business sale agreement" with Air Incheon for Asiana Airlines' cargo business.The agreement follows June's announcement that Air Incheon had been named as the preferred bidder for the sale of Asiana's cargo business as part of Korean Air’s acquisition of Asiana Airlines."The transaction amount ...
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Cathay Pacific reports increases in cargo revenues and traffic in H1
Cathay Cargo saw its revenues and cargo traffic increase in the first half of the year as it benefitted from rising demand for e-commerce shipments and extra belly capacity.The cargo business saw first-half revenue increase 1.5% year on year to HK$10.9bn, while cargo traffic was up 4.6% to 4.1bn cargo ...
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Air Incheon gains support for Asiana cargo bid
Air Incheon's plan to acquire Asiana Airlines’ cargo business is gaining momentum with reports that Hyundai Glovis may invest in a consortium led by the airline.Republic of Korea (ROK)-based logistics company Hyundai Glovis said it is considering an investment after Air Incheon was named as the preferred bidder for Asiana ...
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IAG Cargo revenues improve in Q2
IAG Cargo has registered a year-on-year improvement in cargo revenues for the first time since the first quarter of 2022.The cargo business of the IAG Group saw its second-quarter cargo revenues increase by 1.1% compared with last year to €283m.Since 2022 the air cargo market has been affected by the ...
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CMA CGM completes sale of Bolloré Logistics’ operations in French Overseas Territories
The CMA CGM Group has completed the sale of 100% of subsidiary Bolloré Logistics’ activities in Guadeloupe, Martinique, Saint-Martin, French Guiana, and Polynesia to the Balguerie Group.The Marseille-headquartered shipping giant was required to sell operations in the French Overseas Territories by the European Commission and the Polynesian Competition Authority as ...
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NewsAirfreight rates remain stable despite July global IT outage
The latest data from airfreight price reporting agency (PRA) TAC Index show that global air cargo rates only edged up last week (in the week ending July 29).That news came as a surprise, given the massive global IT outage of 18 July.The overall Baltic Air Freight Index (BAI00) calculated by ...
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NewsIT issue continued to weigh on AF KLM Cargo results in Q2
Air France KLM Martinair Cargo (AFKLMP) recorded a decline in revenues in the second quarter of the year but is looking to build its presence in Asia to capitalise on growth in the market.The Franco-Dutch carrier group registered a 10% year-on-year decline in cargo revenues to €546m, while cargo tonnes ...
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DB Schenker the bright spot for Deutsche Bahn
DB Schenker was the star performer for loss-making Deutsche Bahn in the first half of the year despite operating profits and revenues coming under pressure.The German forwarder registered a 6.6% year on year decline in first-half revenues to €9.4bn, while adjusted earnings before interest and tax declined 16.9% to €520m ...
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NewsAPAC demand lifts DSV airfreight volumes
Increased demand for airfreight out of Asia Pacific (APAC) helped DSV up its air cargo volumes in the second quarter of this year.DSV's airfreight volumes increased 10% year on year in the second quarter to 349,076 tonnes compared to 316,456 in the same period last year."The increase was mainly driven ...
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NewsAsia exports boost K+N airfreight volumes in Q2
Healthcare and semiconductor shipments, Asia exports and Red Sea disruption helped drive up airfreight volumes for Kuehne+Nagel (K+N) in the second quarter of 2024.Airfreight volumes at K+N increased 7.3% to 517,000 tonnes in the second quarter of 2024 compared to the same quarter in 2023.Net turnover in K+N's air logistics ...
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UPS to acquire Estafeta
UPS has entered into an agreement to acquire Mexican express delivery company Estafeta, including a fleet of six aircraft.The acquisition has been announced as Mexico becomes strategically more important to UPS and the use of nearshoring grows.Estafeta's business include global express import and export with air service, document and parcel ...
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NewsScan Global Logistics set to expand to Brazil with latest deal
Source: Scan Global LogisticsFast-growing freight forwarder Scan Global Logistics (SGL) looks set to continue its global expansion with the addition of a presence in Brazil.The Danish company announced today that it had signed an agreement with the intent to buy Blu Logistics Brasil Transportes Internacionais.Blu Logistics is headquartered in Sao ...
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Mondiale VGL expands in Asia with Interunion takeover
New Zealand-headquartered freight forwarding and logistics company Mondiale VGL has acquired Southeast Asia-based multimodal forwarder Interunion.Prior to the acquisition, Mondiale VGL held an existing stake in Interunion and the two companies have partnered since 2012.The company said it has been focused on building a global supply chain operation with its ...
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OIA expands to Ireland with acquisition of Sandford Freight
US supply chain services company OIA Global has extended its European network to Ireland with the acquisition of Dublin-based multimodal freight forwarder Sandford Freight.OIA Global said the acquisition is strategically important because Ireland is a key market for the electronics, healthcare, retail and lifestyle industries that it does business in.Jeff ...