Business – Page 8
-
News
Bloomberg: Private equity and shipping giants circle DB Schenker
German forwarding and logistics company DB Schenker has attracted bids from shipping and logistics giants as well as a private equity consortium.According to a report in Bloomberg, a consortium led by CVC Capital Partners and Carlyle Group has submitted a bid worth around €14bn.Meanwhile, DSV, AP Moller Maersk and Mediterranean ...
-
News
New partnership aims to create SriLankan Airlines cargo feeder network
MMAG Aviation Consortium (MAC) will establish an air cargo feeder network to support SriLankan Airlines' cargo operations if an investment bid by Supreme Global Holdings and a partner is successful.A partnership led by Sri Lankan conglomerate Supreme Global last week emerged as a potential buyer of an interest in the ...
-
NewsLogistics trio acquire freight software business
Brian Hay. Photo: The Cardinal PartnershipThe Cardinal Partnership, Davies Turner and Woodland Group have created a holdings company and purchased UK-based freight software company Forward Computers Limited from the Freight Software Group.'Forward Computers Alliance Limited' is the joint venture through which the three freight forwarding and supply chain management companies ...
-
News
Worsening box line disruption to have limited air cargo impact
Disruption to container shipping operations out of Asia has unexpectedly worsened over recent weeks but the development is expected to have limited impact on air cargo.The last few weeks have seen the return of port congestion and container shipping capacity shortages out of Asia push up ocean freight rates.Figures from ...
-
News
UN commission examines the creation of negotiable cargo documents for air cargo
The United Nations Commission on International Trade Law (UNCITRAL) is looking at the creation of a negotiable cargo document that could be used in air cargo to transfer ownership of goods while in transit.Unlike ocean bills of lading, transport documents issued by rail, road and air carriers, which are often ...
-
News
Singapore Airlines Group sees cargo revenues decline
Singapore Airlines (SAI) Group saw its cargo revenues decline in the last financial year but is hopeful of improvement for the current year.The Singapore-headquartered airline group reported a 41.2% fall in cargo revenues for the 2023/24 financial year to S$2.1bn on the back of a 42.2% decline in yields due ...
-
NewsSupply chains brace for new US-China tariff war
Cargo volumes and supply chain costs for China-US services could come under pressure after US president Joe Biden announced a range of new tariffs on Chinese imports.The president yesterday announced tariffs covering Chinese imports with a value of $18bn, ranging from electric vehicles (EVs) to solar cells and semiconductors to ...
-
News
Emirates SkyCargo volumes up 18% in 2023-2024
Emirates SkyCargo reported a 18% rise in air cargo volumes for 2023-24 but reduced cargo revenue due to higher rates.The cargo division of Emirates carried a total of 2.2m tonnes of goods around the world in 2023-24, said Emirates Group in its annual report for the financial year April 1 ...
-
NewsIAG Cargo sees demand rise but revenues fall in Q1
IAG Cargo registered an increase in cargo traffic in the first quarter of the year but the improvement was not enough to protect revenues from a fall in market rates.The cargo business of the IAG Group, which includes British Airways, Iberia and Aer Lingus, saw first-quarter cargo tonne kms increase ...
-
NewsIATA launches programme to support ground technologies
IATA’s director of ground operations presenting certificate to HACTL. Photo: IATAThe International Air Transport Association (IATA) aims to accelerate the introduction of enhanced ground support equipment (GSE) technologies into daily operations with a new programme.Presented at IATA’s Ground Handling Conference (IGHC) this week, the IATA Enhanced GSE Recognition Program recognises ...
-
NewsAsia-Europe trade aids DHL's Q1 airfreight volumes
Growth on trade between Asia and Europe was the main driver for a rise in DHL's airfreight volumes in the first quarter of this year, although airfreight revenue and profit suffered.DHL reported a 5.1% year-on-year rise in airfreight volumes to 435,000 tons in the first quarter.First quarter airfreight revenue in ...
-
NewsAtlantic market a drag on Air Canada's cargo performance
Air Canada saw its cargo revenues decline in the first quarter of the year as weaker volumes on its Atlantic services took their toll.The Montreal-headquartered airline recorded a 9% year-on-year decline in first-quarter cargo revenues to C$215m.Increases in its domestic, US transborder and Pacific cargo revenues were not enough to ...
-
NewsIT issues and yield declines weigh on AF KLM's Q1 cargo results
Air France KLM saw its cargo revenues decline in the first quarter of the year despite volumes increasing.The Franc0-Dutch airline reported a 16.5% year-on-year decline in cargo revenues during the first quarter to €562m while unit revenues per available tonne km (ATK) were down 27%.This revenue decline came despite cargo ...
-
NewsCargojet profits improve in Q1
Canada-headquartered Cargojet saw its profits improve in the first quarter as the business benefitted from rising domestic e-commerce demand.The company saw first-quarter revenues slip 0.3% year on year to C$231.2m, while earnings before income taxes (ebit) improved by 8.7% to C$37.6m and net earnings were up 6.6% to C$32.5m.The decline ...
-
NewsLufthansa Cargo in the red in Q1 as strikes take their toll
Lufthansa's logistics division reported an operating loss in the first quarter of the year due to weakening air cargo rates and strike action.The logistics division, which includes Lufthansa Cargo, time:matters, Jettainer, HeyWorld and a 50% stake in AeroLogic, saw first-quarter revenues drop 16% year on year to €691m and earnings ...
-
NewsIATA: March air cargo volumes up 10%
Positive momentum for air cargo continued in March as it became the fourth consecutive month of double-digit year-on-year growth.IATA reported that total demand, measured in cargo tonne-kilometers (CTKs), rose by 10.3% compared to March 2023 levels, following rises in February, January and December.The trade body noted that "for the first ...
-
News
Icelandair Group cargo division edges back into operating profit
Icelandair Group has recorded an improvement in its cargo operation, with a return to operating profit in the first quarter.The company stated that it is “on track” to deliver a full-year operating profit in the division after implementing a number of efficiency measures.The company's cargo business reported a first-quarter operating ...
-
News
Three airlines vying for Asiana Airlines' cargo business
Three low cost airlines are reportedly in the running to buy Asiana Airlines' cargo business as part of conditions for Korean Air to acquire Asiana Airlines.Eastar Jet, Air Premia and Air Incheon, all based in the Republic of Korea, have submitted bids in the second round of bidding to acquire ...
-
NewsFreighter demand is bright spot for Cargolux in 2023
Luxembourg-headquartered cargo airline Cargolux boosted its 2023 results with demand for dedicated freighter capacity, despite lower demand and rates in 2023.The Cargolux Group generated revenues of $2,975bn and profit after tax of $286m.However, the company's operational KPIs were all down on the previous year.Source: CargoluxReflecting on its 2023 results the ...
-
NewsDSV airfreight volumes up 2.3% in Q1 but profit falls with rates
DSV's airfreight volumes benefited from strong demand out of Asia in the first quarter of the year, although revenue and profit fell as rates dropped in the market.The forwarder's airfreight volumes increased 2.3% in the first quarter of 2024 to 335,213 tonnes. This is compared to 327,712 tonnes in the ...