Business – Page 79
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News
Air cargo demand at three year low in January
Air cargo suffered its worst January in three years as the industry continues to face “significant headwinds”.Figures from IATA show that January saw airfreight traffic declined by 1.8% year on year in freight tonne km terms, which the airline association said was the worst performance in the last three years, ...
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NewsE-commerce boom and trade growth fuel DP DHL Group revenues in 2018
The boom in e-commerce and sustained growth in international trade flows saw Deutsche Post DHL Group’s (DPDHL) 2018 group revenue rise 1.8% to €61.6bn in a “challenging year” or a 6% rise after adjusting for currency effects and portfolio changes.The German logistics giant said that all four divisions – post, ...
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News
CH Robinson goes into Space with €42m Spanish forwarder acquisition
US freight forwarder CH Robinson acquired Spanish forwarder Space Cargo Group for €42m ($48m) in cash as part of a strategy to expand its global footprint.Space Cargo, headquartered in Madrid, provides international freight forwarding, customs brokerage, and other logistics services in Spain and Colombia.For the fiscal year ending December, 2018, ...
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News
Cathay Pacific confirms takeover talks for Hong Kong Express from HNA Group
Cathay Pacific Airways has confirmed that it is "in active discussions" about an acquisition involving the low cost carrier Hong Kong Express Airways (HKE) from HNA Group, the Chinese conglomerate.The Hong Kong-base passenger and freighter airline issued a short statement after media reports suggested that Cathay Pacific was in discussions ...
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Panalpina EGM to take place on April 5
Takeover target Panalpina’s board of directors is to hold an extraordinary general meeting (EGM) on April 5, which will also support the motion of the shareholder Ernst Göhner Foundation (EGF) to implement the One Share – One Vote standard "to further enhance the company’s corporate governance".This would lift the 5% ...
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Air France-KLM board to "closely monitor" the Dutch government's increased shareholding
Air France-KLM Group's board will “closely monitor” the surprise move by the Netherlands government to more than double its stake in the Franco-Dutch airline to 12.68%.In a shares swoop valued at an estimated €700m, the Dutch state increased its original 5.8% stake without any consultation with either the airline board ...
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News
ATSG looks to its strengthened platform following Amazon extension and Omni deal
Aircraft lessor ATSG saw adjusted revenues and earnings for the year increase by more than 20% in the final quarter of the year.The Wilmington-based firm reported a 27% increase in adjusted fourth-quarter revenues to $280.8m, while adjusted earnings from continuing operations were up 23% to $24.1m.ATSG president and chief executive ...
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NewsRecord year for airfreight at Panalpina but no updates on DSV and Agility talks
Panalpina's latest annual report shows that airfreight volumes in 2018 breached the 1m tonne mark for the first time in the company's history, but there is no further update on its potential takeover or merger.The Switzerland-headquartered freight forwarder reported a 9.1% increase in revenues to SFr6bn, earnings before interest and ...
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News
IAG Cargo revenue rise in 2018 but a challenging year ahead
IAG Cargo reported full year 2018 commercial revenues of just under €1.2bn, an increase of 7.2% on 2017 at constant currency, and said that 2019 looks set to be “a more challenging year”, with airfreight capacity growth outpacing demand increases.Overall yield for the year was up 8.1% at constant currency. ...
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Panalpina shareholder battle continues with voting right dispute
Panalpina’s second largest investor has hit out at plans to change shareholder voting rules as the battle to control the future of the forwarder continues.Earlier this week majority holder, Ernst Göhner Foundation (EGF), which holds around 46% of the company, submitted a request a request that the company change to ...
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News
Losses deepen at CEVA as one-time items hit profitability
CEVA Logistics reported another loss in 2018 as “various one-time items” took their toll on company financial performance.The forwarder, which last year had box line CMA CGM become a strategic partner following an IPO, saw revenues for the year increase by 5.2% year on year to $7.4bn, earnings before interest, ...
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NewsKuehne+Nagel full-year profits helped by "outstanding" airfreight
Kuehne+Nagel reported increases in revenues and profits last year as its airfreight division “continued its outstanding development”.The world’s largest forwarder saw its revenues for 2018 increase by 11.7% year on year to SFr24.8bn, while earnings before interest and tax (ebit) was up 5.3% to SFr987m and net profit jumped by ...
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News
Panalpina considers voting rule change following shareholder complaint
Panalpina is considering changing its shareholder voting rules following a request from its majority investor.Majority shareholder Ernst Göhner Foundation (EGF), which holds around 46% of the company, has submitted a request that the company change to a One Share–One Vote standard at an extraordinary shareholders' meeting to be held prior ...
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News
Flexport secures $1bn investment for infrastructure and technology
Freight forwarder Flexport has secured $1bn in funding, which will be used to invest in technology and infrastructure.The investment round was led by the SoftBank Vision Fund, with participation from existing investors Founders Fund, DST Global, Cherubic Ventures, Susa Ventures and SF Express, which has previously invested $100m in the ...
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NewsQantas enjoys strong six months with cargo on the up
Australian flag-carrier Qantas has announced strong financial results for the six-month period that ended on December 31 (the first half of its current financial year).Net freight revenue reached A$525, up by 15% on the same period of 2017.The carrier said in a statement that, “The freight business delivered a steady ...
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Expeditors reports on steady fourth-quarter performance
Seattle, Washington state-headquartered forwarder Expeditors International has released fourth-quarter 2018 results that included an 18% year on year improvement in revenues and 9% improvement in operating income.Airfreight volumes handled were up by 2% on those of the same quarter of 217.President and chief executive Jeffrey Musser observed: “The fourth quarter ...
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Heathrow looks back on record 2018
The operator of London Heathrow Airport, Heathrow Airport Limited (HAL), has said that 2018 was a record year for the UK’s biggest and busiest air gateway.As well as handling a record number of passengers (80.1m), it also enjoyed an increase in revenue and profits compared to 2017.However, the picture was ...
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Mixed results for AF KLM Cargo
The Air France-KLM airline group has reported its 2018 full-year results, which paint a mixed picture with cargo volumes down but revenues up.In terms of its freight-related operations, over the course of the year cargo volumes fell by 0.1% compared to 2017 to 1.14m tonnes, while revenues rose by 4.1% ...
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NewsACG supports ABC growth with B747F financing
Aircraft operating lessor Aviation Capital Group (ACG) has confirmed that it has structured, arranged and provided a guarantee of a loan by MUFG Bank to finance a portion of the purchase price of a Boeing 747-8F aircraft delivered to AirBridgeCargo (ABC) Airlines.The ABC financing was arranged under ACG’s Aircraft Financing ...
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NewsPanalpina subscribes globally to digital IATA manuals
Panalpina has become the first freight forwarder to subscribe globally to IATA’s digital manuals.As a result, its airfreight specialists right around the world can now access the latest regulations and industry standards online.This way, says the Switzerland-based company (and fourth-largest forwarder in the world in terms of air cargo volumes), ...