All Finance articles – Page 4
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NewsEtihad Cargo sees revenues decline in 2023 as market rates cooled
Etihad Cargo registered a decline in its cargo revenues last year as the wider air cargo market cooled following the Covid boom.The Abu Dhabi-headquartered airline saw its cargo revenues in 2023 decline by 38% year on year to $914m following the "exceptional yield registered in 2022 due to Covid".Meanwhile, cargo ...
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NewsE-commerce and perishables lift K+N after Q4 airfreight volume decline
E-commerce and perishables business helped soften the blow of a drop in airfreight volumes for Kuehne+Nagel (K+N) in the fourth quarter.Airfreight volumes at K+N dropped 2.2% to 533,000 tonnes in the fourth quarter of 2023 compared to the same quarter in 2022.Net turnover in Kuehne+Nagel's (K+N) air logistics division in ...
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IAG Cargo revenues drop 28% year on year
IAG Cargo saw a steep drop in year on year commercial revenues in 2023 against a backdrop of sustained soft air cargo demand in the industry.The cargo division of International Airlines Group (IAG) reported commercial revenues of €1.2bn for 2023, 28.4% down compared to 2022.Cargo volumes, measured in cargo tonne ...
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Lower leasing demand takes the shine off ATSG earnings
Reduced demand for aircraft leasing, passenger operations and flying for the US military combined to pull down revenue at ATSG (Air Transport Services Group), said the company in its fourth quarter 2023 results.Wilmington, Ohio-based ATSG, which is the world’s largest owner and operator of converted Boeing 767 freighter aircraft, said ...
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Freightos tops a million transactions
Freightos handled over a million transactions in 2023 according to its full-year results, published on 26 February.The digital booking and payment platform achieved a record 287,000 transactions in the fourth quarter of 2023, an increase of 36% year over year to end the year with 1,025,000 transactions.Freightos said it had ...
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US couple found guilty of fraud against National Air Cargo
Two people have been found guilty of defrauding US logistics company National Air Cargo of $5m in a wire fraud scheme that lasted two years.The US Attorney’s Office for the District of Colorado found married couple Michael Aaron Tew and Kimberly Ann Tew guilty of fraud following a guilty verdict ...
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NewsAir Canada cargo revenues drop 27% in 2023
Air Canada's full year 2023 cargo revenues declined 27% year on year due to reduced air cargo demand and a loss of capacity in the form of temporary passenger freighters (preighters).The airline said the decline of C$342m was partially offset by increased operations of purpose-built freighters in its cargo business, ...
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NewsDSV sees air revenues and volumes tumble in 2023
DSV's airfreight revenues, volumes and gross profits all took a hit last year due to improved ocean shipping operations, high inventories and a weak consumer market.The Denmark-headquartered forwarder reported a 44.1% year-on-year decline in air revenues in 2023 to Dkr50.6bn, gross profit for the year was down 27.9% to Dkr13.4bn ...
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UPS to cut 12,000 jobs as market downturn bites
UPS has announced it will cut more than 12,000 jobs as part of efforts to reduce costs in light of continuing market weakness.The express giant's chief executive Carol Tomé said the job cuts would save the company $1bn per year. UPS is also considering selling its Coyote truck brokerage business.Most ...
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NewsUPS still struggles with revenues in Q4
UPS revenues in the fourth quarter dropped nearly 8% year on year as volumes fell in both the domestic and international segments.The express giant announced consolidated revenues of $24.9bn in the fourth quarter of last year, a 7.8% decrease from the fourth quarter of 2022.Meanwhile, consolidated operating profit was $2.5bn, ...
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Flexport set for another round of job cuts
Reports suggest freight forwarder Flexport will make a third round of redundancies in just over a year.Tech publication The Information last week reported that the forwarder will cut 20% of its staff, equating to around 500 people.The company last year cut 20% of its staff in mid-January as it was ...
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US carriers see cargo revenues slide in 2023
The big three US airlines saw their cargo revenues decline last year as rates and volumes came under pressure.United Airlines - the largest of the three in terms of cargo volumes - registered a 31.1% year-on-year decline in cargo revenues in 2023 to $1.5bn.At American Airlines there was a 34.1% ...
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Forwarder Flexport raises $260m through Shopify
Freight forwarder Flexport has raised $260m in funding from e-commerce platform Shopify.The company, which last year had to make job cuts as it looked to reduce costs, raised the money through an uncapped convertible note.Writing on X, Flexport chief executive Ryan Petersen said the investment would further strengthen the firm's ...
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Freighter financing deal for Crestone Air Partners
Aviation asset management platform and lessor Crestone Air Partners (CAP) has secured financing for more freighters.Ashland Place Finance LLC, a commercial aviation financing platform, has completed a new facility financing the acquisition of three Boeing 737-800 freighters for Crestone and alternative investment advisory firm, Atalaya Capital Management.Ashland Place previously financed ...
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Vancouver Airport in line for major expansion funding
The Government of Canada will invest up to C$74.3m at Vancouver International Airport to enable it to handle more cargo.This investment, part of the National Trade Corridors Fund, will be used to expand the airport, improve its facilities and efficiency, and reduce pollution, said a press release.The project will also ...
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Amerijet offloads freighters and restructures
US freighter operator Amerijet is offloading Boeing 757 aircraft and restructuring the business as it looks to respond to changing market conditions.The Miami-headquartered airline said that it has completed a successful financial and operational restructuring to "enhance the Company's capital structure and support go-forward operations".The restructuring includes the return of ...
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Future of Leipzig/Halle cargo hub under scrutiny
Auditing firm KPMG has completed a restructuring report on the financially ailing operator of Leipzig/Halle Airport, Mitteldeutsche Flughafen AG (MFAG), with observers expecting that shareholders will have to inject fresh capital.According to Air Cargo News sister title DVZ, KPMG will hand over a so-called IDW-S6 restructuring report to the management ...
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ECJ blocks UPS' claim for TNT deal damages
Europe's top court has rejected UPS' claims for damages of more than €1.7bn related to its failed takeover of TNT in 2013.The European Court of Justice this week rejected UPS' claim against the European Commission (EC) for compensation for the "economic losses allegedly suffered due to the unlawfulness" of the ...
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FedEx reorganises air network
FedEx will reorganise its air network to better suit the demands of various shipment types as part of efforts to cut costs.The company this week revealed that it would divide its air network into three sections; purple orange and white.The purple network will deliver high-priority, high-margin volumes through FedEx-owned aircraft ...
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NewsFedEx claws back costs in Q2 but Express suffers
FedEx's continuing work to trim costs within the business were evident in its second quarter 2024 results, although the Express segment suffered in particular.Total second quarter operating income for the period ended November 30 was $1.28bn, up 9%. Adjusted operating income increased by 17%.As with the previous quarter, FedEx said ...