Business – Page 108
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News
UTi shareholders vote yes for $1.35bn takeover offer from DSV
Shareholders in US logistics player UTi have voted “overwhelmingly” to approve a $1.35bn takeover bid by DSV of Denmark, a deal that will create the world’s eighth largest airfreight forwarder.DSV said that closing of the transaction is subject to the “relevant regulatory approval being obtained from competition authorities in South ...
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American takes $592m hit on trapped Venezuelan revenues
American Airlines has written off $592m as a 2015 fourth quarter special charge relating to revenues trapped in Venezuela.The US carrier stated: “In connection with the preparation of the Company’s financial statements for the fourth quarter of 2015, management has concluded that due to continued lack of repatriations and deterioration ...
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News
DHL takes a stake in French e-commerce logistics specialist
Deutsche Post DHL Group is taking a 27.5% stake in Relais Colis, a French e-commerce logistics specialist serving Europe’s third largest internet retail market.The Germany based global logistics giant said that the minority holding will “support the further development of the French e-commerce logistics specialist’s network of pickup points and ...
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NewsAir cargo demand declines "bottom out" after November slide
Global airfreight volume declines may have “bottomed out” after another slide was recorded in November.The latest statistics from IATA show that air cargo demand in tonne km (FTK) terms declined by 1.2% in November compared with a year earlier, although November 2014 was a particularly strong month.Volumes were higher than ...
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News
Polar Air Cargo agrees to payout $100m in US cartel lawsuit
Polar Air Cargo has reached a $100m settlement with plaintiffs in the ongoing air cargo cartel class action lawsuit in the US.In a statement, the airline said that it, along with Polar Air Cargo Worldwide and parent Atlas Air Worldwide Holdings, will pay out $35m by January 15 this year, ...
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Aircraft orders monthly: China Southern, China Postal and Turkish place aircraft orders in December
Each month Air Cargo News analyses the latest aircraft orders, both passenger and freighter.China Southern Airlines' commits to 80 B737s and 10 A330-300China Southern Airlines has announced a commitment to purchase 80 B737s and 10 A330-300s.The Boeing commitment includes a combination of 30 Next-Generation 737s and 50 737 MAX airplanes, ...
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IATA looks to cut ULDs' $400m annual repair and damage costs
It’s a rough and tumble life being an airfreight unit load device (ULD).Despite being regulated as an aircraft part, the containers used for baggage and cargo still have a $300m annual repair bill due to ‘bends, scrapes and holes’.As the only aircraft equipment that travels up and down the logistics ...
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News
IATA tackling lithium battery risk for air cargo
IATA Cargo is working with regulators, postal authorities, airlines and forwarders to combat the threat posed by unauthorised or wilfully mis-declared airfreight shipments of lithium batteries.Dave Brennan, assistant director of cargo safety and standards at airline industry grouping IATA, said that 400m lithium batteries are manufactured each week.Lithium batteries are ...
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News
Brussels sooths TIACA’s customs fears
European Union tax officials have reassured the airfreight industry that there will be no abrupt changes to the rules for temporary storage, says TIACA secretary general Doug Brittin. The trade will also be invited to join a new project group on the issue that will work with member states and ...
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News
Flat picture for freight at world airports
World airfreight was significantly weaker than passenger traffic, inching up by only 0.3% in October, reports Airports Council International (ACI). International freight grew by 0.3% and domestic only 0.2%.The results for major freight hubs were mixed, with Dubai reporting a 10% increase in freight while Frankfurt, Tokyo-Narita and Taipei seeing ...
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News
e-AWB target of 56% by end of 2016 says IATA
IATA Cargo has set a 56% target for electronic air waybill (e-AWB) usage by the end of 2016, despite missing the 45% target for 2015.In October this year, the figure for e-AWB penetration was just 35.1% but Guillaume Drucy, IATA’s head of cargo e-business management, remained hopeful that ratio would ...
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News
IATA Cargo working closely with forwarders
IATA Cargo will acquire a leaner look as it cuts back on bureaucracy and complexity, as well as building a closer working relationship with the freight forwarder industry via the latter’s global body, FIATA.Glyn Hughes, IATA’s global head of cargo and now 18 months into the new role, said that ...
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IATA to meet US security chiefs on continued mutural recognition for European airfreight
IATA will meet next week with representatives of the Washington air cargo security community to safeguard a mutual recognition agreement between Europe and the US that is currently “under jeopardy”.The mutual recognition agreement (MRA) means that cargo being transferred or transited through the European Union (EU) is not subject to ...
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News
DSV target UTi sees airfreight volumes slide as it stays in the red
DSV takeover target UTi remained in the red during its financial third quarter, while airfreight volumes also suffered a double-digit decline.The company recorded a 17.9% year-on-year decline in revenues to $884.7m during the quarter ended October 31 while it recorded a net loss of $32.7m compared to $33.7m last year.It ...
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News
TIACA seeks clarity on US export plan
The airfreight industry is in discussions with US Customs and Border Protection (CBP) about what advance information will be needed for its Air Export Manifest Pilot, says TIACA.The outcome could have a major effect on airfreight from the US, it says.Secretary general Doug Brittin commented: “We will be considering how ...
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News
Europe ‘not ready’ for new customs rules, says TIACA
The new Union Customs Code (UCC), just six months away from coming into operation, will have a profound effect on the European Union’s imports and exports, warns TIACA secretary general Doug Brittin.Traders will have to give financial guarantees when they use temporary storage, unless they obtain a specific waiver, "and ...
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Hong Kong secures HK$5bn revolving credit facility
Airport Authority Hong Kong (AA) has signed a five-year HK$5bn ($650m) revolving credit facility with 21 local and international banks, a successful placing that lays the “solid foundation” for financing the hub’s three-runway system.Hong Kong, handling 4.4m tonnes, was the largest non-integrator air cargo hub in 2014.AA chairman Jack So ...
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E-AWB growth slows in October
Growth in the use of electronic air waybills (e-AWB) slowed in October making any hopes of hitting IATA useage targets now look forlorn.The latest IATA figures show that in October e-AWB penetration edged up by one percentage point compared with a month earlier to 35.1%.This follows two months in a ...
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News
Swissport owner HNA takes stake in Azul of Brazil
Chinese conglomerate HNA Group, which owns ground handler Swissport, is to take a 23.7% strategic stake worth $450m in Azul Brazilian Airlines.HNA Group now becomes the single largest shareholder of Brazil’s third largest airline and will appoint new members to the board of directors.HNA, owner of China’s fourth-largest airline, Hainan ...
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TIACA continues to push for uniform approach to advanced data
TIACA is continuing to push for regulators from various countries to implement aligned advanced data requirements to avoid a patchwork of regimes.The association, which represents members from across the supply chain, has been working with Europe’s DG Mobility and Transport on its advanced-data requirement, which goes into effect in May ...