All Finance articles – Page 38
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American joins Delta and United in reporting Q3 cargo revenue decline
American Airlines saw cargo revenues decline during the third quarter of the year, although the drop was not as strong as that experienced by Delta.American saw its cargo revenues decline to $180m (see tables below) during the third quarter of the year, a drop of 16.3% compared with the same ...
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Ocean giant issues results downgrade
Airfreight’s largest modal competitor, deep sea container shipping, is feeling the pinch.Danish ocean freight giant AP Moller-Maersk, has today issued a 2015 results adjustment after “market conditions worldwide have been weaker than the group expected”.AP Moller-Maersk said that its boxship division, Maersk Line, saw that the container shipping market “deteriorated ...
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Finance expert sees freed-up freighter market
A range of financing options are expected to remain open for new and used freighters, according to one speaker at the Freighters and Belly Cargo Conference.President and managing director of Guggenheim Aviation Partners, Paul Newrick told delegates that he expected there to be ongoing access to diverse forms of finance ...
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K+N airfreight volumes up 5.1% in stagnant market
Kuehne + Nagel (K+N)outpaced a “stagnating airfreight market” to grow its own volumes by 5.1% in the first nine months of 2015.The Switzerland-based multimodal logistics giant said of its air cargo business: “The increasing demand for specialised services in the industry segments automotive, pharma, aerospace and perishables contributed to this ...
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DSV to buy UTi Worldwide for $1.35bn
DSV Group has signed an agreement to acquire US based UTi Worldwide, a global, supply chain services and logistics company with revenue of $3.9bn and 21,000 employees in 58 countries.DSV will pay $7.10 in cash per ordinary share. The total transaction implies an enterprise value of approximately $1.35bn.The combined company ...
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DSV in $1.35bn takeover bid for UTi
Consolidation in global freight forwarding continues, with the announcement that Danish forwarder DSV Group has signed an agreement to acquire US based UTi Worldwide in a deal worth $1.35bn.UTi is a global, supply chain services and logistics company with revenue of $3.9bn and 21,000 employees in 58 countries.“The combined company ...
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FedEx to benefit from Malpensa cargo expansion
FedEx Express and SEA, the Milan airport management company, have started construction on a new €15m operations base for the US parcels giant at the Italian hub.At more than 35,000 sq m, the highly-automated structure will triple the size of the current FedEx Express facility in Malpensa to become FedEx's ...
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Freighter operators can minimise price war impact through a balanced business
Freighter operators should look to niche markets and block space agreements in order to minimise the impact of rate wars on their business.Speaking at the Caspian Air Cargo Summit in Baku, Silk Way West Airlines senior vice president Pierre Wesner said that all-cargo airlines existed in an overcapacity market but ...
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Platinum Equity completes WFS takeover
Investment fund Platinum Equity has completed the acquisition of global airport cargo handler Worldwide Flight Services (WFS) from LBO France. Financial terms were not disclosed.Platinum’s takeover of WFS – first disclosed in April this year – adds to its aviation portfolio a company present at over 145 major airports in ...
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Forwarders welcome Transpacific Partnership agreement
The US Airforwarders Association (AFA) and Boeing have welcomed the conclusion of the Transpacific Partnership negotiations.Yesterday, the US, Japan and 10 other Pacific rim nations reached an agreement on what is set to become the world’s largest regional trade agreement.However, the agreement, described as a first step, now needs to ...
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Economic volatility rocks TNT's Q3
Europe-based parcel and logistics operator TNT said that “economic volatility” in Brazil, China and Australia weighed on the takeover target’s third quarter performance.TNT, which is the subject of a $4.8bn takeover bid by US parcels giant FedEx, said in its latest trading update that the management team “remains focused” on ...
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Air Partner cargo arm remains a key component
Air Partner, the UK-based global aviation services group with a cargo charter division, saw half year gross profit rose by 13% to £12.1m while underlying operating profit and underlying profit before tax doubled to £2.2m.Mark Briffa, chief executive of Air Partner, commented: "Our first half performance is a great testament ...
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Hungry XPO to buy US trucker Con-way for $3bn
Fast growing XPO Logistics is to buy US trucking and logistics company Con-way for $3bn, including debt, making it the second largest provider of less-than-truckload services in North America.Deep-pocketed XPO said that its latest logistics takeover - it acquired Europe’s Norbert Dentressangle for $3.2bn in June - will expand the ...
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Nippon Cargo axes $1.5bn order for B747-8F quartet
Nippon Cargo Airlines (NCA) has cancelled an order with Boeing for four B747-8 freighters, worth $1.5bn, but still has two more set for delivery, the US plane maker has confirmed.NCA, one of the launch customers for the 747-8 freighter in 2005, currently operates five Boeing 747-400Fs and eight 747-8Fs, according ...
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Aeroflot steps in with Transaero takeover
Leading Russian airline Aeroflot is to acquire the assets and routes of debt-laden private carrier Transaero.The country’s second largest airline got into financial difficulties after the Ukrainian crisis and the resulting European and American sanctions again Russia, the resultant weaker Rouble in turn triggering a serious decline in its core ...
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Steady growth for Air China Cargo
Air China Cargo recorded "steady growth" in the first half of 2015, as revenue freight tonne km increased by 23.5% year-on-year to 3,166m and the load factor rose 0.47 percentage points to 54.41%.The cargo yield (excluding fuel surcharge) was RMB1.11, a year-on-year increase of 0.20%.Parent carrier Air China said that ...
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Hong Kong and Taiwan boost Kerry interims
Hong Kong-based logistics firm Kerry Logistics Network showed little sign of the Chinese financial crisis in its interim results for the six months ended 30 June.However, group managing director William Ma warned that the global economy “continued to be plagued with volatility in the first half of 2015” although its ...
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Nigeria looks to set up new national carrier
The Nigerian Government has set up a committee to look into re-establishing a national airline.It will be chaired by former Discovery Airlines chairman, Captain Mohammed Abdulsalam, and is tasked with reviewing reports by previous consultants and the collapse of the now defunct Nigeria Airways, along with other failed private carriers.The ...
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Vienna bids to raise Malta stake
Flughafen Wien (Vienna Airport) is to make a €3 per share offer for Canadian-based SNC Lavalin’s stake in Malta International Airport.Since the Mediterranean island airport was privatised in 2002, 40% of it has been held by Malta Mediterranean Link Consortium, in which Flughafen Wien AG has a 57.1% holding via ...
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Cathay Pacific sees H1 air cargo load factor improve, but yields slide
An improved cargo load factor at Cathay Pacific and Dragonair was not enough to stop a decline in yield as industry overcapacity and lower fuel surcharges had an effect on the airline group’s first-half performance.The world’s largest cargo airline group recorded a 2.5% year-on-year decline in first-half revenues of HK$11.4bn, ...