Business – Page 49
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News
Interview: Virgin Atlantic Cargo - A changing landscape
Virgin Atlantic Cargo adapted quickly to freight-only flying last year. Managing director Dominic Kennedy tells Damian Brett about the challenges it faced and the opportunites that lie ahead.People often say they enjoy working in the air cargo industry because no two days are the same. However, when Virgin Atlantic Cargo ...
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Cargo-only PAX flights help IAG Cargo to achieve increased revenues in 2020
IAG Cargo has noted an increase in revenues and yields in its full-year 2020 financial results.The carrier achieved an 18.5% year-on-year increase in revenues to €1.3bn."Cargo helped to make longhaul passenger flights viable," said Luis Gallego, chief executive of parent company IAG.Meanwhile, yields climbed 94.6% and sold tonnes of capacity ...
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Work underway on new dnata Heathrow facility
Aberdeen Standard Investments’ Aiput fund has started construction of Phase II of dnata City East, a 117,000 sq ft extension of its Heathrow cargo facility.Full planning permission for the warehouse was granted in August 2020. The building will be operated by dnata, which also operates the nearby 250,000 sq ft ...
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NewsDachser ramps up capacity on Frankfurt-Chicago route
Dachser USA has added an extra weekly flight on its Frankfurt-Chicago route in response to market demand.The logistics provider initially launched the weekly Frankfurt-Chicago-Frankfurt air cargo service in July last year, as demand for pandemic-related supplies, such as PPE, increased.The additional weekly flight between Frankfurt and Chicago will be operated ...
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NewsApex acquisition set to make K+N the leading airfreight forwarder
Kuehne+Nagel (K+N) has entered into a binding agreement to acquire Apex International Corporation as it looks to expand its presence in Asia.Terms of the deal were not disclosed, but Reuters quotes people familiar with the matter as stating that the transaction is valued at around $1.5bn-$2bn.The deal is the largest ...
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Brian Pearce to retire from IATA
IATA's chief economist Brian Pearce planning to retire from the association in July this year, after having served at the company since 2004.During his time at IATA, Pearce — who also serves on the IATA's strategic leadership team — has built IATA’s evidence-based economic analysis capabilities into "the most authoritative ...
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NewsWorldACD: Air cargo demand on the up in January
Air cargo demand in January matched the performance of a year ago — the first month since the start of the pandemic not showing a year-on-year decline.Figures from WorldACD show that while demand was flat compared with a year ago, airfreight rates increased by around 75% year on year, although ...
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SIA launches perishables service following IATA CEIV Fresh certification
Singapore Airlines' (SIA) cargo division has launched a specialised service for the transportation of time- and temperature-sensitive perishable cargos.The carrier's ThruFresh service enables the "swift" delivery of delicate and short-shelf life perishable products, including live seafood, chilled meats, fruits and vegetables.Features of the service include dedicated cold chain procedures and ...
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Atlas Air 2020 results "exceed expectations" due to historic volumes
Atlas Air Worldwide said its full-year 2020 operating results "exceeded expectations", thanks to "historic volumes" driven by e-commerce growth, as well as the requirements of businesses and communities during the pandemic.In its full-year 2020 results, the freighter operator achieved a 17.2% year-on-year increase in revenues — from $2.7bn in 2019 ...
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NewsGerman airfreight market registers 22% decline in 2020
Last year, in the wake of the coronavirus pandemic, global airfreight traffic fell by 10.6% year on year, according to IATA; this is the biggest decline since records began in 1990.But how did the year go for market participants in Germany? How did the top 10 airfreight forwarders and airlines ...
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Plans for Turkish Cargo to become subsidiary company confirmed
Turkish Airlines has confirmed plans for its cargo business to become a wholly-owned subsidiary of the overall airline.In his welcome speech at the Cargo Talks webinar, Ilker Ayci, chairman of the board of directors and executive committee of Turkish Airlines, highlighted the growth of the airline's cargo business last year.Ayci ...
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Air Canada taking aim at seven B767 freighters
Air Canada is hoping to have seven freighters operating by the end of next year.Speaking as it announced its fourth quarter financial results, president and chief executive Calin Rovinescu said cargo will play an increasingly important role at the airline in the future.Executive vice president and chief commercial officer Lucie ...
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DSV back on the acquisition trail after strong 2020
DSV Panalpina saw its revenues and profits jump last year and is taking aim at another large acquisition following the integration of Panalpina.Last year, the Copenhagen-headquartered logistics firm saw its revenues increase by 22.4% year on year to Dkk115.9bn, earnings before interest and tax (ebit) before special items was up ...
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Heathrow and East Midlands apply for UK Freeport status
Heathrow Airport and an East Midlands consortium have applied for Freeport status in the UK.The government closed the application period for Freeport status on Friday, with 30 bidders thought to have submitted proposals.Companies using Freeports will be able to import goods without paying tariffs, process them into a final good ...
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SF Holding set to invest in Kerry Logistics?
China-based express firm SF Holding is considering investing $5bn in Kerry Logistics, according to Bloomberg.Unnamed sources told the newswire that the Shenzhen-listed firm will invest in a stake of around 20%.The news comes after shares in SF Holdings, which owns SF Express and SF Airlines, were suspended on Friday for ...
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Air cargo capacity expected to remain constrained
Air cargo capacity is expected to remain constrained for some time, resulting in forwarders increasingly relying on charter operations.In the latest Baltic Exchange airfreight rate newsletter, Bruce Chan, vice president of global logistics at investment bank Stifel, said that vaccination programmes were expected to lead to a pick-up in passenger ...
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Strong cargo demand helps Singapore Airlines cut Q3 loss
Singapore Airlines Group narrowed its third-quarter operating loss, as a stronger cargo performance helped offset revenue loss from the pandemic-led collapse in passenger travel demand.Releasing its financial results for the three months ending December 31, 2020, SIA Group reported an operating loss of S$331m ($248m). That compares with the S$449m ...
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NewsCLIVE: Air cargo load factors "exceptional" as unpredictable market continues
January saw air cargo load factors and rates pick up quickly after a post-Christmas slowdown in the first part of the year.The latest statistics from CLIVE Data Services show that in January, dynamic cargo load factors for the month stood at 66%, an increase of nine percentage points compared with ...
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IATA: Lockdowns and capacity crunch cause worst year for air cargo demand
IATA has revealed that last year was the worst year for air cargo demand since it began recording air cargo trends in 1990.Looking back at air cargo's performance in 2020, the association reported a year-on-year decrease in air cargo demand, measured in cargo tonne-km (CTKs), of 10.6% — which is ...
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HNA Group set for reorganisation after bankruptcy filing
HNA Group will undergo a business reorganisation after creditors filed for its bankruptcy.The group, one of China’s largest conglomerates with interests mainly in the aviation and tourism sectors, discloses that it received formal notice of the filing from the Hainan High People’s Court on January 29.Creditors have "filed an application ...