All Finance articles – Page 20
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News
CargoLogicAir confirms suspension of services as China crisis takes its toll
UK freighter operator CargoLogicAir (CLA) has confirmed to Air Cargo News that it has suspended operations as its exposure to China took its toll.In a short statement, the B747 operator – and the UK's only maindeck freighter operator – said that "due to the latest market development, specifically the drastic ...
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Kuehne + Nagel highlights "stable" 2019 airfreight results
Kuehne + Nagel (K+N) has released its full-year results for 2019.The Group overall saw its net turnover increase by 1.5% to CHF21.1bn in 2019. The business grew its gross profit by 3.5% from CHF7.7bn in 2018 to CHF8bn in 2019.Meanwhile, earnings before interest and tax (ebit) increased by 7.5% to ...
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KLM urges staff to cut costs as coronavirus effect hits business
KLM has announced budget cuts in response to a slowdown in business resulting from the coronavirus outbreak, according to a report in Reuters.KLM, part of the Air France KLM Group, will cut back on hiring new staff and external consultants, delay new IT projects and office refurbishment plans and reduce ...
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Challenging year for Agility's logistics arm
Agility Global Integrated Logistics (GIL) saw full year 2019 revenue fall 2.5% to KD1.1bn, in what was described as “a challenging year for the freight forwarding industry as a whole”.GIL, the freight forwarding arm of the Kuwait-based Agility logistics and warehousing group, reported a full year 2019 decline versus 2018 ...
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Atlas Air parks up B747Fs as market conditions take their toll
Atlas Air has parked four of its B747-400 converted freighters and plans to reduce the use of more widebody aircraft as it reports a loss for 2019.The aircraft lessor’s full-year results show a net loss of $293.1m, while revenues rose slightly to $2.7bn from $2.6bn a year earlier.The company said ...
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NewsAir France KLM cargo revenues take a hit in 2019
The Air France KLM group saw its cargo revenues drop last year as market overcapacity took its toll on performance.The Franco-Dutch airline group saw total cargo revenues for the year drop by 5.9% to €2.1bn on the back of a 2.3% drop in volumes to 1.1m tonnes.Its cargo load factor ...
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NewsDSV Panalpina registers improved airfreight volumes but margins in focus
DSV saw airfreight revenues and volumes improve last year thanks to its acquisition of Panalpina in August, but margins came under pressure.In 2019, the combined DSV Panalpina Group saw total revenues increase 19.8% year on year to DKr94.7bn, earnings before interest and tax (ebit) improved by 22.1% to Dkr6.6bn but ...
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UPS Q4 revenues boosted by Amazon gains
UPS saw fourth-quarter revenues soar on the back of Amazon volume growth, but pensions charges pushed the company to a loss.The express giant reported a 3.6% year-on-year increase in revenues for its fiscal fourth quarter to $20.6bn, operating profit was up by 6.4% to $2.1bn but it reported a $106m ...
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NewsANA's international cargo revenues fall 20.9% in nine months
US-China trade tensions contributed to a 20.9% dive in All Nippon Airways' (ANA) international cargo revenues to ¥20.6bn ($190m) during the nine months ended December 2019, as domestic cargo revenue fell 7.7% (year on year) to ¥1.6bn in the same period.The Japanese carrier said: “The Japanese economy saw increasing weakness ...
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XPO Logistics considers selling business units
XPO Logistics is considering the sale or spin off of one or more of its business units as it believes its shares are trading below expectation.The logistics company said yesterday that its board has authorised a strategic review of the business."We continue to trade at well below the sum of ...
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SOL ups stake in forwarder Scanlog
Svenska Orient Linien (SOL) has taken a majority shareholding in logistics firm Scandinavian Logistics Partners (Scanlog).Until now, the shipping company has had a 20% holding in the business, but now it is expanding its ownership to just over 50%.“With SOL, Scanlog gets a strong majority shareholder who can help us ...
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Bain-Titan $1bn JV reflects a changing airfreight market
The joint venture between Bain Capital and Titan Aviation announced at the end of last year is expected to take aim at the e-commerce market and also reflects a changing air cargo market, according to one consultant.The joint venture deal will see Bain invest $360m of equity in the project ...
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Retailers say US-China trade agreement a step in the right direction
The US National Retail Federation (NRF) has welcomed news that the North American country and China have agreed on phase one of a trade deal.Reports indicate that the agreement cancels tariffs that were due to come into force last week and will reduce tariffs that took effect in September.However, earlier ...
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Hong Kong carriers under pressure
Cathay Pacific and Hong Kong Airlines are both facing pressure, with the latter facing the prospect of being wound up by authorities.Earlier this week, Hong Kong's Air Transport Licensing Authority (ATLA) issued an ultimatum to Hong Kong Airlines, saying it must secure a cash injection and raise and maintain its ...
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Aeroflot's cargo revenue rises in Q3
Aeroflot saw cargo revenue rise by 6% to RUB 13,613m for the first nine months of the year compared with the same period last year. Cargo and mail volumes grew by 4.6%.Overall for the period to the end of September 2019, Aeroflot Group’s revenue increased by 12.4% year-on-year to RUB ...
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NewsDHL Global Trade Barometer depicts weak three-month outlook
Global air trade has been reduced by three points to a new index volume of 45, the DHL Global Trade Barometer (GTB) has reported. It also predicted a further contraction in overall global trade for the next three months."Global trade continues to lose momentum, albeit mildly," the report stated. "Against ...
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Agility see Q3 airfreight volumes fall
Logistics and infrastructure company Agility has announced Q3 results showing falling airfreight volumes amidst “challenging market conditions” for its Global Integrated Logistics (GIL) business.Although the Kuwait-based company reported an overall 1.6% increase in Q3 revenue to KD 400.7 million, air freight net revenue fell 2.8% compared with the same quarter ...
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Frankfurt Airport reports fall in freight
Freight at Frankfurt Airport fell by 8.0% in October compared with the same month in 2018, to 175,622 tonnes.Airport operator Fraport said that traffic for the year to date was also down, by 3.4%, to 1.74 million tonnes.The weak cargo performance contrasted with the passenger business, which was up 1% ...
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Cathay Group's cargo volumes droop in October
Cathay Pacific and Cathay Dragon carried 183,119 tonnes of cargo and mail in October, a drop of 4.9% compared to the same month in 2018.In its latest monthly figures, Cathay Pacific Group said that cargo and mail load factor fell by 2.4 percentage points to 68.0%.Capacity, measured in available freight ...
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NewsLufthansa Cargo reports another loss as market conditions take their toll
Lufthansa's logistics division reported its second loss in a row during the third quarter of the year as market conditions continued to take their toll.The logistics division, which includes Lufthansa Cargo, time:matters, Jettainer and its share of AeroLogic, saw third-quarter revenues decline by 9.2% year on year to €598m, while ...