All Finance articles – Page 37
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DSV target UTi sees airfreight volumes slide as it stays in the red
DSV takeover target UTi remained in the red during its financial third quarter, while airfreight volumes also suffered a double-digit decline.The company recorded a 17.9% year-on-year decline in revenues to $884.7m during the quarter ended October 31 while it recorded a net loss of $32.7m compared to $33.7m last year.It ...
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Hong Kong secures HK$5bn revolving credit facility
Airport Authority Hong Kong (AA) has signed a five-year HK$5bn ($650m) revolving credit facility with 21 local and international banks, a successful placing that lays the “solid foundation” for financing the hub’s three-runway system.Hong Kong, handling 4.4m tonnes, was the largest non-integrator air cargo hub in 2014.AA chairman Jack So ...
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Swissport owner HNA takes stake in Azul of Brazil
Chinese conglomerate HNA Group, which owns ground handler Swissport, is to take a 23.7% strategic stake worth $450m in Azul Brazilian Airlines.HNA Group now becomes the single largest shareholder of Brazil’s third largest airline and will appoint new members to the board of directors.HNA, owner of China’s fourth-largest airline, Hainan ...
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Delta looks to increase Aeromexico holding
Delta Air Lines has announced plans to ramp up its shareholding in Aeromexico as it deepen its commitment to the South American country.The US airline currently owns 4.1% of shares in Grupo Aeromexico but has submitted an offer to buy an additional 32% of the outstanding capital stock at MXP43.59 ...
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DHL records double-digit decline in airfreight volumes
DHL Global Forwarding suffered from a double-digit decline in airfreight volumes during the third quarter of the year as it turned away low margin business.The forwarder’s third-quarter airfreight volumes slipped by 13.2% compared with a year ago to 896m tonnes. Air revenues for the period were down by 10.1% to ...
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HAE buys Groupair of South Africa
UK-based air cargo industry services provider HAE has acquired Groupair of South Africa, a neutral consolidator providing air, sea, road and courier services.Financial details of the acquisition were not immediately available.On its website, HAE states: "Groupair will be able to assist you with your requirements for air, sea and road ...
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Flower power purchase: Panalpina goes with the Airflo in Kenya
Panalpina is boosting its presence in Kenyan flower logistics by acquiring a majority stake in Airflo from the Dutch Flower Group (DFG), the world’s largest flower and plant trader.The acquisition, subject to conditions, reflects Switzerland-based Panalpina’s continued expansion in Africa and its increasing focus on the perishables business.Peter Ulber, Panalpina’s ...
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CEVA losses narrow as airfreight volumes decline
Logistics firm CEVA recorded a decline in airfreight volumes during the third quarter of the year, but it did manage to narrow its net losses.The Netherlands-headquartered forwarder, which has been in the process of re-organisation, recorded a 4% year-on-year decline in airfreight volumes during the third quarter of the year ...
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Etihad adding two B777 freighters
Etihad Airways has exercised its options on two Boeing 777 freighter aircraft, making the announcement on the opening day of the Dubai Air Show.The freighter options, with a list price value of $637m, were part of UAE national airline’s $67bn mixed fleet order for 199 aircraft in 2013.The additional freighter ...
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Atlas Q3 loss reflects debt reduction, repeats strong outlook for full year
US freighter aircraft lessor Atlas Air Worldwide (AAW) reported a net 2015 third quarter loss of $12.8m as it refinanced higher cost debt, but repeated its strong outlook for the fourth quarter and full year.Atlas expects airfreight to grow at “a reasonable rate” in 2015 despite tougher year-over-year monthly industry ...
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Emirates bucks cargo trend with 10% volume surge
Dubai’s Emirates Skycargo outpaced the airfreight market with a 10% rise in volumes to 1.25m tonnes during the first six months of the financial year.Emirates Group, which includes ground handler dnata, described the airline cargo figures from April to September as “a solid performance that continues to buck the market ...
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TNT 'making progress' for fleet sell-off
TNT has confirmed that it is “making progress” in finding a buyer for the parcel carrier’s freighter fleetTNT has to sell its aircraft assets if the $4.8bn takeover by FedEx is to go ahead.A spokesman for TNT Group said: “We are making progress with potential buyers” for TNT Airways ...
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WFS completes Frankfurt cargo handler deal
Worldwide Flight Services (WFS) has completed its acquisition of a 51% shareholding in Fraport Cargo Services (FCS) for airfreight handling at Frankfurt Airport, the 2014 number one European airfreight hub at 2.2m tonnes.Air cargo handler WFS, with annual revenues of €750m, signed an agreement with FCS parent Fraport in July ...
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Logistics in the driving seat for M&A deals
Logistics companies remained a “significant driver” of merger and acquisition (M&A) activity in the 2015 third quarter, and financial advisors PwC expects that trend to continue.In its latest logistics and transportation analysis, PwC said that as more companies make the decision to outsource logistics services and turn to third-party suppliers, ...
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Geodis completes OHL takeover
French global forwarder Geodis has received regulatory approval to complete its acquisition of US-based OHL (Ozburn-Hessey Logistics) based in Nashville, Tennessee.Terms of the deal, announced in August, were not disclosed, but OHL is one of the leading third party logistics (3PL) companies in the US, with annual revenue in excess ...
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FedEx and TNT extend share acceptance period until January 2016
FedEx and TNT Express have extended the public offer acceptance period for all the issued and outstanding ordinary shares in the capital of TNT Express until January 8, 2016.US parcel giant FedEx’s proposed $4.8bn takeover of the Netherlands-based TNT Express is now unlikely to be opposed by European Commission regulators ...
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Air France-KLM Cargo reports another operating loss
Air France-KLM saw operating profits at its cargo division remain in the red during the third quarter of the year but said it hopes its freighters business will be breakeven in 2017.The Franco-Dutch airline group recorded a third-quarter operating loss of €81m, an improvement on the €102m loss it recorded ...
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Lufthansa's cargo arm records another ebit loss
Lufthansa’s cargo and logistics division reported an operating loss for the second quarter in a row as impairment costs and tough market conditions took their toll.The airline's logistics division, which includes Lufthansa Cargo, ULD specialist Jettainer and its Aerologic investment, saw revenues for third quarter decline by 8.3% year on ...
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UPS records third-quarter profit improvement
Integrator UPS recorded increases in operating and net profits during the third quarter of the year despite a decline in revenues.The New York Stock Exchange-listed express giant saw third-quarter revenues decrease by 0.4% on a year earlier to $14.2bn, with its international package segment experiencing the greatest downturn in takings ...
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FLY bags second B777F sale and leaseback deal in a month
FLY Leasing has acquired a new Boeing 777-200LRF aircraft in a sale and 12-year leaseback transaction with an unnamed “leading flag carrier”. Terms were not disclosed.Colm Barrington, chief executive of the Dublin-based aircraft lessor, said: "This is our second B777-200LRF acquisition in the past month as we continue to grow ...