All Finance articles – Page 17
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News
John Menzies looks to expand in cargo despite volume decline
Ground handler John Menzies saw its cargo volumes decline in the first half of the year but is looking to expand in the sector.The company reported a "resilient" performance in its cargo business as volumes dropped by 22% year on year as a result of reduced bellyhold operations due to ...
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US DOT allocates $5.8m to Chicago RFD for cargo apron
The US Department of Transportation (US DOT) has allocated $5.8m to Chicago Rockford International Airport (RFD) to expand its cargo operations.The money will be will be used to construct a larger cargo apron to "meet growing demand".US Senator Dick Durbin commented: "Chicago RFD is not only a vital transportation asset, ...
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E-commerce demand fuels FedEx revenues as it prepares for Covid vaccine
FedEx saw its revenues and profits improve in its fiscal first quarter as a surge in e-commerce demand propelled performance.The express giant saw revenues for the three months ended August 31 increase by 13.5% year on year to $19.3bn, while net income was up 67.8% to $1.2bn and operating income ...
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NewsDigital forwarder Beacon sheds light on its finance USP
Fraser Robinson, BeaconIn June this year, UK-based digital freight forwarder Beacon made logistics headlines when it secured $15m in its Series A fundraising round, from investors including, and most notably, Jeff Bezos, the founder and chief executive of Amazon.Beacon’s other high-profile investors included Uber founders Travis Kalanick and Garrett Camp, ...
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Kerry Logistics sees revenue and profits rise in H1 2020
Asia-based Kerry Logistics has achieved increased revenues and profits in the first half of this year, demonstrating its "diversity, adaptability and agility", despite disruption caused by the Covid-19 pandemic.The company saw core net profit rise up 26% to HK$845m in the first half of 2020 as profits at its international ...
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Virgin Atlantic Cargo launches operations between UK and Pakistan
Virgin Atlantic Cargo is set to operate flights between the UK and Pakistan from December this year, after creditors voted in favour of its restructuring plan.Virgin Atlantic will operate three new routes: London Heathrow to Lahore; London Heathrow to Islamabad; and Manchester to Islamabad."Trade in goods and services between the ...
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Swissport secures €300m funding commitment
Ground handler Swissport has received a funding boost as it continues to battle through the difficult trading conditions resulting from the coronavirus outbreak.The company said it had secured a €300m binding commitment from an ad hoc group of senior secured creditors, subject to final documentation, which would deliver immediate liquidity ...
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Korean doubles down on cargo amid challenging passenger market
Korean Air’s second quarter operating profit on the back of strong cargo performance offered a dash of positive news to a sector reeling from the coronavirus pandemic.With most carriers in the Asia-Pacific suffering heavy losses through the evaporation of passenger demand, Korean generated a W149bn ($126m) operating profit in the ...
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Mixed performance for Agility in H1
Agility saw its profits dive in the first half, although its airfreight business performed well.The company saw its revenues for the first half decrease by 1.3% year on year KD765.1m, earnings before interest, tax and depreciation (ebitda) was down 20.1% to KD75.8m and net profits slipped by 61.3% to KD16.2m.The ...
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Cargo the bright spot as Cathay navigates "most challenging" period
Cathay Pacific Group reported an operating loss of HK$8.7bn ($1.13bn) for its half-year financial results, in what its chairman called the “most challenging” period for the group in its 70-year history.Cargo proved to be the sole bright spot for the troubled group, which in recent months was the subject of ...
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ATSG: "Strong demand" for leased freighters during coronavirus
Aircraft leasing company Air Transport Services Group (ATSG) has highlighted that its half-year results reflect "solid growth, improving cash flows and strong demand for leased cargo aircraft".During the first half of this year, the group's revenues increased 13% to $378m, while adjusted ebit rose 20% to $125.6m."Increased contributions from ATSG’s ...
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Forwarder and shipper charter deals propel Atlas Air in Q2
Atlas Air Worldwide Holdings saw its operating revenues and income increase during the second quarter of the year as forwarders and shippers looked to secure freighter capacity through charter deals with the firm.The New York-headquartered lessor reported second quarter operating revenues of $825.2m — up 24.3% on year earlier — ...
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Lufthansa Cargo revenues lifted by capacity crunch
Lufthansa's logistics division, which includes Lufthansa Cargo, saw revenues rise in the first half of this year, despite significant cuts to bellyhold capacity.The carrier said this outcome was a result of demand outstripping supply. "Demand for the remaining cargo capacities went up during the first half-year of 2020, with the ...
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Virgin Atlantic's cargo flights continue as it applies for bankruptcy protection
Virgin Atlantic has confirmed that it will continue its cargo operations after filing for Chapter 15 bankruptcy protection in the US.The airline told Air Cargo News that cargo operations will continue while it goes through the process of securing court approval for its creditor backed restructuring plan.Cargo flights will therefore ...
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Virgin Atlantic files for bankruptcy protection, plans restructuring vote
Virgin Atlantic creditors will vote on the UK carrier’s restructuring plan at a meeting on 25 August after court proceedings in London.The UK carrier secured the order following a 4 August court hearing, held as part of the planned private recapitalisation it announced in July under the UK Companies Act.In ...
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Atlas Air sees share price soar as investors circle
Atlas Air Worldwide Holdings has seen its share price increase rapidly since the start of the year as investors look to benefit from the ongoing capacity crunch.New York-headquartered Atlas Air Worldwide Holdings has seen its share price on the NASDAQ exchange double from $27.73 on January 2 to $55.72 as ...
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NewsDHL the latest to report rapid airfreight revenue growth
Deutsche Post (DP) DHL is the latest company to report soaring airfreight revenues as a result of the capacity crunch experienced in the second quarter of the year.The German express and parcels giant saw second-quarter revenues from its airfreight forwarding business increase by 57% year on year to €1.8bn, gross ...
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Expeditors outlines 'intense' and 'unsettled' Q2 for air cargo
Seattle-headquartered freight forwarder Expeditors has described the second quarter as "intense" and "unsettled" as a result of the supply-demand imbalance in air cargo.Summing up the second three months of the year, president and chief executive Jeffrey Musser said that the Covid-19 outbreak has had a significant and widespread impact on ...
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IAG Cargo achieves higher revenues despite a slide in volumes
IAG Cargo saw is revenues rise in the first half of this year, despite volumes being down on a year earlier.Revenues for the first six months increased 10.5% year on year to €615m, while volumes dipped 33% to 232 tonnes "due to the reduction in passenger schedules"."Yields were significantly higher, ...
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NewsAir France KLM cargo revenues up despite volume decline
Air France KLM saw its cargo revenues grow in the second quarter of the year despite a dramatic drop off in volumes.The French-Dutch airline group recorded a 44.4% year-on-year drop in cargo traffic during the second quarter to 1.2bn revenue tonne kms, but revenues increased by 5.2% on last year ...