All Business articles – Page 7
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NewsTurkish Cargo sees volumes and revenues decline in 2023
Turkish Cargo saw revenues and volumes decline last year on the back of lower airfreight rates and a weaker air cargo market.The Istanbul-hubbed carrier saw cargo revenues decline by 30% year on year in 2023 to $2.6bn, while cargo volumes fell by 1.2% to 1.7m tons.The declines reflect overall market ...
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MSC moves forward with Clasquin deal
Swiss shipping firm MSC has moved forward with its deal to acquire international air and sea freight forwarder Clasquin.MSC subsidiary SAS Shipping Agencies Services Sàrl has entered into a put option agreement for the acquisition of 42.06% of the share capital of Lyon, France-based Clasquin, said a press release issued ...
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FedEx profits improve as cost cutting takes effect
FedEx saw its profits improve in the third quarter of its fiscal year despite revenues coming under pressure due to weak market conditions.The express giant saw its fiscal year third-quarter revenues decline by 2% year to $21.7bn, but operating income improved by 19% on last year to $1.2bn and net ...
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More than 20 parties interested in buying DB Schenker
Deutsche Bahn (DB) yesterday provided an update on its plan to sell DB Schenker during the announcement of its full-year results, which showed the forwarder delivered a "reliable" profit performance.Levin Holle, member of the board responsible for finance and DB Schenker, said that more than 20 parties had registered an ...
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WFS set to swoop on Swedish cargo businesses
SATS confirmed its intention to acquire Sweden’s Terminal & Transporttjänst i Sigtuna (TT) and APH Logistics through its wholly-owned subsidiary, WFS Sweden.Completion of the transaction remains conditional upon regulatory filings and the required subsequent approvals, however.TT is a cargo warehouse and trucking operator based at Stockholm Arlanda Airport, Sweden’s busiest ...
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NewsAgeing freighter fleet set to tighten global market, says Atlas Air chief
Michael Steen The global supply of full-freighter aircraft is tightening, says Atlas Air Worldwide chief executive, Michael Steen. In an interview for Bloomberg TV’s Daybreak programme on 13 March, he pointed out that of the 650-strong global all-freighter fleet, around 125 are coming up for retirement. “That ...
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NewsCathay cargo tonnage surge outpaces revenue as yields droop
Source: Cathay CargoCathay Pacific Airways carried 1.38 million tonnes of cargo in 2023, up almost 20% on the previous year’s 1.15m tonnes, said the Hong Kong-based carrier when it announced its annual results on 14 March.Cargo revenue tonne-kilometres surged by over 40%, from 5,774m to 8,099m, but load factors and ...
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NewsPolitics fails to deflect move to globalisation, says DHL report
Source: DHLThere is no sign of geopolitics affecting the march of globalisation, says DHL in the latest edition of its Global Connectedness Report.In a preview of the document, due to be published on Friday 15 March, the logistics company said that in 2023 globalisation remained at close to the record ...
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NewsRotate names Ryan Keyrouse as new chief executive
Ryan Keyrouse, RotateRyan Keyrouse has assumed the position of chief executive at Rotate.The move became effective as of March 1.Fellow co-founder and outgoing chief executive Gert-Jan Jansen is to remain on the board as an executive director and senior advisor for client engagements.Keyrouse has undertaken more than 50 air cargo ...
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NewsFreighter operators face margin squeeze
Operating freighter aircraft has historically been a business with tight margins, a market environment temporarily interrupted by the Covid-19 pandemic. Recent airline financial statements again show (more familiar) marginal profitability levels, despite yields that remain 35%-40% up on 2019 figures.Slim pickings: turning a profit in air cargoFor the two decades ...
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NewsLufthansa Cargo revenues fall in 2023 as rates cool
Lufthansa Cargo reported a year-on-year revenue drop of 36% in 2023 due to rates normalising after the highs seen during the pandemic era.The cargo arm of German airline Lufthansa recorded revenue of €2.98bn in 2023, a drop of 36% from €4.6bn in 2022.Lufthansa Cargo also generated an adjusted ebit of ...
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DHL's airfreight volume decline slows in Q4 2023
DHL Group's airfreight volumes in the fourth quarter of 2023 continued to suffer from reduced air cargo demand, but the quarter was a marked improvement on earlier in the year.Fourth quarter airfreight volumes were down 3.6% year on year to 433,000 tons. Year on year, this compares to -12.2% in ...
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NewsEtihad Cargo sees revenues decline in 2023 as market rates cooled
Etihad Cargo registered a decline in its cargo revenues last year as the wider air cargo market cooled following the Covid boom.The Abu Dhabi-headquartered airline saw its cargo revenues in 2023 decline by 38% year on year to $914m following the "exceptional yield registered in 2022 due to Covid".Meanwhile, cargo ...
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NewsDHL not looking to buy DB Schenker
DHL Group CEO Tobias Meyer. Photo: DHL GroupDHL Group has declared itself out of the running for acquiring DB Schenker following much speculation over which company will buy the freight forwarder.The German logistics company's chief executive Tobias Meyer said on March 6 that DB Schenker was determined "not a good ...
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Kerry Logistics takes a majority stake in Business by Air
Kerry Logistics Network has acquired a majority stake in French freight forwarder Business By Air SAS (BBA) to strengthen the firm's position in the Europe, Middle East and Africa region.Kerry said that BBA specialises in industrial clients covering verticals such as automotive, aerospace and pharmaceuticals and has acted as its ...
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NewsIATA stats show 18% increase in cargo demand for January
Air cargo demand increased by a "remarkable" 18.4% year on year in January - the second month in a row of double-digit percentage increases.IATA data shows that as well cargo tonne kms (CTK) increasing in January, available capacity was up 14.6% year on year as belly space continued to be ...
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NewsE-commerce and perishables lift K+N after Q4 airfreight volume decline
E-commerce and perishables business helped soften the blow of a drop in airfreight volumes for Kuehne+Nagel (K+N) in the fourth quarter.Airfreight volumes at K+N dropped 2.2% to 533,000 tonnes in the fourth quarter of 2023 compared to the same quarter in 2022.Net turnover in Kuehne+Nagel's (K+N) air logistics division in ...
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NewsCMA CGM completes Bolloré Logistics acquisition
Rodolphe Saadé (left) and Cyrille Bolloré. Photo: CMA CGMThe CMA CGM Group has completed its largest acquisition since its formation with the takeover of Bolloré Logistics from the Bolloré Group.This follows the European Commission's recent approval of the acquisition, which has an approximate purchase price of €4.850bn.The transfer of Bolloré ...
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IAG Cargo revenues drop 28% year on year
IAG Cargo saw a steep drop in year on year commercial revenues in 2023 against a backdrop of sustained soft air cargo demand in the industry.The cargo division of International Airlines Group (IAG) reported commercial revenues of €1.2bn for 2023, 28.4% down compared to 2022.Cargo volumes, measured in cargo tonne ...
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NewsBolloré's contract logistics business grows with acquisition
Photo: Bolloré LogisticsBolloré Logistics' contract logistics subsidiary, Bolloré Solutions Logistiques (BSL) has acquired STEF Logistique Santé (SLS) to grow its contract logistics business and strengthen its expertise in the pharmaceutical industry.SLS, the healthcare subsidiary of France-based Stef Group, employs 85 people at three different sites in Strasbourg (Port du Rhin). ...