All Finance articles – Page 7
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News
CargoLogicAir not likely to be sold as a going concern
The joint administrator of CargoLogicAir has said the airline is unlikely to be sold as a going concern in its latest update on the company.UK-based CargoLogicAir, which operated Boeing 747 freighters, was forced to halt services after sanctions relating to the Ukrainian conflict prevented it from flying to European Union ...
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NewsIATA lowers expectations for cargo revenues and yields
IATA has lowered its expectations for air cargo revenues and yields for the year due to growing capacity and a weak demand outlook.In its latest airline profitability report, the airline association predicted cargo revenues of $142.3bn this year, which is 31.3% down on last year and behind the $149.4bn that ...
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Nauru Airlines secures financing to acquire 737-800SF freighter
Nauru Airlines has secured financing for the acquisition of an Boeing 737-800SF converted freighter.HALO AirFinance (HALO), a joint venture between GA Telesis (GAT) and Tokyo Century Corporation (TC) has closed financing for Nauru Airlines, the flag carrier of the Republic of Nauru, to finance the acquisition of a 737-800SF freighter ...
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Challenge Group lands investment package for 767 conversions
Maltese-based airfreight and logistics specialist Challenge Group is receiving investment supporting its acquisition and freighter conversion of a batch of Boeing 767-300ERs.Investec Aviation Finance is providing just over €60m for the purchase and modification of four 767s.Challenge Group operates carrier divisions in Israel – the company formerly known as CAL ...
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Freightos: transactions and revenues up in Q1 but losses deepen
Online booking portal Freightos saw the number of online transactions grow rapidly in the first quarter but its losses deepened during the period as a result of one-off costs.During the first quarter, revenues at the company increased by 9.8% year on year to $4.8m on the back of a 100% ...
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Cainiao IPO gets go ahead
Chinese e-commerce specialist Alibaba Group plans to start exploring an IPO for its logistics unit Cainiao.The Group said its board has approved the process and it aims to complete the initial public offering in the next 12 to 18 months."Our board of directors approved the commencement of a process to ...
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NewsAir France KLM sees cargo revenues slide in Q1
Air France KLM Martinair Cargo (AFKLMP) saw revenues and demand decline in the first quarter of the year as the market slowdown affected performance.The Franco-Dutch airline group saw first-quarter cargo revenues decline by 26.1% year on year to €672m, while cargo traffic was down 11.8% on a year earlier to ...
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ATSG sees no diminished demand for leased freighters
Lessor ATSG hasn’t seen a dip in demand for freighters despite a difficult first quarter on account of "operating headwinds".The Wilmington, Ohio-headquartered firm said its aircraft leasing business Cargo Aircraft Management (CAM) "has seen no reduction in demand for its desirable leased freighters, and continues to invest with the expectation ...
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IAG Cargo sees cargo revenues decline despite demand increase
IAG Cargo registered a decline in its cargo revenues in the first quarter of the year despite seeing demand decrease.The cargo business, which includes British Airways, Iberia and Aer Lingus, registered a 25.2% year-on-year decrease in first-quarter air cargo revenues to €323m, while traffic increased 13.6% to 1.1bn cargo tonne ...
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NewsLufthansa Cargo sees revenues, profits and volumes fall in Q1
After three consecutive years of record profits, it was back to earth with a bump for Lufthansa Cargo in the first quarter of the year as revenues, profits and volumes all declined.The German airline's logistics division, which includes Lufthansa Cargo, Jettainer, time:matters, HeyWorld and a 50% stake in AeroLogic, registered ...
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DHL airfreight volumes nosedive as market 'normalises'
Deutsche Post DHL Group saw a steep drop in airfreight volumes in the first quarter of 2023 which it attributed to “normalisation of market conditions”.Airfreight volumes for the second quarter of 2023 were 414,000 tonnes, down 18.7% year on year.The group said the decline in airfreight volumes was particularly noticeable ...
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Cargojet reduces costs to reflect weaker market conditions
Cargojet reported softer market conditions in the first quarter of the year as international flying was subdued and has taken steps to reduce short-term costs.The Canada-based freighter operator reported a 0.7% decrease in first-quarter revenues to C$231.9m, while earnings before interest reached C$34.6m compared with a C$44.5m loss last year ...
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NewsDSV airfreight volumes fall 20% in first quarter 2023
DSV’s air cargo volumes fell 20.2% in the first quarter of 2023 to 327,712 tons, with the weakest development on export volumes from the Asia-Pacific region. Seafreight volumes measured in teus were also down, by 12%.The Denmark-based forwarder said that the global air and sea freight markets in the first ...
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NewsK+N holds its own in Q1
Stefan Paul, K+N chief executiveMultimodal forwarder Kuehne+Nagel International (K+N) achieved a record result for the first quarter of 2023, “[in] the context of a normalised business environment and compared to the business performance before the pandemic” – thanks, the company said, to its focus on efficiency.K+N’s Air Logistics business unit ...
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Profits up but revenues down at Air Charter Service
Charter broker Air Charter Service (ACS) saw its revenues fall but profits climb last year as cargo demand waned but private jet charters were on the rise.The company said that group revenue declined by around 15% in 2022 to £1.1bn, while earnings before interest, tax, deprecation and amortisation increased by ...
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ASL raises funds for fleet renewal
Freighter operator ASL Aviation Holdings has closed a new $155m credit facility for investment in its fleet.ASL said it will use the funds to continue its fleet renewal programme which has so far seen the global aviation services provider agree 40 conversion slots with Boeing for the B737-800BCF.The credit facility ...
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InsightsLufthansa holds hope for a “good year”
Lufthansa Cargo is optimistic about its business prospects for this year with fleet and digitalisation investments continuing to shore up its growth goals.“Lufthansa is back” declared chief executive Carsten Spohr as the German airline announced record group operating profits of €1.5bn for 2022, the biggest financial turnaround in the carrier’s ...
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China Southern Airlines to spin off logistics business
China Southern Airlines plans to spin off and list its logistics subsidiary on the Shanghai Stock Exchange (SSE).The airline’s plan for China Southern Air Logistics was confirmed in an announcement on the SSE website on March 29.In the announcement, China Southern Airlines said the “spin-off still needs to meet a ...
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NewsDachser Air and Sea Logistics business growth down in 2022
Photo: DachserDachser's Air and Sea Logistics business growth slowed year on year due to increased capacity in air and sea freight and disruption to business in China.The division recorded a 16.7% increase in revenue in 2022 (€2.4bn) over the previous year (€2.1bn).However, the logistics provider noted the number of shipments ...
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FedEx raises expectation as cost cutting continues
FedEx saw fiscal third-quarter revenues and profits fall on last year but the company beat expectations and has raised its outlook as its cost-cutting measures continue.For the quarter ending February 28, the parcels giant reported a 5.9% year-on-year revenue decrease to $22.bn, operating income was down 24.5% to $1bn and ...