Business – Page 13
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News
Freighter financing deal for Crestone Air Partners
Aviation asset management platform and lessor Crestone Air Partners (CAP) has secured financing for more freighters.Ashland Place Finance LLC, a commercial aviation financing platform, has completed a new facility financing the acquisition of three Boeing 737-800 freighters for Crestone and alternative investment advisory firm, Atalaya Capital Management.Ashland Place previously financed ...
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Vancouver Airport in line for major expansion funding
The Government of Canada will invest up to C$74.3m at Vancouver International Airport to enable it to handle more cargo.This investment, part of the National Trade Corridors Fund, will be used to expand the airport, improve its facilities and efficiency, and reduce pollution, said a press release.The project will also ...
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NewsDHL, FedEx and UPS face India competition probe
Source: Worawee Meepian/shutterstockDHL, FedEx and UPS are under investigation by the Competition Commission of India (CCI) over alleged antitrust violations.Newswire Reuters reported that the local units of the three express giants were the focus of an investigation following a complaint from the Federation of Indian Publishers.According to the report, the ...
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NewsAir cargo traffic, capacity and revenues continued to recover in Q4
Air cargo traffic, capacity and revenues continued to recover in late 2023. According to IATA, world air cargo traffic expanded 8.3% year-over-year, as measured in cargo tonne-kilometres (CTKs), in November 2023, the best month for industry traffic growth since December 2021.After 17 months of consecutive decline, traffic tepidly began growing ...
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News
Amerijet offloads freighters and restructures
US freighter operator Amerijet is offloading Boeing 757 aircraft and restructuring the business as it looks to respond to changing market conditions.The Miami-headquartered airline said that it has completed a successful financial and operational restructuring to "enhance the Company's capital structure and support go-forward operations".The restructuring includes the return of ...
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Future of Leipzig/Halle cargo hub under scrutiny
Auditing firm KPMG has completed a restructuring report on the financially ailing operator of Leipzig/Halle Airport, Mitteldeutsche Flughafen AG (MFAG), with observers expecting that shareholders will have to inject fresh capital.According to Air Cargo News sister title DVZ, KPMG will hand over a so-called IDW-S6 restructuring report to the management ...
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News
IATA recertifies Singapore Airlines for CEIV Fresh
Singapore Airlines (SIA) has attained IATA recertification for its handling of perishable products via its Singapore hub.The CEIV Fresh recertification is valid for three years, starting from February 1.Nine SIA stations - Amsterdam, Barcelona, Brussels, Frankfurt, Ho Chi Minh City, Hong Kong SAR, Hyderabad, Singapore, and Zurich - are currently ...
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NewsNippon Express moves into the top-five airfreight players with cargo-partner deal
Photo Copyright: cargo-partnerNippon Express Holdings has completed its acquisition of several cargo-partner businesses based in central and eastern Europe.The shares of the businesses were acquired by a special purpose company wholly-owned by Nippon Express Europe, which is in turn a subsidiary of Nippon Express Holdings.Terms of the deal were not ...
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NewsAir Cargo News' most-read stories 2023
Photo: Khongtham/Shutterstock.The past 12 months have been another tough period for the air cargo market as a sluggish global economy transferred through to weak air cargo volumes.However, airfreight rates and revenues remained above pre-covid levels and e-commerce and other special product categories continued to support the market. There were also ...
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News
Year ends with quarterly improvement in air cargo volumes
The fourth quarter of 2023 was the first to show a volume improvement on 2022 levels, according to end-of-year figures from WorldACD.Figures from the data provider show that air cargo volumes increased by 3% in the fourth quarter, compared with a 3% decline in the third quarter, a drop of ...
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News
Korean Air targets completion of Asiana acquisition in 2024
Korean Air said it expects to complete the acquisition of Asiana Airlines this year, as it acknowledged that the process had “taken much longer than expected”.In a message to employees on New Year’s Day, airline chief Walter Cho said he is “confident” the merger – first announced in November 2020 ...
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NewsEAC examines the evolving role of air cargo
Source: EACThe recent European Aviation Conference, which took place at the Luxembourg Centre for Supply Chain Management (LCL) at the University of Luxembourg, brought together policymakers, academia and industry for a deep discussion on the evolving role of air cargo, as well as its trends, challenges and opportunities in a ...
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News
ECJ blocks UPS' claim for TNT deal damages
Europe's top court has rejected UPS' claims for damages of more than €1.7bn related to its failed takeover of TNT in 2013.The European Court of Justice this week rejected UPS' claim against the European Commission (EC) for compensation for the "economic losses allegedly suffered due to the unlawfulness" of the ...
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News
FedEx reorganises air network
FedEx will reorganise its air network to better suit the demands of various shipment types as part of efforts to cut costs.The company this week revealed that it would divide its air network into three sections; purple orange and white.The purple network will deliver high-priority, high-margin volumes through FedEx-owned aircraft ...
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NewsFedEx claws back costs in Q2 but Express suffers
FedEx's continuing work to trim costs within the business were evident in its second quarter 2024 results, although the Express segment suffered in particular.Total second quarter operating income for the period ended November 30 was $1.28bn, up 9%. Adjusted operating income increased by 17%.As with the previous quarter, FedEx said ...
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Ethiopian Airlines secures financing for two 777Fs
Ethiopian Airlines has secured a $450m loan agreement that it will partly use to finance the purchase of two of its previously announced Boeing 777 freighters.The loan will also finance three Boeing 737-8 passenger aircraft.The airline said that "delivery of all the aircraft will be completed in the US state ...
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NewsDB Schenker sale process underway as firm is officially on the market
Deutsche Bahn has confirmed that subsidiary DB Schenker is officially up for sale a year after it began examining the possibility of selling its freight forwarding and logistics business.The state-owned German railways giant said in a statement this morning that it has launched the sales process for the world's fourth-largest ...
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Abu Dhabi wealth fund eyes DB Schenker?
It is just over a year ago that Deutsche Bahn announced it would examine how best to offload freight forwarding and logistics business DB Schenker.Since the state-owned German railways giant made that statement, there has been no further announcements on the progress of the sale directly from Deutsche Bahn itself.Instead, ...
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CargoLogicAir administration to progress after bank account secured
CargoLogicAir's joint administrators have secured access to a bank account that will allow the administration process to progress.In a progress report, the airline's administrator Buchler Phillips said that they had secured the bank account in October after a delay caused by sanctions related to the war in Ukraine.A deal with ...
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NewsRealterm acquires Calgary Airport air cargo facility
Photo: RealtermGlobal investment manager Realterm has acquired the Airfreight Logistics Centre at Canada's Calgary International Airport to expand its transport logistics property portfolio.The centre is situated on land leased from the Calgary Airport Authority, directly adjacent to the airfield at the Calgary International Airport (YYC), which handles 75% of Alberta’s ...