Business – Page 27
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News
SATS seeks shareholders' approval for WFS takeover
SATS will hold an Extraordinary General Meeting (EGM) on January 18 to seek shareholders’ approval for the proposed acquisition of air cargo handler Worldwide Flight Services (WFS).The Singapore-based aviation services company struck a deal last September to buy WFS from an affiliate of asset investor Cerberus Capital Management in a ...
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News
Tiaca positive for air cargo in 2023 despite tough outlook
Air cargo association Tiaca is predicting another tough 12 months for air cargo demand, but has also outlined positives for the industry.In its latest newsletter, the association said that high inflation, high interest rates, high energy costs and concern over job security have compounded to create an air of defensive ...
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NewsDachser takes over joint ventures in Hungary
Photo: DachserLogistics company Dachser has acquired the remaining 50% of the shares in its Hungarian joint ventures “Liegl & Dachser Szállítmányozási és Logisztikai Kft.” (transport and storage of industrial goods and food products) and “Liegl & Dachser ASL Hungary Kft.” (air and sea freight).In the course of the acquisition, which ...
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News
FedEx Express is pain point for FedEx in second quarter
FedEx faced continued weak market demand for air cargo in the second quarter with FedEx Express a particular pain point.In the second quarter ended November 30, the transport company said previously implemented cost reduction measures helped soften the blow of reduced FedEx Express revenue.Second quarter fiscal 2023 revenue was $22.8bn ...
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NewsWhat would a combined DB Schenker and DHL mean for airfreight volumes?
Last week Deutsche Bahn assigned its management board to examine and prepare the case for a potential sale of up to 100% of its shares in DB Schenker.Speculation immediately turned to who could be a potential buyer for the forwarding unit if state-owned Deutsche Bahn does decide to pursue a ...
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News
Volga-Dnepr UK strike-off notice discontinued
The compulsory strike-off notice that was served to Volga-Dnepr UK earlier this year has now been withdrawn according to Companies House.A new filing on the UK's company register dated December 21 shows that cause has been shown as to why Volga-Dnepr UK should not be struck off the register."Accordingly the ...
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News
MSC's acquisition of Bolloré Africa Logistics is complete
MSC Group's subsidiary SAS Shipping Agencies Services has completed the acquisition of Bolloré Africa Logistics.The sale, agreed in May, comprises all of the Bolloré Group transport and logistics activities in Africa, on the basis of a €5.7bn enterprise value, net of minority interests.The sale price of the shares is €5.1bn. ...
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News
Deutsche Bahn prepares for the sale of DB Schenker
Deutsche Bahn is preparing for the sale of its freight forwarding subsidiary DB Schenker as it looks to focus on its core rail business.The rail group said today that it has assigned its management board to examine and prepare the case for a potential sale of up to 100% of ...
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News
MNG Airlines to be listed on the NYSE
Turkish freighter operator MNG Airlines is to be listed on the New York Stock Exchange (NYSE) via an agreement with Golden Falcon Acquisition Corp in a transaction expected to have a pro-forma enterprise value of $676m.The Istanbul-based carrier has over 15,000 corporate customers across 41 countries with more than 3,500 ...
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News
Hyperion launches aircraft funding platform
Hyperion Aero Capital (Hyperion) has launched an aircraft funding platform focused on financing long-term cargo leasing and leased business jets.Financing for aircraft has become increasingly fragmented as the traditional lenders have retreated to more vanilla financing and yet the private aviation sector continues to grow.Post-COVID, shipping blockages and limitations on ...
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NewsIATA: Airlines to return to profit next year but cargo under pressure
Airline association IATA is expecting airlines to return to profit next year after three years of losses due to the outbreak of Covid but cargo volumes, yields and profits are set to decline.IATA said that in 2023 it expects airlines to post a "small" net profit of $4.7bn, which equates ...
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InsightsPutzger perspective: Airport bottlenecks
Photo: Number1411/ ShutterstockUS airports are set to plough government funding into passenger facilities but neglect cargo, writes Ian Putzger.The supply chain disruptions of the past two years have led to a loosening of government purse strings in many locations.Faced with epic congestion from ports to inland rail hubs, the US ...
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News
Groupe BBL acquires Share Logistics Group
France-based logistics service provider Groupe BBL has acquired South Holland-headquartered Share Logistics Group.The companies said that Share Logistics Group data, based on the estimated results for 2022, show a combined revenue for the Group subsidiaries that is close to €230m.This data also shows “around 50,000 overseas transport files on full ...
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News
SATS secures funding plan for WFS takeover
Aviation services company SATS has finalised its funding plan for the proposed acquisition of cargo handler Worldwide Flight Services (WFS).The funding plan for the total acquisition cost of S$1.8bn is a mix of term loan and renounceable underwritten rights issue, with the remaining amount financed by internal cash balance.The loan ...
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News
DB Schenker set for reorganisation
Freight forwarding giant DB Schenker is planning to restructure in order to "simplify" and "reduce administration costs", according to Air Cargo News sister title DVZ.Following up on reports in the Loadstar, sources confirmed to the German publication that the move would streamline management at individual country level, replacing them with ...
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Atlas Air takeover moves ahead after shareholders' approval
The takeover of Atlas Air Worldwide Holdings took a step forward yesterday when the firm's shareholders voted to approve the deal.More than 99% of the shareholder votes cast were in favor of the adoption of the agreement, which represented approximately 80.9% of the outstanding shares of company's common stock.The final ...
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NewsEtihad Cargo achieves IATA CEIV pharma recertification
Photo: Etihad CargoEtihad Cargo has been recertified as meeting IATA's CEIV Pharma standards.The cargo division of Etihad Aviation Group achieved IATA CEIV Pharma recertification following an audit by independent validators that assessed the carrier's capacity to control and enhance its processes through a checklist that focused on Etihad Cargo’s Quality ...
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NewsWallenborn acquires stake in Skyroad Logistics
Photo: WallenbornAir cargo road feeder services (RFS) operator Wallenborn is acquiring a shareholding in Australian RFS firm Skyroad Logistics.The stake, which Wallenbon told Air Cargo News it is "not disclosing" at this stage, enables Wallenborn to add Oceania to its RFS network, which already provides extensive coverage in Europe and ...
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Air cargo to join box shipping in 'overcapacity corner'
Air cargo faces a stint in 'overcapacity corner' next year alongside the ocean shipping sector, according to data analyst Xeneta.The data firm, which is parent to CLIVE Data Services, said that weaker volumes and higher capacity would result in overcapacity in air cargo next year.Ocean shipping is also expected to ...
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Cargojet delays B777F delivery
Freighter operator Cargojet has delayed the delivery of one of its B777 converted freighters as part of efforts to manage capital expenditure (CapEx).Speaking following the publication of the Canada-based airline's third-quarter results, president and chief executive Ajay Virmani said that the company had delayed the delivery of one of its ...