All Finance articles – Page 6
-
News
Air Canada Cargo revenue drops nearly 25% in Q2
Air Canada's cargo business saw second-quarter operating revenues drop 24% year over year.Operating revenues for Air Canada Cargo in the three months ended June 30 were C$227m, down from C$299 in the same period in 2022.Michael Rousseau, president and chief executive of Air Canada, said in a press release: "Our ...
-
News
Forward Air and Omni Logistics to merge
Global multimodal provider of air, ocean and ground services Omni Logistics will merge with Forward Air, a provider of transportation services across the US, Canada and Mexico.The definitive agreement will create a combined company that generated approximately $3.7bn of adjusted revenue for the twelve months ended June 30."The combination of ...
-
News
Cathay Pacific reports lower cargo revenues in H1
Cathay Cargo saw its revenues decline in the first half of the year despite increasing volumes.The Hong Kong-hubbed carrier saw first-half cargo revenues decline by 10.1% year on year to HK$12.4bn, while volumes increased by 23.8% on last year to 651,000 tonnes.Capacity measured in available cargo tonne km increased by ...
-
News
Troubled Wheels Up Experience looks to stabilise operations
Private jet firm Wheels Up Experience - the parent of charter broker Air Partner - has moved to stabilise the business as it faces financial troubles.The company yesterday announced that its largest shareholder, Delta Air Lines, has provided a short-term capital infusion to the company.Wheels Up Experience said that it ...
-
NewsUPS revenues drop by over 10% in second quarter
Express giant UPS showed it's not immune to the challenges of the current economic climate when it announced a second quarter drop in consolidated revenues of over 10% year on year.UPS said its second-quarter 2023 consolidated revenues were $22.1bn, a 10.9% decrease from the second quarter of 2022.Consolidated operating profit ...
-
News
MNG Airlines and Golden Falcon terminate proposed business combination
Turkish freighter operator MNG Airlines has terminated its proposed business combination agreement with the specialised private equity company Golden Falcon Acquisition.MNG and Golden Falcon had disclosed the proposed combination in December last year, as part of the airline’s strategy to become a publicly-listed US company on the New York stock ...
-
News
Strong market recovery helps Titan Airways to post record year
UK charter carrier Titan Airways returned to profit for the 12 months ending March 2023, a year in which it posted record revenues of £187m.The improved performance, disclosed in accounts filed with the UK’s Companies House, was driven by a boosting of its fleet utilisation amid the return of regular ...
-
News
Freighter leases help ATSG cash in
Air Transport Services Group's (ATSG) Cargo Aircraft Management (CAM) division looked healthy in the second quarter ended June 30, thanks to sustained freighter leases.Aircraft leasing and related revenues from external customers in the second quarter were up 4% for CAM, year on year.This was "driven by higher average lease rates ...
-
News
LATAM Cargo revenues take a hit as southbound demand softens
Chile-headquartered LATAM Airlines Group cargo revenues took a hit in the three months ended June 30, against a backdrop of softening demand.Cargo revenues decreased by 23.2% year on year in the second quarter to reach $355m. This was as capacity grew, and southbound demand to South America declined.Nonetheless, the carrier ...
-
NewsLufthansa Cargo outperforms the market in Q2
Photo: Lufthansa GroupLufthansa Cargo “outperformed the market as a whole” in the second quarter of this year, as average yields remained 40% above 2019 levels despite lower air cargo demand.Freight capacity was six percent above the same period of 2022, largely due to the recovery in passenger demand and subsequent ...
-
News
Western Global Airlines reaches bankruptcy financing deal
Florida-headquartered Western Global Airlines (WGA) has reached a bankruptcy financing deal that will enable the cargo carrier to continue operating while it addresses its financial position.According to a Bloomberg report published on July 31, the carrier has lined up US$77.3m of bankruptcy financing at a rate of 9% over the ...
-
NewsDHL airfreight volumes continue to fall
Melanie Kreis, DHL Group chief financial officer. Photo: DHLDHL Group’s second quarter airfreight volumes reflect what the company called a “less dynamic market environment”, having declined by 13% year on year to 415,000 tons – while revenue plummeted 46.8% to €1.48bn.Looking at airfreight performance during the first half of the ...
-
News
CMA CGM Air Cargo faces crosswinds
CMA CGM Air Cargo looked to be facing challenges as its parent shipping group released its second quarter results.French shipping and logistics group CMA CGM did not provide specific financial figures for its cargo airline, but stated that second quarter revenue "from other activities, which include port terminals and CMA ...
-
NewsSoft demand sees AFKLMP's second quarter revenues drop
Soft demand and lower rates accounted for Air France KLM Martinair Cargo's (AFKLMP) revenues dropping by over a third in the second quarter.Total cargo revenues dropped by 33.9% in the second quarter year on year, said Air France-KLM Group.Capacity was up 6.5% for the quarter, traffic was down 8.5% and ...
-
NewsIAG Cargo revenues back at 2019 levels in Q2
IAG Cargo saw its cargo revenues decline in the second quarter on the back of lower yields while volumes continued to rise (see table at end).The airline group reported a 31.9% decline in second-quarter revenues to €280m while traffic increased by 15.8% on last year to 1.1bn cargo tonne km ...
-
NewsKuehne+Nagel and DSV see airfreight volumes plummet
Leading airfreight forwarders Kuehne+Nagel (K+N) and DSV both saw their airfreight volumes, revenues and profits decline in the second quarter of the year.The world's leading air forwarder, K+N, saw its volumes decline 15.5% year on year to 482,000 tonnes, air net turnover fell 48% to Sfr1.6bn and earnings before interest ...
-
News
Troubled Western Global confirms loan purchase to stabilise operations
The chief executive of troubled US freighter operator Western Global Airlines (WGA) has purchased outstanding loans to help shore up the company's financial position.In June reports emerged that the company was in talks with creditors and considering bankruptcy as it faced a liquidity shortage.The Florida-based airline has now confirmed ...
-
News
Freightos to cut back on staff
Freight booking and payment platform Freightos is undertaking cost-saving measures including an "approximately 13% headcount reduction".The Israel-headquartered company did not specify what other cost initiatives would be taken, but said that the measures are part of a new plan for operational efficiency that is expected to reduce expenses and improve ...
-
News
Western Global ratings withdrawn as bankruptcy considered
Freighter operator Western Global Airlines has had its credit rating withdrawn by financial services firm Moody's while reports suggest the company is considering bankruptcy.Newswire Bloomberg yesterday reported that the Florida-based airline was weighing up whether to declare bankruptcy due to liquidity issues.Citing people with knowledge of the matter, Bloomberg said ...
-
News
FedEx to ground more planes as profits come under pressure
Express giant FedEx will ground more aircraft after both revenues and operating income declined during its fiscal fourth quarter of the year due to "demand weakness and cost inflation".In a results call, FedEx Corporation president and chief executive Raj Subramaniam said that the company had retired 18 aircraft, including 12 ...