All Business articles – Page 41
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NewsCLIVE: Do April's air cargo volumes offer a glimmer of hope?
While air cargo volumes diminished rapidly in March, new data for April offers some hope that leading economists are right and the decline in the global economy is ‘bottoming out’.CLIVE Data Services’ ‘dynamic load factor’ for April of 67%, based on both the volume and weight perspectives of cargo flown ...
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Network Airline Management renews freighter agreement with TAAG Angola Airlines
Network Airline Management and TAAG Angola Airlines have renewed their long-term freighter aircraft contract by 12 months.The agreement continues to offer export capacity from Angola to Europe with forwarding connections worldwide.Trucking connections from all over Europe into the Liege hub extend the distribution network, as well as interlining facilities from ...
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NewsTOWER Cold Chain Solutions partners with Investec to serve growing market demand
TOWER Cold Chain Solutions has formed a partnership with Investec, which will enable it to expand the production of its stock containers by 400%.For more than 20 years, TOWER has produced innovative solutions for the reusable controlled-temperature market.Its portfolio, developed in response to market demand and with simplicity and agility ...
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Virgin Atlantic to cut more than 3,000 jobs and suspend Gatwick operations
UK long-haul carrier Virgin Atlantic is planning to cut more than 3,100 jobs and will also suspend operations at Gatwick Airport in an effort to address the financial pressure of the coronavirus crisis.The airline said it would also “no longer use all” of its seven 747-400s and is planning to ...
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Air cargo capacity continues to climb but so do rates
Airlines have been continuing to respond to urgent demand for the transport of medical equipment by adding extra cargo capacity but it has not put the brakes on rate increases out of China and Hong Kong.TAC Index figures show that last week average air cargo rates from Shanghai to North ...
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Air Partner reports busy charter operations as pandemic continues
Global aviation services group Air Partner said it had a strong start to the financial year, with the unaudited accounts for February, March and April showing expected underlying profit before tax at £6m.The company reported April as being a "record month", driven by high levels of coronavirus-related activity in its ...
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Bellyhold operations at risk as airlines look to government aid
Aviation associations have urged governments to financially assist airlines on the brink of bankruptcy as they report significant losses due to the coronavirus pandemic.Throughout the outbreak, supply chains have been maintained largely thanks to airlines' cargo divisions. In particular, essential cargo such as food and medical supplies has been continuously ...
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NewsUK retailer to launch air cargo operation in response to capacity crunch
UK-headquartered online retailer The Hut Group (THG) will charter two cargo aircraft and launch a partnership with Singapore Airlines in order to secure scarce air cargo capacity.THG said that since the start of 2020, it had been running successful trials, using dedicated cargo flights to service its global operations, especially ...
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Global health crisis and acquisition impact DSV Panalpina Q1 results
DSV Panalpina saw revenues and airfreight volumes increase in the first quarter of the year, thanks to its acquisition of Panalpina, while the coronavirus outbreak had a negative impact on results."The financial performance in Q1 2020 was impacted by both the integration of Panalpina and the Covid-19 situation, the latter ...
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Forwarders' air divisions predicted to be hit hardest by Covid-19
The freight forwarding market could contract by more than 7% this year as a result of the coronavirus outbreak, according to a worst case scenario projection from consultant Transport Intelligence (Ti).A white paper published by Ti also predicted that the air cargo part of forwarders' businesses could take the hardest ...
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Bolloré Logistics expands Nordic presence
Bolloré Logistics has expanded its presence in the Nordics with the acquisition of a majority stake in the Swedish company Global Freight Solutions (G Solutions) and its Finnish affiliate.The forwarder said the acquisition was a strategic move to complement the Nordic regional network having previously established a structure in Norway, ...
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Swissport notes solid 2019 but warns of tough times to come
In its 2019 full-year results, Swissport has announced that its performance last year was "roughly on par with the previously year".Swissport achieved an operating ebitda of €272.3m throughout 2019, which compares with €273.2m achieved in 2018.The company's revenue increased 4.7% year on year, from €3bn in 2018 to €3.1bn last ...
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NewsCargolux revenues and profits take a hit in 2019
In its full-year results for 2019, Cargolux revealed that revenues decreased 14% year on year, from $2.6bn in 2018 to $2.4bn in 2019.Cargolux said this was due to lower load factors and yields coupled with lower fuel surcharge revenues as a result of declines in the price of fuel.Meanwhile, earning ...
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Asian airlines record a 20% drop in cargo demand in March
Airlines in the Asia Pacific region saw cargo traffic decline by 21.1% year on year in March as the effects of the coronavirus began to bite.Statistics from the Association of Asia Pacific Airlines (AAPA) show that while demand dropped in March by more than 20% on a year earlier, capacity ...
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IAG preliminary results give insight into Covid-19 impact
International Airlines Group (IAG), parent company of IAG Cargo and British Airways, has announced its preliminary results for the first quarter of 2020, ahead of the full results which will be released on May 7.Commenting on ebit, IAG said: "The operating result in the first two months of 2020 was ...
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IATA: Governments must 'cut red tape' to bridge capacity shortfall
In its latest air cargo analysis, IATA has drawn attention to the capacity crunch — a knock-on effect of the coronavirus pandemic — and it has urged governments to "cut the red tape" when it comes to measures being taken to reduce the capacity shortfall.Alexandre de Juniac, IATA’s director general ...
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UPS: Covid-19 weighed on Q1 results
UPS has said that Covid-19 weighed on its first quarter results for this year.In its consolidated results, UPS's revenues increased by 5% to $18bn, "driven by growth in business-to-consumer shipments and gains in healthcare".The company's net income, which "included material headwinds due to disruptions from the coronavirus pandemic, higher self-insurance ...
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Air cargo rates from Hong Kong surge
Airfreight rates out of China continued to climb last week, while prices from Hong Kong were also on the up as shippers looked to tranship through the world's largest air cargo hub.The latest figures from TAC Index show that last week average air cargo rates from Shanghai to North America ...
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NewsK+N airfreight volumes slide in Q1 as Covid-19 takes its toll
Kuehne+Nagel (K+N) saw its airfreight volumes, revenues and operating profits decline in the first quarter of the year as the coronavirus outbreak took its toll on performance.The Switzerland-headquartered freight forwarder's airfreight business saw first-quarter revenues fall 6.8% to SFr1.1bn. Meanwhile, earnings before interest and tax (ebit) was down 5.8% to ...
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NewsPPE 'mayhem' continues to push China air cargo rates
Air cargo rates out of China increased again last week as demand for the transport of personal protective equipment (PPE) continued to surge.The latest figures from TAC Index show that average air cargo rates from Shanghai to North America last week increased by 9.7% on a week earlier to reach ...