Business – Page 32
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NewsLufthansa Cargo revenues surge despite volume drop
Lufthansa's logistics division saw revenues and operating profits increase again in the second quarter of the year despite a small drop in cargo volume.The division, which includes Lufthansa Cargo, time:matters, Jettainer and the company's share of AeroLogic, saw its second-quarter revenues increase by 45% year on year to €1.3bn, while ...
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NewsAir Canada Cargo to add B777 freighters
Source: Air CanadaAir Canada will add B777 freighters for the first time as it continues to expand its presence in the all-cargo market.The carrier today announced an order for two factory-built B777Fs to enter into service in 2024.The order comes as Air Canada has been investing in converting its B767 ...
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Reports: Apollo group in talks over Atlas Air takeover bid
A group led by investment firm Apollo Global Managment is in talks to purchase airfreight group Atlas Air Worldwide Holdings, according to Reuters.The newswire quotes a person familiar with the matter as saying that talks are at an advance stage, although no details of whether a deal had been reached ...
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CargoLogic Germany insolvency proceedings imminent
Insolvency proceedings are expected to be opened imminently against CargoLogic Germany (CLG), according to the airline's administrator.In an update, a spokesperson for insolvency administrator Lucas Flöther said that the company will soon need to start paying staff wages again. Those costs were previously secured for three months as part of ...
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NewsEtihad Cargo sees first-half revenues rise despite volume decline
Etihad Cargo reported a first-half increase in cargo revenues despite a drop in volumes as a result of a ramp-up of passenger operations.The Abu Dhabi-headquartered airline reported cargo revenues of $802m in the first half of 2022, representing an increase of 6% on the same period last year, despite a ...
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NewsAir France KLM sees cargo volumes tumble in Q2
Air France KLM (AF KLM) saw cargo revenue growth flatten and volumes decline in the second quarter as the group switched aircraft away from Asia.The airline group said that second-quarter revenues increased by 2.6% year on year to €918m, while cargo traffic dropped by 17.2% on last year to 1.7bn ...
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NewsIAG Cargo sees revenues fall in Q2
IAG Cargo registered declines in both freight traffic and revenues in the second quarter of the year.The cargo business saw second-quarter cargo revenues decline by 1.9% year on year to €411m, while traffic was down 5% on last year to 949m cargo tonne km.The decline in demand reflects overall market ...
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DB Schenker sees profits take off despite volume declines
DB Schenker saw its revenues and operating profits rapidly increase in the first half of the year despite a decline in volumes.The company, which was the strongest performing division in the Deutsche Bahn (DB) Group, reported a 35.8% year-on-year increase in total sales to €14.2bn in the first half and ...
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DSV second quarter income resilient against weakened demand
DSV has reported positive air results for the second quarter of 2022, aided by ongoing oceanfreight disruption and its acquisition of Agility’s Global Integrated Logistics (GIL), against a softening of demand.In the second quarter of 2022, the forwarder's Air & Sea division reported a 102.7% year-on-year increase in earnings before ...
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BIFA urges traders to prepare for UK's new customs system
UK freight forwarders association BIFA is urging traders to make sure they are prepared for the switchover to the new UK's new customs declaration system in the next couple of months.The association said it is confident that freight forwarders are ready for the change from the current CHIEF system to ...
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Kuehne+Nagel records strong Q2 airfreight results
Kuehne+Nagel’s (K+N) air logistics division has recorded robust results for the second quarter of 2022 despite the recent market slowdown.The air division's second-quarter net turnover was SFr3.2bn, up 37% from the same period of 2021, earnings before interest and tax (ebit) was SFr401m, 65% up year on year and air ...
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Newscargo-partner makes offer to acquire one third of sim cargo
Copyright: Esther Horvath/ cargo-partnerLogistics provider cargo-partner has announced its offer to acquire one third of the shares in European road groupage network sim cargo.cargo-partner has been a long term partner of the groupage network and a system partner of Germany-headquartered sim cargo, especially for distribution in Central and Eastern Europe.The ...
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NewsWFS achieves ISAGO registration for its North America headquarters
Mike Simpson EVP Americas at WFS. Photo: WFSWorldwide Flight Services (WFS) has achieved IATA Safety Audit for Ground Operations (ISAGO) registration for its headquarters in North America, confirming its compliance with aviation industry best practices and standards for ground safety.ISAGO is an internationally recognised system for assessing the operational management ...
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Four Russian cargo carriers to receive subsidies
The Volga-Dnepr Group is among four Russian cargo airlines that will receive government support subsidies.Russian state-owned news agency Ria Novosti reports that Russian Federal Air Transport Agency Rosaviatsia has approved subsidies for Volga-Dnepr, Abakan Air, Aviastar-TU and Aviacon Zitotrans.Rosaviatsia said the money is in response to external sanctions and will ...
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NewsCEVA expands in Africa with latest acquistion
Source: CEVAFast-growing CEVA Logistics is expanding its presence in Africa through the purchase of forwarder Spedag Interfreight.Spedag has offices in several countries in east Africa and specialises in energy and infrastructure, aid and relief, oil and gas, and commodities.The company employs around 400 people in 24 locations in Kenya, Uganda, ...
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Newscargo-partner weighs up ownership options as Stefan Krauter steps down
Stefan Krauter. Copyright: Esther HorvathLogistics provider cargo-partner is considering its future ownership structure as founder, chairman and chief executive Stefan Krauter prepares to step down.Karin Schwarz, corporate director of communications and marketing at the Austria-based company confirmed the plans, telling Air Cargo News that a decision on new ownership of ...
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NewsASL Aviation grows financial facility as its freighter fleet renewal programme advances
ASL Airlines Ireland B737-800BCF. Photo: ASL Aviation HoldingsASL Aviation Holdings has completed the extension and upsizing of its existing debt facility with Goldman Sachs as it continues with its freighter fleet renewal programme.The agreement builds on the Dublin, Ireland headquartered global aviation services group’s relationship with Goldman Sachs to ...
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Unexpected airfreight rate stagnation down to fuel prices and a slowing market
Many had expected the opening up of Shanghai and Hong Kong following strict Covid lockdowns to result in a surge in rates from Asia as factories played catch up following months of closure.However, TAC Index figures show that rates actually declined marginally in June compared with May from Hong Kong ...
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Kuehne+Nagel's Klaus-Michael Kuehne increases stake in Lufthansa to 15%
Kuehne+Nagel majority owner Klaus-Michael Kuehne has increased his stake in German airline Lufthansa to 15% to become the airline's largest shareholder.In a shareholder notification on its website, Lufthansa said that Kühne's share in the business had increased from 10% to 15.01% on July 5.It was only in April that Kuehne ...
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Saudia Cargo improves financial planning
Saudia Cargo has partnered with Revenue Technology Services (RTS) to improve its financial planning and efficiency.The partnership entails the implementation of revenue planning solution Foresight, pricing solution Accelerate, and revenue management solution Velocity.Foresight helps airlines to determine the value of cargo in a schedule, set revenue and sales targets and ...