All Finance articles – Page 30
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West Atlantic flies through choppy air
Swedish cargo airline West Atlantic confirmed that it has suffered financially this year, largely as a result of high start-up costs caused by delayed deliveries of aircraft needed to fulfil its new Royal Mail contract.In a statement on its website, the Gothenburg-headquartered airline said: "As a consequence, the company does ...
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American Airlines on the up
American Airlines achieved revenues of $10.9bn during the July to September period, up by 2.7% on the same three months of 2016.The giant US carrier also reported a third-quarter pre-tax profit of $1bn despite a challenging operating environment in the second half of 2017, not least because of the hurricanes ...
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Profits surge at Air Partner
Aviation services group, Air Partner reported gross profit of £18.1m for the six months to 31 July, up 12.2% on the same period of 2016. The UK-based company said it reflected strong trading performance in its broking division.Underlying profit before tax was £4.1m, a year-on-year increase of 34.4% while the ...
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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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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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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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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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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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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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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 ...
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Ceva maintains momentum in tough airfreight market
Ceva said its air freight volumes jumped 15.6% in the second quarter of the year, notably on the Trans-Pacific and Intra-Asia trade lanes.The Netherland-headquartered forwarding and logistics firm said that although the market situation remains difficult, with rising carrier rates, yields were maintained at relatively high levels.Ceva added that productivity ...
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XPO gets its shopping list out again
XPO Logistics could soon be going on another buying spree, said chief executive Bradley Jacobs as he revealed a jump on net income to $75m in the first quarter of 2017, compared with $50.4m in the same period in 2016.He told Reuters that the US-based logistics giant is pursuing “deals ...
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Frankfurt puts in a strong cargo performance
Frankfurt’s cargo throughput (airfreight + airmail) climbed by 5.3% year-on-year, to nearly 1.1 million tonnes In the first six months of the 2017 business year, said airport operator Fraport in its half yearly report, published on 3 August.Europe's busiest cargo hub said that cargo traffic continued its growth trend from ...
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Muted airfreight growth for DSV as it digests UTi
Danish-headquartered forwarder and transport company DSV said its airfreight division increased volume by 10% in the first half of 2017, helped by its acquisition of UTi at the start of last year.This put it slightly ahead of the market, which was up 8%, it said in its interim financial report, ...
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Atlas announces B747F leases and improving Q2 financials
Atlas Air Worldwide has reported improvements in second-quarter revenues and profits, while also announcing the placement of three freighters with Hong Kong Air Cargo Carrier.Shortly before announcing its second-quarter results, the Purchase-headquartered aircraft lessor announced that it had placed three Boeing 747-400 freighters with Hong Kong Air Cargo on an ...
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Lufthansa Cargo stays in the black as revenues and volumes soar
Lufthansa’s cargo and logistics division recorded improved revenues and operating profits in the second quarter of the year, helped by strong demand growth in its Asia Pacific business.The German airline’s logistics division, which includes Lufthansa Cargo, Jettainer, time:matters and an equity investment in AeroLogic, saw second-quarter revenues increase by 18.8% ...
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AF KLM registers Q2 cargo traffic improvement but revenues down
Air France KLM saw cargo traffic and load factors improve during the first half of the year, although it did register a small decline in revenues.The Franco Dutch airline, which last week announced it would invest in Virgin Atlantic, saw second-quarter cargo revenues decline to €506m from €507m last year.Meanwhile, ...