All Business articles – Page 5
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News
Airfreight rates remain firm in June
Airfreight rates on key trades out of Asia remained "firm" in June despite the market entering the quieter summer season.The latest figures from the Baltic Exchange Airfreight Index (BAI) show that rates from Hong Kong to both Europe and North America remained up on a year ago and also increased ...
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NewsLufthansa finally able to proceed with ITA Airways stake
Source: Lufthansa GroupThe European Commission has approved Lufthansa's bid to buy a 41% stake in ITA Airways, over two and half years since Lufthansa first expressed interest in the Italian carrier.Air Cargo News first reported that the MSC Group aimed to work with Lufthansa to acquire a majority stake in ...
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NewsBolloré Logistics brand to go as CEVA integration continues
Credit: OleksandrShnuryk/Shutterstock.comCEVA Logistics is switching to a product vertical-based structure as it continues its integration of Bolloré Logistics.The CMA CGM-owned forwarder announced that as part of the integration process, the Bolloré Logistics business would be rebranded under CEVA Logistics by the end of 2024.The product-driven organisational model will go through ...
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News
Maersk withdraws bid for DB Schenker
A.P. Moller-Maersk has withdrawn its bid to buy DB Schenker, leaving just three bidders remaining in the acquisition race.The shipping giant said in a statement shared with Air Cargo News that it made the decision to quit the acquisition process for Deutsche Bahn's freight forwarding subsidiary after it concluded that ...
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News
Unions oppose Air Incheon's bid for Asiana's cargo business
Unions have put yet another obstacle in the path of Korean Air’s delayed acquisition of Asiana Airlines by objecting to both the nature of the takeover and the choice of Air Incheon as the preferred bidder for the sale of Asiana Airlines’ cargo business.There was some positive progress with Korean's ...
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NewsFedEx axes 22 757 freighters as express profits remain under pressure
FedEx revealed in its fiscal fourth-quarter results that it has retired 22 of its Boeing 757 freighters as it looks to better match capacity to market demand. The move sees the express giant reduce its 757F fleet to 92 aircraft as of May 31, compared with 115 at the same ...
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News
CargoLogicAir administration continues to face difficulty accessing records
The administrator for defunct UK freighter operator CargoLogicAir has highlighted the ongoing issues it has faced in accessing the airline's company records.In a six-monthly progress report, the airline’s joint administrator Buchler Phillips said it had been unable to access Microsoft Azure and Microsoft 365 subscriptions since it was appointed.This was ...
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News
Ocean and airfreight rate differential narrows
The difference between ocean and airfreight rates has narrowed to its lowest level since the third quarter of 2022 as container supply chains continue to come under pressure.Writing on LinkedIn, data provider Rotate's Tim van Leeuwen and Mels Wittenburg pointed out that on a global level ocean rates are now ...
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News
European Union to ramp up tariffs on Chinese electric vehicles
The European Union (EU) has revealed plans to add tariffs of up to 38.1% on electric vehicles imported from China.The new tariffs were announced last week and will be implemented on July 4, although the level of tariff varies between companies.Manufacturers will also have the chance to appeal the level ...
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News
Korean picks Air Incheon as preferred Asiana Cargo bidder
Air Incheon has been named as the preferred bidder for the sale of Asiana Airlines' cargo business as part of Korean Air's much-delayed acquisition of Asiana Airlines.Republic of Korea-based airlines Eastar Jet, Air Premia and Air Incheon had in April all reportedly submitted bids to acquire the cargo business, but ...
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NewsAmerijet reports positive momentum after restructuring
US freighter operator Amerijet is looking to the future after a difficult 12 months that have seen the airline restructure its business and fleet.Speaking to Air Cargo News, chief executive Joe Mozzali said that the airline’s troubles stemmed from there being too much capacity in a slowing air cargo market ...
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News
ANA postpones Nippon takeover for the 4th time
All Nippon Airways (ANA) has delayed its planned takeover of fellow Japanese carrier Nippon Cargo Airlines (NCA) for a fourth time.At last confirmation, the deal was due to be completed on July 1, but this has now been pushed back to March 31 next year.The delay is because of the ...
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News
Mesa avoids de-listing from Nasdaq
US regional airline company Mesa Air Group has regained compliance with the Nasdaq stock market’s listing rules, which require companies to sustain stock prices above $1.The Phoenix-based parent of regional carrier Mesa Airlines disclosed on June 5 that it had received a notification from the Listing Qualifications Department of the ...
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NewsAir cargo heading for double-digit growth in 2024
Booming e-commerce volumes are propelling the air cargo industry towards a double-digit percentage increase in demand this year, although a US crackdown on online shipments could prove a drag later in the year.The latest figures from supply chain data firm Xeneta show that air cargo demand in May increased by ...
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News
Scan Global completes Foppiani takeover
Scan Global Logistics (SGL) has completed the acquisition of Italian freight forwarder Foppiani Shipping & Logistics following the approval of Italian competition authorities.Headquartered in Prato, Foppiani generates yearly revenue of €115m, employs more than 160 people and offers a range of airfreight and ocean freight services.The forwarder focuses on customers ...
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News
Menzies finalises Groundforce Portugal stake
Ground services provider Menzies Aviation has completed its acquisition of a 50.1% stake in Groundforce Portugal.Groundforce Portugal manages more than 100,000 aircraft turns every year across five of the busiest airports in Portugal, where it provides ground and air cargo services to several global airlines.Airline TAP Air Portugal retains a ...
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NewsIATA raises outlook for airline cargo revenues and volumes
IATA has raised its outlook for airlines' cargo revenues and volumes for 2024 after demand and rates have performed better than expected.The airline association said it now expected cargo revenues for the year to be $120bn compared with its previous December forecast of $111bn.Cargo volumes in cargo tonne km terms ...
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News
Deutsche Bahn selects the final four DB Schenker bidders
Deutsche Bahn has narrowed the number of potential buyers of freight forwarding subsidiary DB Schenker down to four bidders that have now been invited to make binding offers.According to Reuters, the German rail giant has selected Maersk, DSV, Saudi shipping company Bahri and a private equity consortium led by CVC.Deutsche ...
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Bloomberg: Private equity and shipping giants circle DB Schenker
German forwarding and logistics company DB Schenker has attracted bids from shipping and logistics giants as well as a private equity consortium.According to a report in Bloomberg, a consortium led by CVC Capital Partners and Carlyle Group has submitted a bid worth around €14bn.Meanwhile, DSV, AP Moller Maersk and Mediterranean ...
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New partnership aims to create SriLankan Airlines cargo feeder network
MMAG Aviation Consortium (MAC) will establish an air cargo feeder network to support SriLankan Airlines' cargo operations if an investment bid by Supreme Global Holdings and a partner is successful.A partnership led by Sri Lankan conglomerate Supreme Global last week emerged as a potential buyer of an interest in the ...