Business – Page 6
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News
Cathay Pacific reports increases in cargo revenues and traffic in H1
Cathay Cargo saw its revenues and cargo traffic increase in the first half of the year as it benefitted from rising demand for e-commerce shipments and extra belly capacity.The cargo business saw first-half revenue increase 1.5% year on year to HK$10.9bn, while cargo traffic was up 4.6% to 4.1bn cargo ...
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Air Incheon gains support for Asiana cargo bid
Air Incheon's plan to acquire Asiana Airlines’ cargo business is gaining momentum with reports that Hyundai Glovis may invest in a consortium led by the airline.Republic of Korea (ROK)-based logistics company Hyundai Glovis said it is considering an investment after Air Incheon was named as the preferred bidder for Asiana ...
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News
IAG Cargo revenues improve in Q2
IAG Cargo has registered a year-on-year improvement in cargo revenues for the first time since the first quarter of 2022.The cargo business of the IAG Group saw its second-quarter cargo revenues increase by 1.1% compared with last year to €283m.Since 2022 the air cargo market has been affected by the ...
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News
CMA CGM completes sale of Bolloré Logistics’ operations in French Overseas Territories
The CMA CGM Group has completed the sale of 100% of subsidiary Bolloré Logistics’ activities in Guadeloupe, Martinique, Saint-Martin, French Guiana, and Polynesia to the Balguerie Group.The Marseille-headquartered shipping giant was required to sell operations in the French Overseas Territories by the European Commission and the Polynesian Competition Authority as ...
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NewsDHL air volumes up in the second quarter but profits slide
Source: DHL GroupDHL Group saw its air and ocean freight volumes rise in the second quarter of this year, contributing to a slight increase in year on year group revenue.The express and logistics giant registered a 5.3% increase in air volumes to 437,000 tons in the second quarter, while its ...
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NewsAirfreight rates remain stable despite July global IT outage
The latest data from airfreight price reporting agency (PRA) TAC Index show that global air cargo rates only edged up last week (in the week ending July 29).That news came as a surprise, given the massive global IT outage of 18 July.The overall Baltic Air Freight Index (BAI00) calculated by ...
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News
Logistics UK welcomes funding for green aviation projects
The UK government will make more than £100m in funding available for five research and development projects that aim to reduce the environmental impact of aviation.The Department for Business and Trade said the funding would be delivered through Aerospace Technology Institute Programme to help pioneer groundbreaking new tech, including zero ...
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NewsIT issue continued to weigh on AF KLM Cargo results in Q2
Air France KLM Martinair Cargo (AFKLMP) recorded a decline in revenues in the second quarter of the year but is looking to build its presence in Asia to capitalise on growth in the market.The Franco-Dutch carrier group registered a 10% year-on-year decline in cargo revenues to €546m, while cargo tonnes ...
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DB Schenker the bright spot for Deutsche Bahn
DB Schenker was the star performer for loss-making Deutsche Bahn in the first half of the year despite operating profits and revenues coming under pressure.The German forwarder registered a 6.6% year on year decline in first-half revenues to €9.4bn, while adjusted earnings before interest and tax declined 16.9% to €520m ...
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NewsAPAC demand lifts DSV airfreight volumes
Increased demand for airfreight out of Asia Pacific (APAC) helped DSV up its air cargo volumes in the second quarter of this year.DSV's airfreight volumes increased 10% year on year in the second quarter to 349,076 tonnes compared to 316,456 in the same period last year."The increase was mainly driven ...
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NewsUPS Q2 profit down 30% YoY
Volumes posed a challenge for UPS in the second quarter of this year, though results were bolstered slightly by the performance of the supply chain solutions division.UPS has announced second quarter consolidated revenues of $21.8bn, a 1.1% decrease from the second quarter of 2023.Consolidated operating profit was $1.9bn, down 30.1% ...
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NewsAsia exports boost K+N airfreight volumes in Q2
Healthcare and semiconductor shipments, Asia exports and Red Sea disruption helped drive up airfreight volumes for Kuehne+Nagel (K+N) in the second quarter of 2024.Airfreight volumes at K+N increased 7.3% to 517,000 tonnes in the second quarter of 2024 compared to the same quarter in 2023.Net turnover in K+N's air logistics ...
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News
UPS to acquire Estafeta
UPS has entered into an agreement to acquire Mexican express delivery company Estafeta, including a fleet of six aircraft.The acquisition has been announced as Mexico becomes strategically more important to UPS and the use of nearshoring grows.Estafeta's business include global express import and export with air service, document and parcel ...
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NewsSwiss WorldCargo is recertified for IATA CEIV Pharma
Photo: Swiss WorldCargoSwiss WorldCargo has once again been re-awarded with IATA’s CEIV Pharma (Center of Excellence for Independent Validators in Pharmaceutical Logistics) certification.The re-certification for the airfreight division of Swiss International Air Lines (SWISS) was confirmed following an audit operated by IATA’s independent auditors.In 2018, IATA first awarded Swiss WorldCargo ...
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NewsScan Global Logistics set to expand to Brazil with latest deal
Source: Scan Global LogisticsFast-growing freight forwarder Scan Global Logistics (SGL) looks set to continue its global expansion with the addition of a presence in Brazil.The Danish company announced today that it had signed an agreement with the intent to buy Blu Logistics Brasil Transportes Internacionais.Blu Logistics is headquartered in Sao ...
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News
Mondiale VGL expands in Asia with Interunion takeover
New Zealand-headquartered freight forwarding and logistics company Mondiale VGL has acquired Southeast Asia-based multimodal forwarder Interunion.Prior to the acquisition, Mondiale VGL held an existing stake in Interunion and the two companies have partnered since 2012.The company said it has been focused on building a global supply chain operation with its ...
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News
OIA expands to Ireland with acquisition of Sandford Freight
US supply chain services company OIA Global has extended its European network to Ireland with the acquisition of Dublin-based multimodal freight forwarder Sandford Freight.OIA Global said the acquisition is strategically important because Ireland is a key market for the electronics, healthcare, retail and lifestyle industries that it does business in.Jeff ...
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Airfreight rates remain firm in June
Airfreight rates on key trades out of Asia remained "firm" in June despite the market entering the quieter summer season.The latest figures from the Baltic Exchange Airfreight Index (BAI) show that rates from Hong Kong to both Europe and North America remained up on a year ago and also increased ...
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NewsLufthansa finally able to proceed with ITA Airways stake
Source: Lufthansa GroupThe European Commission has approved Lufthansa's bid to buy a 41% stake in ITA Airways, over two and half years since Lufthansa first expressed interest in the Italian carrier.Air Cargo News first reported that the MSC Group aimed to work with Lufthansa to acquire a majority stake in ...
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NewsBolloré Logistics brand to go as CEVA integration continues
Credit: OleksandrShnuryk/Shutterstock.comCEVA Logistics is switching to a product vertical-based structure as it continues its integration of Bolloré Logistics.The CMA CGM-owned forwarder announced that as part of the integration process, the Bolloré Logistics business would be rebranded under CEVA Logistics by the end of 2024.The product-driven organisational model will go through ...