All Business articles – Page 8
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News
Lower leasing demand takes the shine off ATSG earnings
Reduced demand for aircraft leasing, passenger operations and flying for the US military combined to pull down revenue at ATSG (Air Transport Services Group), said the company in its fourth quarter 2023 results.Wilmington, Ohio-based ATSG, which is the world’s largest owner and operator of converted Boeing 767 freighter aircraft, said ...
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Freightos tops a million transactions
Freightos handled over a million transactions in 2023 according to its full-year results, published on 26 February.The digital booking and payment platform achieved a record 287,000 transactions in the fourth quarter of 2023, an increase of 36% year over year to end the year with 1,025,000 transactions.Freightos said it had ...
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European Commission approves CMA CGM takeover of Bolloré Logistics
The European Commission has approved CMA CGM's proposed acquisition of Bolloré Logistics, bringing the shipping giant one step closer to growing its multimodal market share.CMA CGM Group entered into exclusive negotiations with the Bolloré Group to acquire Bolloré Logistics’ transportation and logistics activities in April last year. The deal is ...
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ECS Group back on the acquisition trail
The ECS Group is back on the acquisition trail following a break in activity due to the Covid crisis.The general sales and service agent (GSSA) has announced three takeover deals in the past three months and executive chairman Adrien Thominet says there are more deals in the pipeline.Explaining the decision ...
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Airfreight rates slide in line with Lunar New Year holiday demand decline
Airfreight rates began their Lunar New Year holiday decline last week after rising in the first six weeks of the year.The latest figures from TAC Index show that last week overall airfreight rates slipped by 8.2% compared with the week before and are down 21.2% from a year ago."Despite ongoing ...
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NewsAlaska Air Group acquisition of Hawaiian gets go ahead
Photo: Hawaiian AirlinesAlaska Airlines has been given the green light to acquire Hawaiian Airlines after the latter's stockholders approved the deal that is set to boost cargo within the combined business.Seattle-based Alaska Air Group and Honolulu-headquartered Hawaiian Holdings entered into a definitive agreement for the acquisition in December last year. ...
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India's air cargo industry sets ambitious growth targets
India has set an ambitious target of reaching 10m tons of air cargo handled per year by 2030, attendees at the Air Cargo India event in Mumbai were told.“This is India’s time for growth,” said Sanjiv Edward, chief executive – cargo and logistics at the GMR Group which operates Delhi, ...
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NewsMaersk weighs up DB Schenker bid
Source: ricochet64/Shutterstock.comShipping giant AP Moller Maersk says it would now consider making an offer for top-4 airfreight forwarder DB Schenker after previously dismissing the idea.Speaking after announcing its fourth-quarter results, chief executive Vincent Clerc said the company had now changed its mind on a possible bid for the forwarder given ...
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Challenges and opportunities for air cargo outlined at World Cargo Summit
Things are “going well” for air cargo, delegates at the World Cargo Summit in Bangkok on January 30 were told.Steve Saxon, a partner with McKinsey who leads its Asia Pacific airlines practice, outlined four reasons why the sector is buoyant despite an increasingly fraught world situation, but also signalled some ...
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UK forwarders urged to take on apprentices despite uncertain market
UK freight forwarder association BIFA has urged its members to consider recruiting apprentices ahead of National Apprentice Week despite the current market uncertainty.To help drum up support, the association will on February 8 run an online event to help members navigate the "perceived red tape" when recruiting apprentices."Most of the ...
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InsightsSurvey: Air cargo optimistic for the year ahead
Air Cargo News recently carried out a survey of airfreight professionals and found the majority are expecting market conditions to improve this year.The air cargo industry is optimistic the market will improve in the coming year, with expectations that both volumes and rates will increase in 2024.A survey of more ...
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NewsAir cargo volumes up 10% in January but rates weaken
Air cargo volumes rose 10% year on year in January, but this hasn't resulted in higher rates due to the availability of capacity.Shippers' concerns about Red Sea - Suez Canal supply chain delays, plus an early Lunar New Year, have pushed up air cargo volumes, although spot rates have declined, ...
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NewsDSV sees air revenues and volumes tumble in 2023
DSV's airfreight revenues, volumes and gross profits all took a hit last year due to improved ocean shipping operations, high inventories and a weak consumer market.The Denmark-headquartered forwarder reported a 44.1% year-on-year decline in air revenues in 2023 to Dkr50.6bn, gross profit for the year was down 27.9% to Dkr13.4bn ...
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UPS to cut 12,000 jobs as market downturn bites
UPS has announced it will cut more than 12,000 jobs as part of efforts to reduce costs in light of continuing market weakness.The express giant's chief executive Carol Tomé said the job cuts would save the company $1bn per year. UPS is also considering selling its Coyote truck brokerage business.Most ...
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IATA: Air cargo improves in December but declines for the full year
Air cargo demand surged in December last year but it was not enough to push overall figures for the year into positive territory.IATA figures show that air cargo tonne kms (CTK) for December were up 10.8% year, but CTKs for the whole year were down 1.9% on 2022 levels and ...
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NewsUPS still struggles with revenues in Q4
UPS revenues in the fourth quarter dropped nearly 8% year on year as volumes fell in both the domestic and international segments.The express giant announced consolidated revenues of $24.9bn in the fourth quarter of last year, a 7.8% decrease from the fourth quarter of 2022.Meanwhile, consolidated operating profit was $2.5bn, ...
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Airfreight rates on the up as January draws to a close
Airfreight rates in January climbed as the month progressed due to the approaching Lunar New Year holiday and anecdotal reports of a move from sea to air due to the Red Sea crisis.The latest figures from the Baltic Exchange Airfreight Index (BAI) show that in the last full week of ...
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Flexport set for another round of job cuts
Reports suggest freight forwarder Flexport will make a third round of redundancies in just over a year.Tech publication The Information last week reported that the forwarder will cut 20% of its staff, equating to around 500 people.The company last year cut 20% of its staff in mid-January as it was ...
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US carriers see cargo revenues slide in 2023
The big three US airlines saw their cargo revenues decline last year as rates and volumes came under pressure.United Airlines - the largest of the three in terms of cargo volumes - registered a 31.1% year-on-year decline in cargo revenues in 2023 to $1.5bn.At American Airlines there was a 34.1% ...
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Forward Air and Omni Logistics end acquisition dispute
Forward Air and Omni Logistics have agreed to end a legal dispute over Forward's planned acquisition of Omni.The companies have agreed to amend the terms of the existing agreement. This will end the litigation between Omni, a global multimodal provider of air, ocean and ground services, and Forward Air, a ...