Business – Page 80
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News
Atlas looks back on record results in 2018
Atlas Air Worldwide Holdings (AAWW) has reported record fourth-quarter and full-year volumes, revenue and earnings in 2018.Moreover, the Purchase, New York-headquartered provider of outsourced aircraft and aviation operating services has predicted continued growth this year.“2018 was another great year for Atlas, with substantial growth in the scale, diversity and profitability ...
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NewsIATA announces finalists for 2019 cargo innovation awards
IATA has confirmed the finalists for its 2019 Air Cargo Innovation Awards, the original 56 ideas having been whittled down to just three by an independent jury panel.The three ideas in the final running for top prize, all of which relate to ULD technological development, are as follows:Air New Zealand ...
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News
Airfreight helps drive profit improvement at Agility
Logistics firm Agility saw revenues and profits improve last year, while it has also confirmed that it has entered tie-up talks with Panalpina.The Kuwait-headquartered logistics firm saw revenues for 2018 increase by 10.2% year on year to KD1.5bn, while ebitda was up 14.5% to KD154.8mand net profits jumped 18.4% to ...
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News
Panalpina chief: We're on the acquisition trail
Panalpina chief executive Stefan Karlen has told the Swiss business press that the forwarder is on the acquisition trail, despite itself being a takeover target.Karlen told Finanz and Wirtschaft (F&W) that the company would be looking to grow organically and inorganically through acquisitions.This could include deals involving companies the same ...
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News
Panalpina shareholder urges board to consider DSV offer
One of Panalpina's major shareholders has written to the forwarder's board urging them to seriously consider DSV's takeover offer and to express its concern over the largest shareholder's control over the company.In a letter to the Panalpina board, David Samra, managing director of Artisan Partners, a 12% shareholder, said that ...
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News
Brussels approves Virgin Atlantic acquisition by Air-France-KLM, Delta and Virgin Group
The European Commission in Brussels has approved the proposed acquisition of joint control over Virgin Atlantic by Air France-KLM, Delta and the Virgin Group.The Commission, which had launched an investigation of the deal under European Union Merger Regulation, concluded that the transaction “would raise no competition concerns” in the European ...
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News
Swissport to acquire 100% stake in Heathrow Cargo Handling
Swissport has taken 100% control of Heathrow Cargo Handling Ltd (HCH) after acquiring the 50% stake held by joint venture partner Air France. Terms were not disclosed.Last year, the HCH joint venture, with a workforce of some 120 employees, handled over 150,000 tons of air cargo, seven percent more than ...
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News
MAB Kargo joins Cargo iQ
MAB Kargo, the main cargo division of Malaysia Aviation Group, has become a member of Cargo iQ as the IATA interest group continues to expand across Asia.Cargo iQ has an international network of more than 80 airlines, forwarders, ground handlers, and IT companies.Jagedeswaran Nadrajah, head of cargo operations transformation at ...
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News
DSV: No comment on Panalpina as profits rise
DSV saw profits and revenues take-off in 2018 but has declined to provide any further comment on its attempt to acquire Panalpina.The Copenhagen-headquartered freight forwarder saw full-year revenues increase by 5.5% to DKr79bn, earnings before interest and tax (ebit) were up 11.7% to DKr5.4bn and net profits increased 32.4% to ...
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News
Cargojet buys ground handler at Mirabel airport
Canadian overnight all-cargo carrier Cargojet has purchased an unnamed ground handling and ground services equipment (GSE) company at Mirabel International Airport in Québec for approximately $3m.The agreement to purchase includes all company assets and assumes all current lease arrangements.Cargojet chief executive Ajay Virmani said: "The acquisition of this ground handling ...
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News
dnata boosts freighter forwarder services with double UAE shares swoop
UAE-based ground handler dnata has increased its ownership in two Dubai-based joint venture companies, strengthening its position in the international freight forwarding sector.The Dubai-based global air services provider has purchased a 50% stake in Dubai Express, Freightworks and a 25.5% stake in Bolloré Logistics UAE from the Kanoo Group.As a ...
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News
CEVA expects revenues to increase but profits to be hit by one-off costs
CEVA Logistics is expecting to see an improvement in its annual revenues, but operating profits are set to have declined due to one-time events.The company said it expects revenues for 2018 to have increased by 5.2% year on year to $7.4bn, while earnings before interest, tax, depreciation and amortisation (ebitda) ...
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News
UPS revenues up but profits down in Q4
UPS saw revenues increase during the fourth quarter on the back of "record shipments" but its profits took a hit as a result of pension charges.The express giant saw fourth-quarter revenues increase by 4.6% year on year to $19.8bn, but operating profits were down 2.9% on last year to $2bn ...
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News
Swissport extends HNA loan as first half 2018 cargo revenues rise 7.3%
Swissport has again extended the collection date on the €286m balance of a loan to parent company HNA Group, while the Chinese conglomerate “concludes its assessment of strategic options” for its ground handler. subsidiary.News of the extension came as Swissport reported a 4.1% rise in group revenues to €1.43bn for ...
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News
Japan's ANA takes a 9.5% stake in Philippine Airlines
Japan's All Nippon Airways (ANA) group will invest $95m to acquire 9.5% of PAL Holdings, the parent of Philippine Airlines (PAL), the Philippine flag carrier.ANA Holdings will acquire the shares from Trustmark Holdings Corp, which is owned by the Lucio Tan family and is the largest shareholder of PAL Holdings.Completion ...
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News
CEVA board decides not to recommend CMA CGM takeover bid of CHF30 per share
CEVA Logistics's board had decided not to recommend the CHF30 per share takeover offer by shipping line CMA CGM, a 33% major shareholder.Switzerland-based CEVA said in a statement that its board of directors, “with the exception of two conflicted members, came unanimously to the conclusion not to recommend to CEVA's ...
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News
Aviation Capital Group to finance a B747-8F for AirBridgeCargo
AirBridgeCargo (ABC) is using Aviation Capital Group (ACG) to finance part of the Russia-based operator’s purchase of a Boeing 747-8F which is set for delivery next month (February).The freighter airline’s financing mandate to “structure, arrange, and provide a guarantee” for a senior loan was awarded to the US-based aircraft operating ...
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News
Spectre announces refinancing for seven B737 converted freighters
Spectre Cargo Solutions, the freighter-focused arm of aircraft trading and leasing specialist Spectre Air Capital, has completed the initial stage of refinancing for seven Boeing 737-700 and -800 converted freighters.Texas-based Spectre Cargo Solutions, through its Irish affiliate NGF Genesis, has closed its first round of a long-term senior debt facility ...
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News
DSV move for Panalpina could spark 'bidding war' for forwarder
Consultant Transport Intelligence (Ti) has suggested that DSV's move to purchase Panalpina could spark a 'bidding war' for the forwarder that could price the Danish company out of the running.In its latest market round-up, Ti took a closer look at the potential outcome of DSV's $4bn offer to purchase Panalpina.Practice ...
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News
DSV in unsolicited $4bn bid for Panalpina
Danish logistics giant DSV has made an unsolicited bid to acquire Switzerland-based Panalpina in a SFr170 per share offer that values the rival freight forwarder at around $4bn.Based on 2017 figures (the latest available), the move would create the world's second largest airfreight forwarder (see chart at end of article) ...