Business – Page 77
-
NewsCargolux reports record profits despite challenging market conditions
Cargolux B747-8FLuxembourg-based airline Cargolux saw net profits after tax increase by 72.7% year on year in 2018 to $211.2m thanks to its new ACMI operation, a record year for charter and demand for increased demand for specialist shipments.Consolidated revenues at the airlines for the year increased by 16.4% year on ...
-
NewsMiami airport’s Pineda to join Tiaca’s board
Emir PinedaMiami airport’s Emir Pineda has been elected to the board of The International Air Cargo Association (TIACA).Pineda is trade & logistics manager for the marketing division of the Miami-Dade Aviation Department, which operates Miami International Airport (MIA).Pineda started his career as an intern at MIA in 1988 before embarking ...
-
NewsPanalpina airfreight volumes improve in Q1 despite market decline
Panalpina has bucked market trends by reporting an increase in air cargo volumes in the first quarter of the year, while overall profits and revenues were also on the up.The company, which looks likely to merge with Denmark’s DSV, saw airfreight volumes increase by 8% in the first quarter to ...
-
NewsRhenus acquires Miami-based Freight Logistics Group
Picture: Freight Logistics.Rhenus has acquired Miami-headquartered high-tech supply chain specialist Freight Logistics as the German freight forwarding group continues on the acquisition trail in the Americas.Florida-based Freight Logistics operates its own consolidation hub located near in Miami International Airport and has offices in Argentina, Brazil and Chile.The Freight Logistics acquisition ...
-
News
Jet Airways suspends all international flights until Monday
Troubled Indian airline Jet Airways has suspended all international flights until Monday night, with fears mounting that it could fail.The airline has debts of $1.2bn and earlier this week cargo handler WFS seized one of its aircraft over unpaid fees.Today, the airline announced that all international flights would be suspended ...
-
News
CEVA to be de-listed as CMA CGM is set to gain a 98% shareholding
The end of CEVA's short time on the Zurich Stock Exchange looks to have been confirmed after CMA CGM said it was now on course to hold a 97.89% stake in the forwarder.Following the announcement, the French shipping giant reconfirmed plans to de-list CEVA from the SIX Swiss Exchange. Settlement ...
-
News
Freightos WebCargo acquires Air Freight Bazaar India
E-booking platform Freightos WebCargo has acquired India’s Air Freight Bazaar, a regional air cargo rates and sales platform based in Chennai.Details of the acquisition are undisclosed.A spokesperson for Freightos said that the Indian air cargo market had seen 17% year-on-year growth between 2016 and 2017.Said the spokesperson: “This acquisition combines ...
-
News
Revenues take-off at Virgin Atlantic Cargo in 2018
Virgin Atlantic Cargo saw revenues increase by 13% year on year in 2018 as it achieved its strongest revenue performance in the last five years.In total, the airlines registered cargo revenues of £222m on the back of a 6% increase in volumes to more than 244,000 tonnes, the airline’s best ...
-
NewsIATA reports another decline for air cargo in February
Air cargo traffic declined again in February as the industry had its weakest month in terms of growth in the last three years and load factors tumbled again.Data from IATA shows that freight tonne kms declined by 4.7% year on year in February, while freight capacity was up by 2.7%. ...
-
News
DSV Panalpina: Focus on higher margins and growth rather than slimming down on jobs
DSV intends to lift the profit margin of $4.6bn take-over target Panalpina after the two global freight forwarders have combined their businesses into a $17bn turnover company.DSV boss Jens Bjørn Andersen indicated that the regulatory process in the all-share transaction should take around six months to complete, and that he ...
-
NewsDSV boss "happy, proud and humble" to merge with Panalpina
DSV boss Jens Bjørn Andersen said that the proposed $4.6bn merger with Panalpina is expected to complete in around six months.Andersen, chief executive of Denmark-based DSV, made his comments during an investor call this morning on the “combination of forces” with Switzerland-headquartered Panalpina.The merger, still subject to shareholder and regulatory ...
-
NewsBreaking news: Panalpina and DSV set to merge in $4.6bn deal
DSV and Panalpina have agreed the terms and conditions of a combination to join forces with a Public Exchange Offer to all Panalpina shareholders.If the DSV offer of SFr195.8 for each Panalpina share is successful, a deal worth around $4.6bn, DSV and Panalpina will become one of the world’s largest ...
-
News
Cathay agrees HK Express acquisition from HNA
Hong Kong-based Cathay Pacific has entered into a HK$4.93bn share purchase agreement to buy 100% of low-cost carrier Hong Kong Express Airways (HKE) from HNA Group, the Chinese conglomerate.The passenger and cargo giant said that the total consideration comprises of HK$2.25bn in cash and a non-cash component of HK$2.68bn.The transaction ...
-
NewsRhenus acquires World Net Logistics in South Africa
Germany’s Rhenus Group has continued its 2019 takeover spree by acquiring Johannesburg-headquartered freight forwarding and logistics specialist World Net Logistics (WNL).The takeover of WNL is still subject to approval by the relevant cartel authorities.In January this year, Rhenus acquired Italian Logistics company Cesped and only last week announced that it ...
-
News
FedEx warns of continuing weakness in global trade
FedEx reported fiscal third quarter financial results that were “below expectations” and has warned of continued weakness in global trade.The express firm registered an adjusted third-quarter net profit of $797m compared with $1bn a year earlier, while revenues edged up to $17bn from $16.5bn.“Our third quarter financial results were below ...
-
NewsAirBridgeCargo reconfirms compliance with Cargo iQ’s quality standards
AirBridgeCargo Airlines (ABC) has passed its second audit, reconfirming its compliance with the quality standards of IATA interest group Cargo iQ.During a two-day inspection of its operations in Moscow, the Russian airline was measured against a series of KPIs to guarantee that its services conform to the highest industry quality ...
-
News
CMA CGM nears 90% of voting rights in CEVA Logistics
CEVA Logistics is likely to de-list from the SIX Swiss Exchange later this year after confirming media reports that French shipping group CMA CGM is on course to control almost 90% of the voting rights in the supply chain company.Switzerland-based CEVA said that a SFr30 per share public tender offer ...
-
NewsE-commerce and specialist products can 'cushion' air cargo in economic downturns
Glyn HughesGrowing e-commerce volumes and specialist high value products such as pharma and perishables provide a “cushion” and “in-built resilience” for air cargo in times of global economic downturns.IATA Cargo boss Glyn Hughes, speaking after the three-day World Cargo Symposium (WCS) in Singapore, said that there was a mood of ...
-
NewsLufthansa Cargo: airfreight boom comes to an end
Lufthansa Cargo has warned that the airfreight boom of the last two years has come to an end after reporting an increase in profits last year.The carrier generated over €2.7bn in revenue and a profit of €268m (adjusted EBIT) in 2018, the second-highest result in the German flag-carrier‘s history, on ...
-
News
Rhenus buys Canada's Rodair
Germany’s Rhenus Group has acquired Canadian logistics provider Rodair. The acquisition, terms were not disclosed, is subject to approval by the relevant authorities.The core business activities at Toronto-headquarter Rodair involve international freight forwarding, project logistics, courier, warehousing and distribution, 3PL services, and e-commerce solutions.The company, founded in 1996, has business ...