Business – Page 39
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News
Menzies dismisses takeover bid
Aviation services group John Menzies has rebuffed a takeover bid from Agility subsidiary National Aviation Services (NAS) Holding.Menzies, which provides airfreight wholesale through Air Menzies International and ground handling through Menzies Aviation, said that after careful consideration it had rejected the offer of £5.10 per share.The board concluded that the ...
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NewsDSV reports record results on higher rates and GIL takeover
DSV reported record revenues and profits last year thanks to higher freight rates and acquistions.The Danish forwarder reported a 57.2% year-on-year increase in revenues for the year of DKr182.3bn, while earnings before interest and tax (ebit) were up 70.4% to DKr16.2bn and net profit climbed 164.3% to DKr11.2bn.Results were boosted ...
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News
Maersk swoops on Pilot to expand US forwarding presence
Shipping giant AP Moller Maersk has swooped on US forwarder Pilot Freight Services as it continues to expand its logistics presence.The transaction price is $1.7bn and the deal is expected to be completed in the second quarter of 2022. The current owners of Pilot are private equity firm ATL Partners ...
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News
Swissport boosted by record cargo performance
Ground handler Swissport reported a successful business year in 2021 thanks primarily to its cargo unit.The company processed 5.1m tonnes of cargo at its more than 100 air cargo facilities last year, which is an all-time high and represents a 10% increase compared with pre-pandemic 2019 levels.Meanwhile, the company's larger ...
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News
Flexport secures funding as it looks to expansion
Flexport has secured $935m in funding to be used to "accelerate development of its technology platform" and expand.The freight forwarder said the money would allow it to add new locations and markets, continue building a "logistics tech ecosystem" and invest and partner with new companies in the industry.It added that ...
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News
Airfreight rates remain elevated in January
Airfreight rates on key trades were ahead of last year in January even though prices were down from the December peak.The latest figures from the Baltic Exchange Airfreight Index (BAI) show that rates from Hong Kong to North America stood at $10.90 per kg in January.This is far above the ...
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NewsLufthansa Cargo renews quality management certification
Photo: Lufthansa CargoLufthansa Cargo has successfully renewed its Cargo iQ quality certification.The German cargo airline was recently re-certified by the independent auditing company SGS in accordance with IATA’s Cargo iQ Standards for quality management along the airfreight transport chain.SGS’ audit included a documentary pre-audit as well as an examination of ...
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NewsAir cargo the 'silver lining' for Asian airlines
Air cargo was the sliver lining for Asian airlines last year as demand edged ahead of pre-pandemic levels while passenger traffic was decimated.The latest figures from the Association of Asia Pacific Airlines (AAPA) show that last year carriers from the region saw their international cargo traffic increase by 20.1% year ...
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NewsXeneta swoops on CLIVE Data Services
Niall van de Wouw of CLIVE Data Services and Xeneta's Patrik Berglund. Source: CLIVE Data ServicesAir and ocean rate data provider Xeneta has acquired airfreight data firm CLIVE Data Services as it looks to meet rising demand.Xeneta said that acquisition comes as the global freight market had been through its ...
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News
Broker Air Partner set to be bought in $107m deal
Private aviation firm Wheels Up Experience Inc has reached an agreement to buy UK-based charter broker Air Partner.Under the terms of the transaction, Wheels Up will acquire the entire issued and to be issued ordinary share capital of Air Partner for £1.25 per share, equivalent to an enterprise value of ...
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NewsIATA: Strong 2021 air cargo demand with constrained capacity
Willie Walsh. Photo: IATADemand for air cargo in 2021 was strong but capacity was constrained, according to IATA.Full-year demand for air cargo increased by 6.9% in 2021, compared to 2019 (7.4% for international operations) and 18.7% compared to 2020, following a strong performance in December 2021.This was the second biggest ...
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News
MSC and Lufthansa eye ITA Airways
Container shipping giant Mediterranean Shipping Co. (MSC) is interested in acquiring a majority stake in Italian state airline ITA Airways.The MSC Group aims to create a partnership with the Italian Government and the German airline Lufthansa.Both the MSC Group and Lufthansa have expressed the wish that the Italian Government maintains ...
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NewsNew fund to boost air cargo investment
Photo: PixabayA new exchange traded fund (ETF) that aims to provide diversified access to the global sea shipping and airfreight industries has begun trading on the New York Stock Exchange (NYSE).Investment advisory firm U.S. Global Investors’ U.S. Global Sea to Sky Cargo ETF (SEA) consists of common stocks listed on ...
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NewsSeko promotes Dalton in legal role
Char Dalton. Source: Seko LogisticsSeko Logistics has promoted Char Dalton to chief legal officer and chief of staff to focus on the company’s long-term growth objectives.In her new role, Dalton will support the chief executive, James Gagne, with execution of strategic initiatives across all portfolio companies.Responsibilities include building and leading ...
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News
Freightos Group acquires 7LFreight
The Freightos Group has acquired North American rate management company 7LFreight.The deal means that the WebCargo booking solution will be integrated into 7LFreight's platform, giving the company access to a wider market.WebCargo said that the acquisition solidifies its North American presence, bringing 7LFreight customers onto its booking platform which connects ...
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NewsSwissport acquires Aruba’s AGS Aviation Ground Services
Photo: SwissportSwissport has finalised the acquisition of AGS Aviation Ground Services in Aruba and its ground handling operations at Queen Beatrix International Airport (Aruba Airport).The new ground handling services in Aruba is an expansion of Swissport’s existing operations at Aruba Airport, where the Swiss services provider currently maintains an air ...
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NewsVINCI to develop cargo at Brazil’s Manaus Airport
Manaus International Airport in Brazil. Photo: Vinci AirportsVINCI Airports has taken over the operations of Manaus International Airport in Brazil and plans to further develop its cargo business.Manaus has already established itself as a cargo airport in Brazil and France-headquartered VINCI will now focus on optimising its operations.VINCI took over ...
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NewsSave the Date: Air Cargo News Awards announced
The Air Cargo News Awards will this year take place on September 16 in the UK at the Runnymede on Thames Hotel, just a stone's throw from Heathrow Airport.Last year's event was a sell out with more than 240 industry figures attending the glittering awards ceremony to honour and celebrate ...
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News
Financial risks for P2F conversions
Financing a P2F conversion can be a complex process with significant risks, a new report has highlighted.Beyond standard asset, debtor and jurisdictional risks, financing a P2F conversion brings into play considerations that are not ordinarily found in a typical aircraft financing deal, said London-headquartered international law firm ReedSmith.The company said ...
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NewsFedEx feeder provider West Air sold
FedEx Feeder. Photo West AirEmpire Holdings, parent company of Empire Airlines, has purchased California-based FedEx Feeder airline West Air.West Air operates Cessna Caravan aircraft for FedEx, servicing parts of California, Nevada, and Utah. Founded in 1978, the company has served as a FedEx Feeder operator since 1987.The acquisition expands the ...