Business – Page 18
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News
Air Canada Cargo revenue drops nearly 25% in Q2
Air Canada's cargo business saw second-quarter operating revenues drop 24% year over year.Operating revenues for Air Canada Cargo in the three months ended June 30 were C$227m, down from C$299 in the same period in 2022.Michael Rousseau, president and chief executive of Air Canada, said in a press release: "Our ...
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News
Forward Air and Omni Logistics to merge
Global multimodal provider of air, ocean and ground services Omni Logistics will merge with Forward Air, a provider of transportation services across the US, Canada and Mexico.The definitive agreement will create a combined company that generated approximately $3.7bn of adjusted revenue for the twelve months ended June 30."The combination of ...
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News
Cathay Pacific reports lower cargo revenues in H1
Cathay Cargo saw its revenues decline in the first half of the year despite increasing volumes.The Hong Kong-hubbed carrier saw first-half cargo revenues decline by 10.1% year on year to HK$12.4bn, while volumes increased by 23.8% on last year to 651,000 tonnes.Capacity measured in available cargo tonne km increased by ...
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News
Troubled Wheels Up Experience looks to stabilise operations
Private jet firm Wheels Up Experience - the parent of charter broker Air Partner - has moved to stabilise the business as it faces financial troubles.The company yesterday announced that its largest shareholder, Delta Air Lines, has provided a short-term capital infusion to the company.Wheels Up Experience said that it ...
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NewsUPS revenues drop by over 10% in second quarter
Express giant UPS showed it's not immune to the challenges of the current economic climate when it announced a second quarter drop in consolidated revenues of over 10% year on year.UPS said its second-quarter 2023 consolidated revenues were $22.1bn, a 10.9% decrease from the second quarter of 2022.Consolidated operating profit ...
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News
MNG Airlines and Golden Falcon terminate proposed business combination
Turkish freighter operator MNG Airlines has terminated its proposed business combination agreement with the specialised private equity company Golden Falcon Acquisition.MNG and Golden Falcon had disclosed the proposed combination in December last year, as part of the airline’s strategy to become a publicly-listed US company on the New York stock ...
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News
Strong market recovery helps Titan Airways to post record year
UK charter carrier Titan Airways returned to profit for the 12 months ending March 2023, a year in which it posted record revenues of £187m.The improved performance, disclosed in accounts filed with the UK’s Companies House, was driven by a boosting of its fleet utilisation amid the return of regular ...
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NewsWestern Global files for chapter 11 bankruptcy protection
Source: Carlos Yudica/ShutterstockTroubled US freighter operator Western Global Airlines (WGA) has filed for Chapter 11 bankruptcy protection as part of efforts to stabilise operations.Following on from reports last week that the airline had reached a bankruptcy financing deal, WGA today confirmed that it had filed for the protection whilst also ...
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News
Woodland Group acquires WBS Nordic
Global logistics, freight forwarding & supply chain specialist Woodland Group has acquired WBS Nordic, a logistics supplier to the print and publishing industry across the Nordic Regions.This follows the part-acquisition of WBS UK by Woodland Group in September 2021.Woodland Group said in a press release that "we’re pleased to announce ...
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News
Air cargo set for slow recovery as it reaches the bottom
Air cargo volume declines have bottomed out but are expected to remain in the doldrums for a while yet.Writing in the latest Baltic Exchange air cargo market newsletter, Bruce Chan, director and senior research analyst covering global logistics and future mobility at investment bank Stifel said that the company felt ...
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Insights
Putzger perspective: Not there yet
Are we there yet? One of the hallmarks of summer are cars headed to vacation destinations echoing with this refrain issued at frequent intervals by kids anxious to reach the end of the journey. Adults waiting for an outcome usually have a more judicious approach to the distance, but some ...
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News
Freighter leases help ATSG cash in
Air Transport Services Group's (ATSG) Cargo Aircraft Management (CAM) division looked healthy in the second quarter ended June 30, thanks to sustained freighter leases.Aircraft leasing and related revenues from external customers in the second quarter were up 4% for CAM, year on year.This was "driven by higher average lease rates ...
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NewsCathay Cargo receives IATA’s CEIV Lithium Batteries accreditation
Cathay chief customer and commercial officer Lavinia Lau (right) and director cargo Tom Owen (left) receive the IATA Center of Excellence for Independent Validators Lithium Batteries (CEIV Li-batt) certification from IATA regional vice president Xie Xingquan. Photo: Cathay PacificCathay Cargo and the Cathay Cargo Terminal have received the IATA ...
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News
LATAM Cargo revenues take a hit as southbound demand softens
Chile-headquartered LATAM Airlines Group cargo revenues took a hit in the three months ended June 30, against a backdrop of softening demand.Cargo revenues decreased by 23.2% year on year in the second quarter to reach $355m. This was as capacity grew, and southbound demand to South America declined.Nonetheless, the carrier ...
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NewsLufthansa Cargo outperforms the market in Q2
Photo: Lufthansa GroupLufthansa Cargo “outperformed the market as a whole” in the second quarter of this year, as average yields remained 40% above 2019 levels despite lower air cargo demand.Freight capacity was six percent above the same period of 2022, largely due to the recovery in passenger demand and subsequent ...
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News
MSC acquires majority stake in AlisCargo Airlines
Mediterranean Shipping Company (MSC) has acquired a majority stake in Milan-based airfreight carrier AlisCargo Airlines.The acquisition follows MSC's confirmation last month that it was in talks with the cargo airline, as it continues to develop its air cargo operations.This deal initiates a 100% takeover set to take place at the ...
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NewsWinter of discontent predicted as air cargo rates plummet
With volumes down and capacity up, July saw global air cargo rates continue their downward trajectory – foreshadowing a tough winter season for airlines, according to market analysis by Xeneta-owned CLIVE Data Services.“The month of July rarely provides any surprises in terms of unexpected performance levels in the global air ...
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News
Western Global Airlines reaches bankruptcy financing deal
Florida-headquartered Western Global Airlines (WGA) has reached a bankruptcy financing deal that will enable the cargo carrier to continue operating while it addresses its financial position.According to a Bloomberg report published on July 31, the carrier has lined up US$77.3m of bankruptcy financing at a rate of 9% over the ...
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NewsDHL airfreight volumes continue to fall
Melanie Kreis, DHL Group chief financial officer. Photo: DHLDHL Group’s second quarter airfreight volumes reflect what the company called a “less dynamic market environment”, having declined by 13% year on year to 415,000 tons – while revenue plummeted 46.8% to €1.48bn.Looking at airfreight performance during the first half of the ...
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News
Deutsche Bahn mulls DB Schenker sale options
Rail and logistics giant Deutsche Bahn (DB) is continuing to assess its options for selling its forwarding subsidiary DB Schenker.Levin Holle, member of the Management Board for Finance and Logistics, noted that the business is performing well, despite much more challenging market conditions than in 2022.Speaking during the DB Group's ...