Business – Page 88
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News
UK air charter broker Hunt & Palmer buys Aircraft Chartering Services
UK air charter broker Hunt & Palmer (H&P) has acquired Aircraft Chartering Services Ltd upon the retirement of the founder, Mark Hugo.Aircraft Chartering Services was started in May 1986 and has established a "diversified client base consisting of world-renowned orchestras, government departments, niche tour operators and various corporations," according to ...
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Panalpina sees airfreight growth slow but profits takeoff
Freight forwarder Panalpina saw airfreight volume growth slow in the first quarter of the year, but profitability at the company was up.The Switzerland freight forwarder saw first-quarter airfreight volumes increase by 3% year on year to 241,000 tonnes, behind an estimated market growth of around 5%.The growth rate also lagged ...
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CEVA listing to take place on May 4
CEVA Logistics has announced its listing on the Swiss stock exchange will begin on May 4 and the company looks to raise around Sfr1.2bn.The all-primary share listing, which was announced earlier this month, will have a wide price spread of between Sfr27.50 and Sfr52.50.Initially, the forwarder had been hoping to ...
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Reports suggest Temasek considering investments in HNA's Swissport and airlines
Reports continue to circulate that Singapore state investor Temasek is looking to invest in several of debt-laden HNA's aviation assets.The South China Morning Post and Reuters have both reported unnamed sources as saying that Temasek Holdings is interested in buying a stake in Hong Kong Airlines and Hong Kong Express ...
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NewsUnited buoyed by improving cargo revenues
United Airlines Cargo saw cargo revenues improve by double-digit percentage levels during the first quarter of the year on the back of volume growth and higher rates.The Chicago-headquartered airline saw first-quarter cargo revenues increase by 23.1% year on year $293m – its sixth quarterly improvement in revenues in a row.Much ...
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Airfreight rates help push Dachser revenues over the €6bn mark in 2017
Germany’s Dachser achieved record revenues in 2017, crossing the €6bn threshold for the first time.The global logistics provider increased its consolidated gross revenue by 7.2% to €6.12bn. Dachser also set other company records by handling a total of 81.7m shipments (+2.1%).“We systematically pursued our successful export strategy for European overland ...
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Air Partner finance chief steps down after accounting error
Air Partner’s chief financial officer has handed in his resignation following on from an accounting error totalling millions of pounds.The UK charter broker today confirmed that Neil Morris had offered his resignation, which had been accepted by the board.Morris’ resignation comes after the company revealed an accounting error related to ...
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NewsDelta sees cargo revenues soar in Q1
Delta Air Lines saw cargo volumes take off in the first quarter of the year, while revenues for the period reached their highest level since 2015.The Atlanta-headquartered airline saw total cargo revenues reach $202m, up 23.9% compared with a year earlier.This is the highest level first-quarter cargo revenues at the ...
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Air Partner updates on accounting review
UK charter broker Air Partner has restated the financial impact from an accounting error in its receivables and deferred income since the 2010/11 financial year, originally estimated at £3.3m, saying today that it “will not exceed £4m”.The Air Partner Board has appointed PricewaterhouseCoopers(PwC) and Rosenblatt Solicitors to provide independent accounting ...
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HNA signs MOU with Temasek to explore partnerships in aviation and logistics
China's HNA Group has signed a Memorandum of Understanding (MoU) with Temasek, a Singapore investment company, to "explore opportunities in aviation and logistics, and airport infrastructure".Chia Song Hwee, president and chief operating officer of Temasek, said: "Temasek is a long term commercial investor. We are keen to explore investments which ...
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News
CEVA confirms $1.36bn IPO
CEVA Logistics has confirmed plans for an initial public offering (IPO) and to list its shares on the SIX Swiss Exchange in a move that will raise an expected SFr1.3bn ($1.36bn).The announcement by the $7bn revenue third party global logistics player based in Switzerland confirms earlier industry speculation.The objective of ...
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News
IATA officially launches CEIV Live Animals
IATA has confirmed the launch of its new CEIV programme for the transport of Live Animals to help improve the safety and welfare of animals travelling by air.CEIV Live Animals, which Air Cargo News reported was being developed last year, is based on the IATA Live Animals Regulations (LAR) and ...
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Qatar Airways set to invest in Moscow's Vnukovo airport
Qatar Airways has entered into an memorandum of understanding (MoU) with Moscow's Vnukovo International Airport, Russia’s third-largest hub, to acquire up to 25% of the airport’s total shares.Qatar Airways group chief executive Akbar Al Baker said that the potential investment will complement the Middle East carrier's existing "strong ties" with ...
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Air Partner shares fall after reporting accounting error
Shares in Air Partner fell 22.6% on the London Stock Exchange today (Tuesday) after the UK charter broker identified an estimated £3.3m accounting error related to the collection of receivables from customers for uncollected amounts since the 2010/11 financial year.Its shares had fallen 32.5 pence by midday today on the ...
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News
FedEx buys UK e-commerce specialist P2P for £92m
US parcels giant FedEx Corp has boosted its e-commerce presence after acquiring UK-based P2P Mailing for £92m.FedEx said in a statement that P2P provides customers with "unique last-mile delivery options, leveraging its relationships with private, postal, retail and clearance providers in over 200 countries."P2P, headquartered in south east London, has ...
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Lufthansa Cargo sets out a strategy for growth
Lufthansa Cargo boss Peter Gerber admits that the airline’s management did not foresee the air cargo boom of 2017: “We were wrong”.To be fair to the chief executive and chairman of the executive board of Lufthansa Cargo, he was not alone in failing to appreciate that surge of cargo volumes ...
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Kerry Logistics on the up in 2017
Kerry Logistics saw profits and revenues improve last year on the back of demand growth in Asia.The Hong Kong-headquartered freight forwarder registered a 28% year-on-year increase in revenues in 2017 to HK$30.8bn, while its net profit was up 7% to HK$1.2bn.Its freight forwarding business saw profits for 2017 increase by ...
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Swissport sees cargo demand improve in 2017
Ground handler Swissport saw cargo demand increase in line with market growth last year.The handler registered an 8.4% year-on-year increase in cargo volumes to 4.7m tonnes in 2017.Revenues for the cargo segment in 2017 were up 9.2% to Sfr600m, while total company revenues improved by 6.4% to Sfr3.1bn.Eric Born, group ...
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Panalpina management report stresses positive development of airfreight
Panalpina handled 995,900 tons of airfreight in 2017, the highest in the company’s history.The global supply chain services provider gave the figure in its second Integrated Management Report, summarising the company’s activities during 2017 in terms of business performance and sustainability.Plus, both profitability and earnings before interest and taxation (EBIT) ...
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Air cargo should move beyond peer-to-peer data sharing
Air cargo needs to begin the process of moving beyond peer-to-peer data sharing to multi-user systems.Speaking during a session on cargo data during the World Cargo Symposium, Hasse Romer, lead engagement new industries, Ericsson, said that his company along with Panalpina and Finnair Cargo had launched a project to develop ...