All Finance articles – Page 48
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LATAM to lease out B767-300F trio
LATAM Airlines Group is to lease out three Boeing 767-300 freighters as a strategy to maximise belly capacity in the passenger fleet begins to bite.The three 767-300Fs – the group has nine such freighters - are bound for “another company operating in a different market for a period of three ...
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German rail to seek multi-billion cartel damages from airlines
German rail operator Deutsche Bahn (DB) is to launch a “multi-billion dollar lawsuit” seeking damages from air cargo carriers found guilty of operating a global price-fixing cartel by the US Department of Justice, the European Commission and other international authorities.Europe’s largest rail operator, which also owns logistics company DB Schenker, ...
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ASL Aviation buys Farnair of Switzerland
ASL Aviation Group (ASL) has completed the acquisition of Farnair Group in Switzerland. Financial details were not disclosed.Located in Basel, Farnair Switzerland was established 30 years ago and now operates a fleet of 20 cargo and passenger aircraft.In addition to its Swiss Air Operators Certificates (AOCs), Farnair Group has a ...
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Thai Airways set to present restructure plans to government
Loss-making Thai Airways International is to seek Thai government approval for its revised restructuring plan in January 2015.There is no news yet on whether the planned restructure will impact Thai’s cargo division. The carrier has two B747 freighters in its current fleet.The airline posted a third-quarter net profit of baht ...
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ATSG and DHL extend US freighter agreement
Aircraft lessor Air Transport Services Group (ATSG) has completed a new agreement that extends its support of DHL’s air cargo network in the US until at least March 2019.Principal elements of the new agreement include extended dry leases for the 13 B767 freighters currently leased to DHL and new dry ...
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DB Schenker gains allies in cartel damages claim
German railway Deutsche Bahn (DB) has confirmed French news agency reports that it has been joined by several unnamed corporations in its billion dollar lawsuit for damages against member airlines of an illegal air cargo cartel.A spokesman for DB said: "I can confirm this report from AFP. Due to confidentiality ...
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Qatar Airways take 9.9% stake in IAG
Qatar Airways has acquired a 9.99 per cent stake in International Airlines Group (IAG), the parent of British Airways and Spain's Iberia.The Middle East carrier's share swoop is valued at around £1.1bn ($1.7bn), and builds a closer relationship with a fellow member of the oneworld airline alliance.An IAG statement said: ...
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Etihad cargo surges 17% in 2014
Etihad Airways reported a 17 per cent increase year-on-year in cargo for 2014 to 569,000 tonnes of flown freight and mail.The Middle East airline accounted for 89.6 per cent of cargo imports, exports and transfers at Abu Dhabi airport last year.The carrier stated: “Over the course of last year, Etihad ...
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IAG issues safeguards to Dublin over Aer Lingus bid
International Consolidated Airlines Group (IAG) has issued legally binding commitments to safeguard Aer Lingus slots at Heathrow as the British Airways and Iberia parent prepares to launch a €1.4bn bid for the Irish flag carrier.IAG, itself the target of a 9.99 per cent share swoop last week by Qatar Airways, ...
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TNT tweaks its figures
Express carrier TNT said its fourth quarter results, due to be published in full on February 17, would include non-recurring tax expense items totalling €77m, which include a €67m non-cash valuation allowance on deferred tax assets.The Netherlands-headquartered company added that changes to its accounting treatment in Brazil would also result ...
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Maximus profits up by a fifth
Abu Dhabi-based all-cargo carrier Maximus Air reported a 20 per cent increase in profits in 2014 compared with the previous year.Chairman Homaid Al Shemmari said the increase was due mainly to growth in European, African and Asian markets and a generally positive outlook for the global airfreight industry.Chief executive Mohammed ...
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Lufthansa Cargo's January sales droop
Lufthansa Cargo reported sales 2.3 per cent lower compared with the previous year in January. Load factor fell by 1.3 per cent, the carrier added.There were strong performances in the Americas (up 3.5 per cent) and Middle East (+4.9 per cent) but these were offset by declines in Europe (down ...
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TNT chief warns of tough times ahead
TNT Express made a €137m loss in the fourth quarter of 2014 and continues to face challenging trading conditions, said chief executive Tex Gunning.The integrator, the subject of a failed takeover bid by UPS in 2013, blamed restructuring charges (€70m), goodwill impairments (€32m) and the costs of a re-launch (€22m) ...
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We will do better, promise TNT management
TNT Express has outlined the steps that will return the parcels and freight operator to profit.A core part of its strategy is to set up focused international Europe and domestic units, strengthening its management and accelerated investment in its transport and IT, along with improved service levels.At a capital markets ...
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Africa: New challengers for the cargo king's crown
The domination of the regional air cargo market by non-African carriers, such as Air France-KLM, Emirates and Lufthansa, and by South African Airways, is still strong, but over the past decade two African carriers have risen to challenge them: Kenya Airways and Ethiopian Airlines.South African Airways (SAA) was once the ...
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Nordisk parent sold to TransDigm
Aerospace components firm TransDigm Group has reached agreement to buy the Telair Cargo Group of businesses, owners of the Nordisk airfreight container manufacturing company.US-based TransDigm will pay around $725m in cash for Telair, which it describes as “a global leader in on-board cargo loading and handling, restraint systems and unit ...