Business – Page 86
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News
Etihad announces new organisational structure as it strives for profitability
Etihad Aviation Group has announced a new organisational structure for Etihad Airways as it looks to return the airline to profitability.Under the new structure, the group will be reorganised into seven business divisions – operations, commercial, maintenance, repair & overhaul (MRO), human resources, finance, support services and transformation.The group will ...
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Trade expected to accelerate in Q3 despite tariff concerns
Global trade growth is expected to accelerate during the third quarter of the year, despite increasing tension over tariffs.The latest DHL Global Trade Barometer index for the coming three months increased to 67 points in June, compared with 66 points in March.Any index value over 50 points indicates that respondents ...
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NewsAir cargo braces for the impact of trade tariffs
The introduction of trade tariffs is set to hit the air cargo industry, despite the possibility of an initial boost.Reports have suggested that the various trade tariffs that have been introduced over the last few months could result in a rush to transport goods before they come into force, with ...
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Russian cargo airlines file flight information to comply with US ruling
Russian cargo carriers have filed information on their flights to and from the US with the Department of Transportation (DoT), in compliance with a new ruling by Washington.In late May, the DoT told three Russian airlines to file detailed information about any services operating in the country, in apparent response ...
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Lufthansa "in contact" with low-cost carrier Norwegian
Lufthansa is "in contact" with European low-cost carrier Norwegian Air Shuttle, which is already the target of a bid interest by British Airways owner IAG, confirmed Carsten Spohr, chief executive of the German flag carrier, Reuters reports.Shares in Norwegian Air jumped more than 10% on Monday following the comments by ...
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ECS Group sold as it looks to fund future acquisitions
Cargo sales agent ECS has been acquired by investment firm Naxicap Partners to help continue the GSSA's acquisition strategy.Naxicap said that in a market ripe for consolidation, offering a strong pool of build-up opportunities, the company intends to pursue an active strategy of acquisitions, "generating significant commercial synergies", while continuing ...
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IATA: April sees fuel prices pick up and load factors decline
The latest Airlines Financial Monitor from IATA indicates that cargo load factors have dropped back to levels last seen at the start of 2017.Across the air cargo industry, the freight load factor fell 0.5% in April compared to the same month of 2017.Capacity (available freight tonne-km, AFTK) increased 5.1% year ...
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cargo-partner sees revenues rise on airfreight growth
Austria-based logistics firm cargo-partner has posted a 2% rise in its consolidated turnover for 2017, at €698m. Net profit for the year totalled €6m.Chief executive Stefan Krauter said: “We had a successful start into the business year and have achieved volume growths in all our business areas. The general upward ...
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Air Partner: record freight performance
UK-based charter broker Air Partner has reported results for the financial year ended January 31, including details of the accounting review it undertook to resolve an error detected during its year-end close process.The company’s gross profit for the year stood at £36.1m, up 13.8% on the previous reporting period. Underlying ...
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News
Rising costs the main talking point at IATA's AGM
This week saw the great and good of the aviation industry gather in Sydney Australia for IATA’s Annual General Meeting and World Air Transport Summit, with concerns over profitability being the main talking point.Rising costs have eaten into expected airline profits, said IATA in its latest market analysis revealed at ...
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News
Finlogistics acquisition doubles Leman’s Finland footprint
Danish-based logistics company Leman has acquired Finland-based FL Services Finlogistics, doubling its presence in the country.Based in Kerava, 35km north of Helsinki as well as in Kotka, Finlogistics offers airfreight, sea freight and logistics solutions. It has ten employees and a turnover of €9m.Leman Group chief executive Thomas Krøyer said ...
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Airfreight KPIs set to feature in business contracts
Air cargo’s emerging key performance indicators (KPIs) look set to become a feature of future contracts between airfreight stakeholders.Ground handlers, general sales agents (GSA) and freight forwarders are likely to see KPIs – currently in test phase – being built into their contracts with airlines and shippers.That was the impression ...
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News
Speakers line up for Farnborough Airshow cargo conference
The future of air cargo and cargo technology will be the themes of a two-day airfreight conference to be hosted within the cargo village at the UK’s Farnborough International Airshow 2018 (FIA18) which takes place between 16-18 July.The 1,000 sq m Cargo Village will serve as an important hub for ...
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News
Make or break time for air cargo collaboration projects?
Air cargo collaboration projects are facing make or break time as those that contribute positive developments to the industry thrive and those that achieve little begin to fail.During the Air Cargo China event in Shanghai, a panel session explored the benefits of the many collaboration projects and cargo communities that ...
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Full year profit turnaround for SIA Cargo
Singapore Airlines’ (SIA) cargo division reported an operating profit of S$148.1m in the 2017/18 financial year, up from S$3m in the prior year which was impacted by a S$132m provision for competition-related matters.Cargo revenue in the 12 months to the end of March 2018 grew S$264m to around S$2.2bn as ...
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AP Moller-Maersk reports ‘unsatisfactory earnings’ in first quarter
AP Moller-Maersk saw its revenue rise by 30% year-on-year in the first quarter of 2018 to reach $9.3bn.That year-on-year revenue improvement figure would be 10% if shipping line Hamburg Süd – which was acquired at the end of 2017 – was taken out of the figures, but there was growth ...
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WiseTech Global acquires Turkey’s Ulukom
WiseTech Global, a logistics industry software provider, has acquired Ulukom, based in Turkey.Headquartered in Istanbul, Ulukom offers a range of logistics, customs, freight forwarding and warehouse support software in its Logistics Information Management System, designed to carry out financial and operational transactions on an integrated platform.Ulukom’s customers include Çelebi Ground ...
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CEVA reports solid first quarter
Supply chain services giant CEVA Logistics reported a 2018 first quarter revenue improvement of 5.4% (at constant currency) to $1.79bn, while also seeing strong improvements in earnings in both its Freight Management and Contract Logistics segments.The January to March reporting period also saw Switzerland-headquartered CEVA complete an Initial Public Offering ...
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Europa enjoys record year
Logistics service provider Europa Worldwide Group has reported annual financial results for the 2017 calendar year, and declared that it is now in “the strongest and most profitable position in its 50-year history”.Europa is a specialist road, air and sea, and warehouse operator which employs more than 650 staff across ...
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Emirates cargo revenues soar 17% in 2017-18 financial year
Dubai-based airline Emirates carried just over 2.6m tonnes in the 2017-18 financial year, a 1.8% increase over prior year, while sister company, ground handler dnata, registered an 8.4% rise in global volumes to around 3.1m tonnes.The airline's airfreight division, Emirates SkyCargo, achieved revenues of AED12.4bn, an increase of 17% over ...