Business – Page 58
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NewsGuarded optimism as air cargo volumes improve in May
WorldACD May 2020 figuresThe air cargo market showed some signs of improvement in May although a full rebound is not expected soon, according to analyst WorldACD.The analyst said that worldwide, chargeable weight carried by air, decreased by 29% compared with May 2019, which is an improvement on the 34% drop ...
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PayCargo Capital offers credit for fresh produce supply chains
PayCargo Capital, a sister company of the global online payment platform PayCargo, is offering businesses in the fresh produce supply chain credit of $50,000 to $2.5m for a 15 to 45-day period.Under the facility, PayCargo Capital pays all freight charges up front, reclaiming the appropriate funds electronically from the PayCargo ...
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NewsChapman Freeborn swoops on Arcus as it targets time critical sector
Gediminas Ziemelis, chair of the board, Avia Solutions GroupCharter broker Chapman Freeborn will acquire Arcus Air Logistics and Arcus Air OBC (on-board courier) from the Arcus Air Group as it targets the time critical logistics sector.Arcus offers air cargo charter and on-board courier services primarily to the automotive industry and ...
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LATAM Airlines Argentina to cease domestic cargo operations
LATAM Airlines Argentina will cease cargo and passenger operations for an indefinite period as difficult market conditions take their toll.The move will result in the cancellation of 12 domestic destinations while international services operated to and from Argentina by the overall LATAM Cargo group will remain active "according to their ...
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SIA Cargo notes reliance on cargo-only PAX flights for performance in May
Singapore-based SIA Cargo has reported in its results for May 2020 that cargo load factor (CLF) was 14.4 percentage points higher than last year, due to the capacity decline (61.9%) outpacing the decline (of 52.8%) in cargo traffic measured in freight tonne km."Capacity contraction would have been much greater, save ...
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NewsCargo the bright spot for airlines as revenues expected to soar
Air cargo is expected to be the "bright spot" for airlines in 2020 as revenues are forecast to hit near-record levels, according to the latest IATA market outlook.The airline association said that cargo volumes will decline by 16.8% this year to 51m tonnes, but a severe shortage in cargo capacity ...
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News‘Nothing off the table’ says Cathay chairman in business review
Cathay Pacific chairman Patrick Healy has warned that “tough decisions will need to be made” by the fourth quarter of the year as part of “right-sizing” efforts.He adds that “nothing is off the table” in the upcoming review of the Cathay Pacific group’s business model, but stopped short of saying ...
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Cathay Pacific set to receive big government bailout
The Hong Kong government has stepped in to provide beleaguered Cathay Pacific with a financial lifeline, as part of the airline’s group HK$39 billion ($5 billion) recapitalisation plan.Cathay, which has been hard hit by a collapse in travel demand from the coronavirus outbreak, states that the recapitalisation plan - if ...
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ICAO task force provides Covid-19 guidance for safe air cargo operations
ICAO has provided a series of guidelines on how air cargo operations should be carried out at airports to reduce the spread of coronavirus.The guidance was issued by ICAO’s Aviation Recovery Task Force (CART) after consulting with countries, regional organisations, the World Health Organisation and aviation industry groups.The cargo guidance ...
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Çelibi becomes first ground handler to achieve IATA TVP certification
Çelebi Aviation Holding has become the first ground handler to receive IATA Training Validation Program (TVP) certification, which recognises excellence in training and development, compliance with industry training standards and best practices.The certification was awarded after IATA assessed the critical areas of Çelebi Aviation's training system, standards of operation and ...
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NewsNippon Express taps into pharma market with MD Logistics acquisition
Japan-based logistics firm Nippon Express has completed the acquisition of US-based headquartered MD Logistics in a deal worth $51m (¥ 5.5bn).Nippon Express said the acquisition is part of its plan (commencing 2019) to make the “pharmaceutical industry a priority industry in our business plan and corporate strategy”.MD Logistics, headquartered in ...
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Jeff Bezos invests in digital forwarder Beacon
UK-based digital freight forwarding and supply chain finance company, Beacon has secured $15m in its Series A fundraising round, from investors including Jeff Bezos, the founder and chief executive of Amazon, and US venture capital firm 8VC.Beacon said the money raised in the Series A round will be invested in ...
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NewsGEFCO re-organises air and sea division
Paul-Henri FreretGEFCO’s air and sea business has announced leadership changes and a reorganisation to boost the industry, automotive and life science/healthcare sectors.Paul-Henri Fréret, executive vice president, has been leading GEFCO’s Air & Sea division since February. With broad experience at GEFCO, Fréret has managed all areas of the business in ...
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Tigers Logistics commences e-commerce logistics in new Rotterdam mega hub
Tigers Logistics has commenced operations at its new Rotterdam mega hub, which will enable it to offer "sustainable e-commerce and low-cost last mile solutions across Europe".Tigers, which has had a Rotterdam base for more than 20 years, now offers dedicated account management at its new mega hub, as well as ...
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Groups join forces to call for air sector to gain 'key worker' designation
ICAO has joined the International Labour Organization (ILO) and the International Maritime Organisation (IMO) in calling for personnel maintaining global air and sea trade capacities to be designated as key workers.The call to world governments comes as Covid-19 restrictions and guidelines continue to curtail travel and restrict border movements, ports ...
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NewsInternal tussle as Boeing weighs future of 747
Tension is building within Boeing about whether to keep the B747 in production beyond the current order backlog, as a decision looms on the future of the iconic aircraft.Crunch-time for the manufacturer is approaching as it must decide whether to establish a new supply of key structures for the B747-8 ...
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LATAM says no impact on cargo as it files for bankruptcy protection
South American operator LATAM Airlines Group, along with some of its affiliates, is filing for US Chapter 11 creditor protection in order to undertake a restructuring process.The company says the voluntary filing has the support of key shareholders Cueto Group and Qatar Airways, which will provide up to $900m in ...
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Lufthansa Group secures €9bn in financial support
Lufthansa Group has secured approval from the federal German government’s economic stabilisation fund, WSF, for a €9bn financial package.Under the agreement the WSF will contribute up to €5.7bn to Lufthansa’s assets including €4.7bn in equity.The measure will be supplemented by a syndicated three-year credit facility of up to €3bn, provided ...
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Strong start to the year for Air Partner following a tough 2019
Charter broker Air Partner saw profits and revenues decline last year but is expecting a busy 2020 as a result of the coronavirus outbreak.Announcing results for the year ending January 31, the company saw full-year revenues decline 13.9% year on year to £66.7m, gross profit was down 3.7% to £34.2m ...
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FTA welcomes UK government's proposed EU trade agreement
The UK's Freight Transport Association (FTA) has welcomed the UK government's proposed Free Trade Agreement that will be used for discussions over trade arrangements with the European Union (EU).The UK, which left the EU on January 1 and entered an 11-month transition period, yesterday published 13 documents, including the trade ...