Business – Page 26
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InsightsAir cargo outlook: challenging market ahead
It’s been an interesting period for the air cargo industry as volumes have been trending downwards since the first half of last year, while the capacity situation continues to change and rates remain above pre-Covid levels despite recent declines.The fall in volumes reflects high inflation that is affecting consumer spending, ...
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NewsDSV reports on a strong year
Denmark-headquartered supply chain services provider DSV has revealed strong results for 2022, which it said had been driven by “good performance across all our business areas”.Over 2022, its gross profit increased by 33%, while earnings before interest and taxes (EBIT) before accounting for special items rose by 48%.DSV’s Air & ...
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Qatar Airways and Airbus reach settlement in A350 row
Airbus and Qatar Airways have reached a settlement regarding their legal dispute over A350 surface degradation and the grounding of A350 aircraft, said the airframer in a media release on February 1.Qatar Airways issued legal proceedings against Airbus in the Technology and Construction Court of London’s High Court of Justice ...
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UPS revenues hit by market downturn
Express services giant UPS was hit by air cargo demand decline in the fourth quarter of 2022.The cargo carrier's fourth quarter consolidated revenue was $27bn, down 2.7% on the same three months of 2021.Consolidated operating profit fell by 17.9% in the final three months of 2022 compared to the same ...
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Freightos begins trading as a public company
Freightos has completed its merger with acquisition company Gesher and has commenced trading as a public company on the Nasdaq stock exchange in New York, US.The global freight booking and payment platform entered into a definitive merger agreement with Gesher in June last year.The combined company is operating as Freightos ...
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IATA blasts draft ban on cargo-only operations at Mexico’s busiest airport
IATA has blasted a government plan to ban cargo-only flights from Mexico City’s primary airport.According to local Mexican media reports, the leaked draft of a document published last week reveals that the government intends to close Benito Juarez International airport, the busiest in the country, to operators that ”provide national ...
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TIACA adds Latin America expertise
The International Air Cargo Association (TIACA) has appointed Eric Hartmann as its regional representative – Latin America.As a regional representative, Hartmann will enhance member relations within Latin America by networking and building relationships with current and prospective members, regional bodies and the respective government agencies.He is also tasked with promoting ...
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Air charter demand rising
The global air charter services market is expected to be valued at $31.9bn in 2023, according to a US market research company.Fact.MR said the market is projected to have a total valuation of $54bn by 2033.The company's research found the market is highly fragmented currently, and North America holds a ...
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Lufthansa submits offer to acquire a stake in ITA Airways
Lufthansa has confirmed it aims to acquire a minority stake in Italian national carrier ITA Airways with options for a full acquisition in the future.The German airline said on January 18 it submitted an offer to the Italian Ministry of Economy and Finance with a view to signing an MoU ...
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IATA completes revisions to air transport industry manuals
The International Air Transport Association (IATA) has completed the annual review of its air transport industry manuals for cargo, ground handling and operations.The manuals now incorporate the updates made to many industry standards over the past year, said the industry body.It added that these revisions reflect the sector’s commitment to ...
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CargoLogicAir expected to have funds to pay creditors
Administrators of UK-based freight operator CargoLogicAir expect to realise sufficient funds to pay all creditors in full, but have outlined the difficulties of its task given the company’s Russian links and the international sanctions regime, writes Air Cargo News' sister title FlightGlobal.CargoLogicAir, which operated Boeing 747 freighters, was forced to ...
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SATS shareholders approve WFS acquisition
Singapore-based SATS' shareholders have voted to approve the planned takeover of cargo-handling giant Worldwide Flight Services (WFS).At an Extraordinary General Meeting on January 18, 96.8% of the total number of votes were in favour of a resolution to approve the transaction.With the receipt of shareholder approvals, the deal is now ...
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Boeing confirms 2022 was a busy year for freighters
Boeing has reported it received a total of 78 orders across its commercial freighter line in 2022.This included 45 orders for the B767-300F and current B777F.It also launched the B777-8F with more than 50 orders, including conversions.Commercial deliveries include 44 new production freighters.In total, there were 480 aircraft (passenger and ...
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GEFCO to be re-branded as CEVA following takeover
Automotive logistics firm Gefco will be re-branded as CEVA Logistics and become part of a newly created Finished Vehicles Logistics (FVL) division at the forwarder.The integration of Gefco into the wider CEVA organisation follows the purchase of the automotive logistics firm in July 2022 by the CMA CGM Group, which ...
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NewsIATA: Mixed signals for cargo as demand drops in November
There are mixed signals regarding air cargo's outlook after November saw another double-digit percentage decline in demand.The latest IATA statistics show that airfreight demand in cargo tonne km terms (CTK) declined by 13.7% year on year in November.Capacity for the month fell by 1.9% against last year and load factors ...
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NewsStrike Aviation looks ahead to a cargo recovery in the second-half
Andrius Antanaitis. Source: Strike AviationGSSA Strike Aviation is expecting that the air cargo market will pick up in the second half of the year following a tough opening six months.The company said that it expects the market slowdown experienced last year to continue in the first part of the ...
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US SMEs explore nearshoring to avoid supply chain disruption
US small- and medium-sized enterprises (SMEs) are moving their supply chains closer to their home market at a faster rate than predicted to help minimise supply chain disruption.A survey from Gartner-owned consultant Capterra shows that 88% of the 300 SMEs surveyed plan or are currently in the process of switching ...
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Air Cargo News' most read in 2022
Last year was another turbulent year for the air cargo industry as the rapid growth experienced in 2021 turned to decline and capacity began to open up as passenger networks re-opened.Despite the demand declines, volumes stayed ahead of pre-Covid levels and rates remained far above the levels achieved in 2019 ...
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NewsCLIVE: Dig deeper for true air cargo market picture
The air cargo industry is holding its own given the economic pressures it faced last year and despite a consistent drop in demand.According to the latest industry analysis by Xeneta-owned CLIVE Data Services, in December, chargeable weight fell 8% year on year and the general airfreight spot rate registered its ...
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NewsMaersk completes Martin Bencher acquisition
Martin Bencher employees. Photo: MaerskMaersk has completed the acquisition of Danish project logistics specialist Martin Bencher Group as it strives to diversify its supply chain offering.The deal, announced in August last year, has an enterprise value of $61m and will allow the shipping giant to launch Maersk Project Logistics.Founded in ...