All Business articles – Page 53
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NewsDSV expects Panalpina deal to complete in Q3 as profits rise
DSV expects to close its takeover of Panalpina by the end of the third quarter of this year.In its first quarter results, Denmark-based freight forwarder DSV revealed its expected timeline for its $4.6bn takeover of Panalpina.In May, DSV will file its planned share purchase with the relevant authorities, announce its ...
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NewsTurkish Cargo's Özen the latest to join Tiaca board
Turhan ÖzenTurhan Özen, chief cargo officer of Turkish Airlines and the head of the Turkish Cargo, has been elected to the Board of The International Air Cargo Association (TIACA).Özen has an extensive knowledge of the territories surrounding Turkey, having overseen business development in the Balkans, Middle East, and African regions.“With ...
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UPS profits hit by severe winter weather
UPS saw profits decline in the first quarter of the year as extreme winter weather hit earnings.During the period, the company saw revenues increase by 0.3% to $17.2bn while net income declined by 17.4% to $1.1bn.The company said that its profits were affected by “severe winter weather in the US” ...
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NewsPanalpina airfreight volumes improve in Q1 despite market decline
Panalpina has bucked market trends by reporting an increase in air cargo volumes in the first quarter of the year, while overall profits and revenues were also on the up.The company, which looks likely to merge with Denmark’s DSV, saw airfreight volumes increase by 8% in the first quarter to ...
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Jet Airways suspends all international flights until Monday
Troubled Indian airline Jet Airways has suspended all international flights until Monday night, with fears mounting that it could fail.The airline has debts of $1.2bn and earlier this week cargo handler WFS seized one of its aircraft over unpaid fees.Today, the airline announced that all international flights would be suspended ...
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CEVA to be de-listed as CMA CGM is set to gain a 98% shareholding
The end of CEVA's short time on the Zurich Stock Exchange looks to have been confirmed after CMA CGM said it was now on course to hold a 97.89% stake in the forwarder.Following the announcement, the French shipping giant reconfirmed plans to de-list CEVA from the SIX Swiss Exchange. Settlement ...
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CMA CGM set for Ceva stake of almost 90%
According to a report by Reuters, CMA CGM now controls almost 90% of the voting rights in Ceva Logistics.This follows a public tender offer from French shipping group of SFr30 per share. Reuters said this offer values Ceva at SFr1.67bn ($1.66bn) – a price that has been agreed after a ...
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ACS adds Shanghai office
Air Charter Service (ACS) has expanded its Asia operations with the opening of a new office in Shanghai in March.Headed up by Amos Chan, who joined ACS five years ago and previously worked for Hong Kong Air Cargo, the new Shanghai branch is the broker’s second in mainland China.According to ...
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Strong cargo performance as Cathay Pacific returns to profit
Cathay Pacific saw increased capacity, yield and load factors in cargo as it benefitted from robust demand in 2018. It says the 14.7% (to HK$2.03) increase in yield compared to 2017 reflected a rise in high-value specialist cargo shipments and higher fuel surcharges.Cargo capacity of Cathay Pacific and Cathay Dragon ...
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NewsAzul bids for Avianca Brasil assets
Brazilan airline Azul has signed a non-binding agreement with financially troubled Avianca Brasil to acquire its operating certificate, 70 pairs of slots and about 30 Airbus A320 aircraft.The $105m offer remains subject to a number of conditions, including due diligence, regulatory and creditors approvals. The airline filed for judicial recovery ...
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No Deal Brexit will push logistics cost up between 5%-35%, warn shippers
Slipping to a No Deal Brexit, and reverting to complicated WTO rules and tariffs, would impose additional costs of between 5% and 35% on the UK's supply chain, warn representatives of the UK's leading logistics organisations.Shippers and hauliers as well as the industry's trade association FTA, which represents more than ...
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IATA downgrades air cargo growth forecast to 2%
IATA has slashed its outlook for cargo growth over the coming 12 months as the US-China tariff dispute took more of a toll on performance than expected.Speaking at the IATA World Cargo Symposium in Singapore, the organisation’s chief economist Brian Pearce lowered its growth projection for freight tonne kms (FTK) ...
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IATA sets three priorities at WCS opening
IATA has called on governments and the air cargo industry to focus on three priorities to accommodate the expanding demand for air cargo and ensure the economic and social benefits of aviation can be maximized.The three priorities are: Accelerating the speed of process modernization, implementing and enforcing global standards, and ...
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NewsAlibaba increases investment in China’s express sector
ShutterstockAlibaba Group Holding Ltd will take a 14% stake in STO Express Co Ltd, one of the largest express delivery companies in China.Reuters reported that STO Express said that its controlling shareholder planned to set up a new subsidiary that will own a 29.9% stake in the courier firm.Alibaba will ...
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NewsDHL GF: 2018 airfreight volume decline predominantly down to strategy
The world’s largest air forwarder DHL Global Forwarding has said the decline in airfreight volumes recorded in 2018 was largely down to its own strategy and not caused by market conditions.Last year the forwarder saw its air cargo volumes decline by 4.4% year on year to 2.1m tonnes while the ...
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Panalpina EGM to take place on April 5
Takeover target Panalpina’s board of directors is to hold an extraordinary general meeting (EGM) on April 5, which will also support the motion of the shareholder Ernst Göhner Foundation (EGF) to implement the One Share – One Vote standard "to further enhance the company’s corporate governance".This would lift the 5% ...
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NewsRecord year for airfreight at Panalpina but no updates on DSV and Agility talks
Panalpina's latest annual report shows that airfreight volumes in 2018 breached the 1m tonne mark for the first time in the company's history, but there is no further update on its potential takeover or merger.The Switzerland-headquartered freight forwarder reported a 9.1% increase in revenues to SFr6bn, earnings before interest and ...
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Panalpina shareholder battle continues with voting right dispute
Panalpina’s second largest investor has hit out at plans to change shareholder voting rules as the battle to control the future of the forwarder continues.Earlier this week majority holder, Ernst Göhner Foundation (EGF), which holds around 46% of the company, submitted a request a request that the company change to ...
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Losses deepen at CEVA as one-time items hit profitability
CEVA Logistics reported another loss in 2018 as “various one-time items” took their toll on company financial performance.The forwarder, which last year had box line CMA CGM become a strategic partner following an IPO, saw revenues for the year increase by 5.2% year on year to $7.4bn, earnings before interest, ...
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NewsKuehne+Nagel full-year profits helped by "outstanding" airfreight
Kuehne+Nagel reported increases in revenues and profits last year as its airfreight division “continued its outstanding development”.The world’s largest forwarder saw its revenues for 2018 increase by 11.7% year on year to SFr24.8bn, while earnings before interest and tax (ebit) was up 5.3% to SFr987m and net profit jumped by ...