All Finance articles – Page 47
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AF-KLM cargo return to breakeven by 2017
Air France-KLM has unveiled a group-wide Perform 2020 strategic plan that includes a slimmed down cargo business returning to operating breakeven by 2017.The Franco-Dutch carrier has already announced the phase out of five MD-11 freighters belonging to Dutch subsidiary Martinair by the summer of 2016.AF-KLM Martinair’s freighter fleet will be ...
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Swiss to terminate collective labour agreement with Aeropers
SWISS International Air Lines is to terminate its current collective labour agreement (CLA) with the Aeropers pilots’ staff association because of threats of legal action against the carrier and ‘irreconcilable differences’ over key issues following the incorporation of IPG pilots’ association in a new agreement, writes Thelma Etim, deputy editor.The ...
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IAG converts eight A330-200 options into firm orders
THE IAG GROUP has decided to convert eight A330-200 aircraft options into firm orders for its partner airline Iberia, writes Thelma Etim, deputy editor.The aircraft will be delivered to Spain’s flag carrier by the end of 2015.“We are just delighted that Iberia has reconfirmed its confidence in the A330, and ...
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AF-KLM revises low-cost carrier bid amid pilots’ strike tempest
OVER THE last seven days Air France chiefs have been squaring up to their furious pilots determined not to be the first to blink, writes Thelma Etim, deputy editor.The beleaguered French carrier has admitted the strike has been decimating is funds to the tune of €20 million a day.A statement ...
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Air France pilot's strike rumbles on
AIR FRANCE-KLM has offered what are described as ‘last-ditch concessions’ – but its main pilots union has dismissed the offer and instead extended a week-long strike which has been costing the European carrier up to €20m per day, writes Thelma Etim, deputy editor.The walkout, which began on September 15 and ...
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Strong growth for ACS
BROKER Air Charter Service (ACS) enjoyed a strong first half of the year with both revenue and charter numbers up across all three divisions of the company, writes Thelma Etim, deputy editor. Chairman Chris Leach observes: “The figures across the board make pleasant reading. Every department – private jets, commercial ...
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Africa: Jettainer starts managing ULDs for ECAir
Jettainer, the ULD management company, has begun supervising containers for Equatorial Congo Airlines (ECAir).The Lufthansa subsidiary announced details of its entry into the African market late last year but has this month formally started work on the ECAir contract.State-owned ECAir, located in Brazzaville, is outsourcing its ULD management after expanding ...
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Swissport completes disposal of its French ground handling activities
Swissport International confirmed on October 7 that it has closed the deal to dispose of its ground handling activities in France to GH Team.The sale covers activities undertaken by Swissport France, Swissport Services CDG, Servisair France and Héraclès. However, it does not include Swissport Cargo Services or Swissport Executive, which ...
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Qantas freight arm bounces back
Qantas Freight reported underlying pre-tax and interest earnings of A$54m, an improvement of A$43m and the division's best first-half result since 2006.The company stated: “International cargo markets continued to recover, accounting for A$44 million of underlying EBIT, with the China-US and US-Australia markets performing well.“The domestic market was more challenging, ...
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Turkish Cargo revenues surge in 2014
Turkish Cargo bellyhold and freighter revenues for the calendar year 2014 reached $973m, an 11.7 per cent increase on 2013, according to year end group figures released by Turkish Airlines.The cargo arm of the Turkish flag carrier saw passenger aircraft freight revenues of $555m in 2014, a rise of 13.7 ...
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NCA latest casualty in cartel chase
Nippon Cargo Airlines (NCA) is the latest cargo carrier to admit defeat in the latest of a string of anti-cartel cases. It is one of 20 airlines currently on trial in New York, US, for allegedly participating in a conspiracy with other cargo carriers between 2000 and 2006. The US ...
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Asiana latest to cave in to anti-cartel case
ANOTHER airline has agreed to hand over millions of dollars to prevent further anti-cartel prosecution in the US. This time, following NCA’s turn a few weeks ago, it’s the turn of South Korea’s Asiana Airlines, which has agreed to pay US$55m. Price-fixing lawsuits were brought against it and a raft ...
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IndiGo CarGo set for massive capacity growth
INDIA’S only profitable cargo-carrying airline, low-cost carrier IndiGo, has ordered 250 jets from Airbus for a list price of €20bn (US$25bn). It is Airbus’ biggest contract ever in terms of aircraft numbers.The new fleet would create a huge capacity for the airline’s airfreight arm, IndiGo CarGo.Higher disposable incomes, an expanding ...
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National Air Cargo files for bankruptcy protection
US cargo carrier National Air Cargo (NAC), a subsidiary of National Airlines, has filed for voluntary bankruptcy protection.The airline says it was forced to make the decision following a court judgement of October 2013. That case had been filed by start-up Global BTG in 2010, which alleged that NAC breached ...
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'Flat' first nine months for Lufthansa Cargo
Lufthansa Cargo’s transport figures remained flat in the first nine months of 2014, compared with a slight uptick in worldwide airfreight demand.Freight and mail volumes at the German carrier fell 3.2 per cent to 1.2 million tonnes for the period from January to September.The freight arm “did not meet the ...
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IAG Cargo reports "positive" third quarter
IAG Cargo has reported a “positive third quarter”, with "good load factor improvements" across markets despite an increase in capacity.The cargo arm of British Airways and Spanish carrier Iberia saw third quarter 2014 unadjusted commercial revenue (flown revenue plus fuel surcharges) fall 7.8 per cent to €236m versus €256m for ...
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SIA halves cargo operating loss
SIA Cargo more than halved its operating loss to S$34m in the first half of the current financial year, versus S$71m of red ink in the comparable period 2013.The Singapore flag carrier parent group stated: “Airfreight demand has seen a moderate recovery in recent months, with demand projected to be ...
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Atlas sees increased demand
Atlas Air reports increased demand across all regions, with the greatest growth in the transpacific market, adding that online shopping and peak season high-tech product launches “continue to favour airfreight”.The US-based aircraft leasing company was commenting as it released its 2014 third quarter financial results which saw adjusted net income ...
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Korean cargo yields rise
Korean Air registered a 5.7 per cent increase in cargo yield in the 2014 third quarter as its load factor rose 2.5 percentage points to 79.1 per cent.The South Korean flag carrier’s cargo arm, accounting for 22.1 per cent of total airline revenues in Q3, saw a 10 per cent ...
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Cargojet in "robust" outlook
Cargojet expects “a very robust peak period to end the year” after reporting a strong set of Q3 results helped by an uptick in E-commerce volumes.The Canada-based airline, operating overnight air cargo services across North America plus global charters, saw revenues rise 8.8 per cent to C$47.2m in the third ...