Business – Page 60
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NewsUK retailer to launch air cargo operation in response to capacity crunch
UK-headquartered online retailer The Hut Group (THG) will charter two cargo aircraft and launch a partnership with Singapore Airlines in order to secure scarce air cargo capacity.THG said that since the start of 2020, it had been running successful trials, using dedicated cargo flights to service its global operations, especially ...
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Global health crisis and acquisition impact DSV Panalpina Q1 results
DSV Panalpina saw revenues and airfreight volumes increase in the first quarter of the year, thanks to its acquisition of Panalpina, while the coronavirus outbreak had a negative impact on results."The financial performance in Q1 2020 was impacted by both the integration of Panalpina and the Covid-19 situation, the latter ...
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Forwarders' air divisions predicted to be hit hardest by Covid-19
The freight forwarding market could contract by more than 7% this year as a result of the coronavirus outbreak, according to a worst case scenario projection from consultant Transport Intelligence (Ti).A white paper published by Ti also predicted that the air cargo part of forwarders' businesses could take the hardest ...
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Bolloré Logistics expands Nordic presence
Bolloré Logistics has expanded its presence in the Nordics with the acquisition of a majority stake in the Swedish company Global Freight Solutions (G Solutions) and its Finnish affiliate.The forwarder said the acquisition was a strategic move to complement the Nordic regional network having previously established a structure in Norway, ...
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Swissport notes solid 2019 but warns of tough times to come
In its 2019 full-year results, Swissport has announced that its performance last year was "roughly on par with the previously year".Swissport achieved an operating ebitda of €272.3m throughout 2019, which compares with €273.2m achieved in 2018.The company's revenue increased 4.7% year on year, from €3bn in 2018 to €3.1bn last ...
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NewsCargolux revenues and profits take a hit in 2019
In its full-year results for 2019, Cargolux revealed that revenues decreased 14% year on year, from $2.6bn in 2018 to $2.4bn in 2019.Cargolux said this was due to lower load factors and yields coupled with lower fuel surcharge revenues as a result of declines in the price of fuel.Meanwhile, earning ...
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Asian airlines record a 20% drop in cargo demand in March
Airlines in the Asia Pacific region saw cargo traffic decline by 21.1% year on year in March as the effects of the coronavirus began to bite.Statistics from the Association of Asia Pacific Airlines (AAPA) show that while demand dropped in March by more than 20% on a year earlier, capacity ...
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IAG preliminary results give insight into Covid-19 impact
International Airlines Group (IAG), parent company of IAG Cargo and British Airways, has announced its preliminary results for the first quarter of 2020, ahead of the full results which will be released on May 7.Commenting on ebit, IAG said: "The operating result in the first two months of 2020 was ...
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IATA: Governments must 'cut red tape' to bridge capacity shortfall
In its latest air cargo analysis, IATA has drawn attention to the capacity crunch — a knock-on effect of the coronavirus pandemic — and it has urged governments to "cut the red tape" when it comes to measures being taken to reduce the capacity shortfall.Alexandre de Juniac, IATA’s director general ...
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Turkish Cargo achieves all three IATA CEIV certifications
Turkish Cargo has become the first cargo airline to achieve all three of IATA's CEIV certifications: Pharma, Fresh, and Live Animals.The certifications, which are valid for a three-year period, reflect Turkish Cargo's capability of handling pharmaceutical cargo, perishables and live animals at its facilities and on its flights, to IATA's ...
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UPS: Covid-19 weighed on Q1 results
UPS has said that Covid-19 weighed on its first quarter results for this year.In its consolidated results, UPS's revenues increased by 5% to $18bn, "driven by growth in business-to-consumer shipments and gains in healthcare".The company's net income, which "included material headwinds due to disruptions from the coronavirus pandemic, higher self-insurance ...
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Air cargo rates from Hong Kong surge
Airfreight rates out of China continued to climb last week, while prices from Hong Kong were also on the up as shippers looked to tranship through the world's largest air cargo hub.The latest figures from TAC Index show that last week average air cargo rates from Shanghai to North America ...
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NewsIATA welcomes SVP of member and external relations
IATA has announced its new senior vice president of member and external relations, Sebastian Mikosz, effective June 1.Mikosz will lead the organisation’s global advocacy activities and aero-political policy development, along with managing the association’s strategic relationships. This includes IATA’s 290 member airlines and governments, international organizations and stakeholders in the ...
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NewsK+N airfreight volumes slide in Q1 as Covid-19 takes its toll
Kuehne+Nagel (K+N) saw its airfreight volumes, revenues and operating profits decline in the first quarter of the year as the coronavirus outbreak took its toll on performance.The Switzerland-headquartered freight forwarder's airfreight business saw first-quarter revenues fall 6.8% to SFr1.1bn. Meanwhile, earnings before interest and tax (ebit) was down 5.8% to ...
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NewsPPE 'mayhem' continues to push China air cargo rates
Air cargo rates out of China increased again last week as demand for the transport of personal protective equipment (PPE) continued to surge.The latest figures from TAC Index show that average air cargo rates from Shanghai to North America last week increased by 9.7% on a week earlier to reach ...
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Davies Turner adds airfreight pricing option for rail freight service
Freight forwarder Davies Turner has added an airfreight pricing mechanism for its direct, fixed-day, weekly Express China Rail service from Xi’an to the UK, following the growing interest in the service from importers and shippers that have traditionally used airfreight.Tony Cole, head of supply chain services at the UK’s leading ...
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Baltic Exchange to add airfreight pricing index
Derivatives trading platform Baltic Exchange will adopt TAC Index airfreight rate data to publish its first index of airfreight prices along major air trade lanes.The Baltic Exchange, which traces its routes back to the 1700s, provides benchmark assessments for the maritime markets which are used to settle billions of dollars-worth ...
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Cathay Pacific Cargo sees demand drop but yields and load factor increase
Hong Kong flagship carrier Cathay Pacific Group today released combined Cathay Pacific and Cathay Dragon results for March this year, which show a decrease in the amount of cargo and mail carried compared with the same month in 2019.The group's results reflect the impact of the global coronavirus pandemic, which ...
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NewsBrussels Airlines parent company amends board of directors
In its latest meeting, SN Airholding, parent company of Brussels Airlines, made changes to its board of directors.Jan Smets, former governor of the National Bank of Belgium and member of the SN Airholding board of directors since July 2019, was elected as co-chairman.With immediate effect, Smets succeeds Etienne Davignon, who ...
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IATA renews call to keep air cargo flowing
IATA has renewed its calls for a coordinated approach among governments to keep air cargo flowing.The association said that delays in permit approvals, quarantine measures for air cargo crew and not enough support on the ground continue to hamper the movement of cargo flights carrying vital medical supplies and other ...