All Finance articles – Page 44
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India's Jet Airways to wet-lease Etihad freighter
India’s Jet Airways is to launch dedicated freighter operations using an A330-200F aircraft wet-leased from its strategic-partner, Etihad Airways.Subject to regulatory approvals, the aircraft will fly from an operating base in New Delhi from April 2015 to a number of international and domestic destinations, including Bangalore, Hong Kong, Hanoi and ...
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FedEx sees peak season bounce
US parcels giant FedEx saw third quarter revenues up four per cent to $11.7bn.“We had a very successful peak season as volumes grew across all transportation segments, and our profit improvement programs are moving ahead as scheduled,” said Fred Smith, FedEx Corp chairman, president and chief executive officer.Operating results for ...
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Unions call for halt to Cargolux outsourcing plan
The Luxembourg Confederation of Christian Trade Unions (LCGB) has called for a written assurance that Cargolux will not press ahead with a controversial outsourcing plan as the Luxembourg freighter operator seeks to return to profit.The demand came as the LCGB and the OGBL union continued their negotiations on a new ...
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Lufthansa Cargo's 2014 operating profits up 26.6%
Lufthansa Cargo increased its 2014 operating profit by 26.6 per cent to €100m, despite group-wide pilot strikes and a fall in airfreight revenues and tonnages.Full year revenues at the German flag carrier’s freight arm edged down 0.3 per cent versus 2013 to €2.4bn. Total volumes fell 2.7 per cent to ...
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WCS: Air cargo industry needs to modernise
Airlines may be transporting goods worth $6.4trn each year, but the air cargo industry is in “desperate need” of modernisation if it is to capitalise on the international e-commerce opportunity, according to Liu Shaoyong, president of China Eastern.In a welcome address representing the host airline for the IATA World Cargo ...
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DP DHL airfreight up 2.4% to 4m tonnes in 2014
Deutsche Post DHL’s global forwarding arm overcame a weak 2014 first half to record a full year 2.4 per cent increase in airfreight volumes to just over 4m tonnes, versus 2013.Announcing full year 2014 results, the Germany-based global post, express, freight and logistics giant said of its air cargo segment: ...
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Cargolux links up with Oman Air
Oman Air has signed a Letter of Intent with Cargolux that enables the European all-cargo carrier to use the Middle East airline's facilities in Muscat, Salalah and Sohar.The agreement includes the launch, on April 15, of Cargolux full freighter services from Luxembourg to India via Oman. The formal signing of ...
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WCS: Jettainer’s lightweight pallet
Jettainer is developing a lightweight pallet that weighs 70 kg, around 32 kg lighter than a traditional PMC aluminium unit.The Germany-based ULD management company says that the pallet is made of a composite material that is being applied for the first time in the aviation sector. It offers an alternative ...
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Virgin Atlantic's "year of resilience"
Virgin Atlantic Cargo reported revenues of £221m for 2014, down 1.8 per cent on prior year, with total network freight volumes virtually unchanged from 2013.The carrier said that the revenues reflected “another year of resilience in a fluctuating global air cargo market that saw yields decline for the third year ...
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Turkish Airlines orders four more A330-200Fs
Turkish Airlines has signed a firm order to buy four more A330-200 freighters.The carrier’s Turkish Cargo freight arm already operates five A330-200Fs, and the new order will enable it to “quickly meet the growing cargo market demand”.Temel Kotil, Turkish Airlines’ chief executive, said: “The A330-200F freighter aircraft have demonstrated outstanding ...
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US freighter lessor ATSG sees "excellent" 2015 for air cargo
US-based freighter lessor Air Transport Services Group (ATSG) has highlighted “fundamental industry dynamics” that point toward “an excellent year for air cargo companies in 2015”.Nasdaq-quoted ATSG, the world's largest owner and operator of converted B767 freighters, reported 2014 fourth quarter adjusted pre-tax earnings up 19 per cent to $17.7mFourth quarter ...
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Overcapacity costs IAG Cargo
IAG CARGO suffered a revenue slump of nearly 12 per cent last year, in a business generally blighted by market shrinkage, over-capacity and unfavourable currency fluctuations.The merged entity of British Airways and Iberia saw cargo-tonne-kilometres [CTKs] drop by seven per cent in the period, as a big imbalance in supply ...
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Record year for Etihad
ETIHAD AIRWAYS enjoyed a record financial performance last year, with net profit up 48 per cent to US$62 million on revenues up 27 per cent to US$6.1 billion.2013 also saw earnings before interest and tax (EBIT) up 22 per cent to US$208 million and earnings before interest, tax, depreciation, amortisation ...
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Cathay’s profits soar despite weak air cargo
CATHAY PACIFIC’S profits in 2013 climbed by nearly 204 per cent to US$335m last year – however its cargo business remained weak, a statement reveals.Turnover for the year increased by 1.1 per cent.The Asian carrier attributed its healthy figures to the strengthening of its passenger business and measures taken to ...
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Lufthansa Cargo optimistic despite profit drop
LUFTHANSA CARGO (LC) recorded an operating profit of €77 million (US$106m) in 2013 – €28m less than the previous year.The German carrier also saw its overall revenue drop by 9.2 per cent to €2.4bn. But despite the less than favourable balance sheet, Karl Ulrich Garnadt, chief executive and chairman, is ...
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Air Partner sees revenue slump
UK CHARTER broker Air Partner saw revenue slump by 26 per cent to £11.7m (2013: £15.9m), in the 18-month period ending January 31, 2014.Underlying profit before tax was level with the comparable 12-month period at £0.2m, due to early management of the cost base, the company reports.“The lower revenues reflect ...
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IATA warns of "tough year" for cargo
The New Year got off to a slow start for air cargo says IATA in its latest statistical bulletin.While freight tonne kilometres grew 3.2 per cent in January 2015 compared to the same month last year, it was slower than the 2014’s 4.5 per cent average.IATA director general and chief ...
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FedEx to rely more on bellies
SHOULD forwarders worry about a new group of rivals for lift? The present overcapacity ensures there are no headaches about finding space, but the question arises just how big the appetite of the integrators for linehaul on commercial carriers is.FedEx has led that charge, which formed one of the planks ...
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Cargolux: In turbulence, or flying straight and level?
UNARGUABLY Cargolux has built the kind of reputation that attracts envy and admiration in equal measure. Today, the word ‘trailblazer’ is overused and in some quarters considered passé, but since its inception, the European all-cargo carrier has always strived to go beyond just augmenting its revenue and profits, writes Thelma ...
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Cargolux to increase share capital
EUROPEAN all-cargo carrier Cargolux is to increase the share capital of the airline by US$175m in cash, in exchange of newly issued common shares.The news follows an “extraordinary general meeting of the company’s shareholders”, says a company statement.Dirk Reich, the new president and chief executive, comments: “The share capital increase ...