Business – Page 93
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News
ATSG to raise $200 million
Leasing and airfreight transport firm Air Transport Services Group is to offer $200 million-worth of convertible senior notes to institutional buyers. Final terms, including initial price and other terms will be determined at the time of pricing. The notes will mature in October 2024.The company also expects to grant the ...
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Forwarder Leman continues UK expansion with Maru deal
Denmark-based freight forwarder Leman has continued to expand its presence in the UK with the acquisition of Maru International for an undisclosed sum.Maru provides air and sea logistics solutions and also has a strong presence in the European road transport market from its offices in Dewsbury, Braintree and just outside ...
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Takeover of Kenyan perishables forwarders to go ahead, with conditions
Kenya’s competition watchdog has approved “with conditions” the takeover of two specialist perishables forwarders in the African country by European logistics giants Kuehne+Nagel (K+N) and Panalpina.The Competition Authority of Kenya has approved the acquisition of Air Connection by Panalpina Airflo Ltd, Panalpina Airflo BV and Panalpina Kenya Ltd, but ordered ...
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Air cargo up 11% in July, but signs that growth may have peaked
Air cargo traffic increased again in July, compared with a year earlier, but airline organisation IATA has warned that there are a growing number of signs that improvements may have peaked.In total, air cargo traffic in freight tonne km terms increased by 11.4% year on year in July, while supply ...
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Shipping doldrums hit German bank DVB but aviation remains stable
Volatile container and tanker shipping markets saw German finance house DVB Bank Group (DVB) register a 2017 half-year pre-tax consolidated net loss of €506.3m, while the demand forecast for the aviation markets “remains stable”.The specialist in international transport finance said: “Shipowners remain under pressure from low charter rates and competition ...
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Air China sees air cargo traffic rise on international demand
Air China registered a 6.2% year-on-year improvement in revenue freight tonne kms (RFTKs) during the first half of the year thanks to its international routes.The Chinese flag carrier handled 6.4bn RFTK during the first half of the year, while capacity increased by the lower amount of 1.9%.This helped push its ...
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LATAM's quarterly cargo traffic improves for first time since 2013
Quarterly air cargo traffic at the LATAM Group increased for the first time since 2013 during the second quarter of the year as imports into Brazil began to pick up.The Santiago-headquartered airline group registered a 0.3% year-on-year increase in cargo traffic to 799m revenue tonne kms (RTK).While the increase may ...
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Qatar's Al Baker to chair IATA board of governors from 2018
Qatar Airways Group chief executive Akbar Al Baker has been elected chairman of the board of governors of IATA, effective June 2018.The rotating one-year term will commence at the end of IATA’s 2018 annual general meeting in Sydney and will continue until the end of its 2019 meeting.Outspoken Al Baker, ...
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Turkish Cargo sees freight traffic take off in 1H
Turkish Cargo registered a double-digit percentage improvement in cargo revenues during the first half of the year, helped by strong growth in the Chinese market.The Istanbul-headquartered airline saw total cargo revenues increase by 25% year on year during the first six months of 2017 to $580m on the back of ...
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NewsCathay swings to H1 loss despite improving cargo business
Cathay Pacific recorded a loss in the first half of the year, despite the positive performance of its cargo business (see tables at end of article).The Hong Kong-headquartered airline recorded a loss attributable to shareholders of HK$2bn during the first half, compared with a profit of HK$353m last year. Revenues ...
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Leisure Cargo airfreight services not affected by Air Berlin insolvency
Leisure Cargo has moved to assure customers that its airfreight services have not been affected after its parent, Air Berlin, yesterday filed for insolvency.The company, which is a virtual airline, marketing cargo capacity on 14 low-cost and tourist airlines, said that all flights operated by Air Berlin and Austria-based subsidiary ...
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Maersk freight forwarding arm Damco sees $8m loss in 2017 first half
Damco, the freight forwarding and logistics arm of Danish container shipping giant Maersk, reported a $8m loss on turnover of $1.24bn in the first half of 2017, down from a profit of $12m last year, but broke even in the second quarter as airfreight volumes rose.Parent group AP Moller-Maersk (APMM) ...
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New airline and forwarder air cargo program - IFACP - launches in Canada
Freight forwarder association FIATA and airlines' body IATA have launched their long-awaited Air Cargo Program (IFACP) in Canada.The programme, developed to meet the changing needs of the air cargo industry, will be rolled out globally following the Canadian pilot, and replaces the existing Cargo Agency Program. It will be managed ...
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FedEx and UPS top bosses in memo to Trump: Keep the US globally competitive
US logistics giants and fierce rivals UPS and FedEx have joined forces by calling on the US Congress and the Trump Administration to work on policy reforms to keep the US globally competitiveIn a signed editorial published in the influential Wall Street Journal, FedEx Corp chairman and chief executive Fred ...
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IAG Cargo and Heathrow unite to raise awareness of illegal wildlife trade
To celebrate World Elephant Day and help raise awareness about the illegal trade of wildlife, Heathrow Airport and IAG Cargo has created and installed a pop-up interactive display at the airport’s Terminal 5 lsst week.The pop-up was run in partnership with UK Border Force to support charity United for Wildlife’s ...
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China’s HNA buys Hahn airport stake
China’s HNA Airport Group has completed its €15.1 million purchase of a 82.5% stake in Germany’s Frankfurt-Hahn airport, announced previously.It ends an uncertain period in the history of the airport; in June 2016 it appeared to have sold the tranche to shadowy Chinese investor, Shanghai Yiqian Trading Co, but the ...
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Adjusted earnings up for ATSG
US-based aircraft provider, converter and leasing company Air Transport Services Group (ATSG) reported adjusted earnings from continuing operations (excluding non-cash warrant-related items) up 64% at $13.9m for the quarter ended June 30.Adjusted earnings per share from continuing operations were $0.21, up eight cents per share.Revenue increased by $77m, or 43%, ...
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DHL the latest freight forwarder to see margins come under pressure
DHL Global Forwarding is the latest freight forwarder to see airfreight demand and revenues surge during the second quarter, but margins were under pressure as a result of increasing airfreight rates.The Deutsche Post-owned forwarder saw second-quarter airfreight revenues increase by 5.7% year on year to €1.1bn on the back of ...
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Ex-CEVA shareholders launch lawsuit against Apollo Global
A former CEVA Logistics employee has launched a lawsuit against the owners of the company over allegations a group of employee investors were defrauded out of their stake in the firm.In court documents filed in Florida, it is alleged that a group of ex-employees and employees have accused Apollo Global ...
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Agility airfreight beats the market but net revenue under pressure
Agility’s air freight tonnage grew 14.7% in the second quarter of 2017 – above the market average, said the Kuwait-based forwarding and logistics company.The air cargo performance contributed to a 9.6% increase in revenue for Agility Global Integrated Logistics (GIL), the company’s core logistics business, in the quarter, to 255.2 ...