All Finance articles – Page 9
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News
Cargojet delays B777F delivery
Freighter operator Cargojet has delayed the delivery of one of its B777 converted freighters as part of efforts to manage capital expenditure (CapEx).Speaking following the publication of the Canada-based airline's third-quarter results, president and chief executive Ajay Virmani said that the company had delayed the delivery of one of its ...
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News
Frankfurt-Hahn Airport sale further "delayed"
The sale of Frankfurt-Hahn Airport Group has been “delayed” but operations are unaffected.Currently in administration, the Group is due to be sold to Swift Conjoy, a joint venture between real estate firm Swift Holding and aviation specialist Conjoy Investment Partners.According to a new statement on the sale, this is not ...
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News
Air France-KLM Group sees third quarter cargo revenues drop
Air France-KLM Group saw a small drop in cargo revenues in the third quarter but maintained steady cargo yields.The Group recorded total cargo revenues of €830m in the third quarter of 2022, which was a 0.6% drop from the year before.However, total cargo revenues in the third quarter of 2022 ...
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News
Cargojet announces strong third-quarter results
Canadian cargo airline Cargojet has announced strong third quarter 2022 results.For the three months ending September 30, the airline recorded total revenues of C$232.7m (US$170.6m), significantly up on the figure of C$189.5m (US$138.9m) made in the same quarter of last year.The revenue growth of 22.8% reflected, Cargojet said, a strong ...
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News
IAG Cargo reports mixed results
IAG Cargo has announced mixed results as it published its third quarter and year-to-date financial figures.The airfreight carrier reported revenue of €373m in the third quarter of 2022, down 7.9% on the same period of last year.However, its year-to-date revenue (January to September) reached €1,216m, up by 3.6% compared to ...
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News
Cargo offers ‘consistent’ contribution to Air Canada
In releasing Air Canada’s third-quarter results, the carrier’s president and chief executive, Michael Roussea, pointed to the fact that “Air Canada Cargo is consistently contributing to our results.”In the third quarter of this year, Air Canada generated C$644m ($472m) in operating income, with a strong operating margin of 12.1%.It was ...
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News
Lufthansa Cargo enjoys record third quarter results
Lufthansa Group said Lufthansa Cargo recorded record results in the third quarter of this year as it issued a more positive outlook for the remainder of the year than it had previously predicted.The Frankfurt-based Group made an operating profit of €1.1bn in the third quarter of this year, based largely ...
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News
DSV records airfreight slowdown in Q3 as rates and demand drop
DSV reported a "reduced growth rate" for airfreight business in the third quarter of 2022 as rates declined and consumer demand dropped amid economic uncertainty.In the third quarter of 2022, the forwarder’s Air & Sea division reported a 44.2% year-on-year increase in earnings before interest and tax (ebit) before special ...
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News
Kuehne+Nagel sees slower Q3 airfreight growth
Kuehne+Nagel’s (K&N) air logistics division saw positive but slower growth in the third quarter of 2022 as airfreight market capacity has grown and demand dropped.The air division’s third-quarter net turnover was SFr2.8bn, up 7% from the same period of 2021, earnings before interest and tax (ebit) was SFr323m, 35% up ...
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News
ACS reports record H1 revenues as cargo demand continues to soar
Broker Air Charter Service reported record revenues in the first half of the year as firms turned to aircraft charters in response to supply chain issues.The company said that sales increased by 49% year on year to $770m over the first six months of the financial year, running to July ...
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News
DP DHL to raise outlook following improvement in e-commerce
Deutsche Post DHL will raise its outlook for operating profits after consumer e-commerce demand picked up in the third quarter of the year.The express and postal giant said that third-quarter earnings before interest and tax (ebit) is expected to reach €2bn compared with €1.8bn last year."Therefore, 2022 ebit guidance (currently: ...
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News'Jumpy' airfreight market sees spot rates fall again
General airfreight spot rates have fallen as the air cargo market faces lower demand and more capacity.According to the latest weekly market data from Xeneta-owned CLIVE Data Services, general airfreight spot rates fell 9% year-on-year in September, to below the 2021 level for the first time this year, as returning ...
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News
Magma Aviation benefits from demand for long-term freighter deals
Freighter operator Magma Aviation last year benefitted from demand for long-term contracts as companies looked to avoid space shortages by locking in capacity.In accounts just filed, the Avia Solution Group-owned company said that revenues in 2021 increased by 64% year on year to $380m and profits improved by 9.7% to ...
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News
Wiremind Cargo adds revenue optimisation tool
Wiremind Cargo has added a revenue optimisation system module within its CargoStack cargo management system (CMS) suite.The module, that has been developed under the CargoTech innovation umbrella, is designed to help sales staff and flight controllers in three key aspects of their job.For revenue management, the system recommends an entry ...
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News
FedEx scales back operations following disappointing Q1 2022 results
A drop in volumes and economic volatility "adversely impacted" FedEx's results for the fiscal first quarter ended August 31, prompting the transport company to implement cost reduction initiatives.The company expects business conditions to weaken further in the second quarter.While revenue figures were up on last year, the company said they ...
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News
German government support fund sells remaining Lufthansa stake
Germany’s Economic Stabilisation Fund (ESF) has withdrawn its interest in Lufthansa after the airline’s operations and income were hit by pandemic measures.The German Federal Government-owned Federal Republic of Germany - Finance Agency said the German airline has now been stabilised and ESF has sold its remaining stake.Lufthansa was granted state ...
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News
Gesher and Freightos merger and listing plans progress
Publicly-traded special purpose acquisition company Gesher I Acquisition Corp. and cargo booking portal Freightos have progressed their plans to merge and list the portal on the NASDAQ exchange.In June, Freightos and Gesher entered into a definitive merger agreement to see the portal being listed on the NASDAQ stock exchange.The companies ...
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News
Freight data platform Xeneta raises funding to expand
Sea and airfreight data provider Xeneta has raised $80m in funding that will be used to expand its commercial team and invest in developing the platform.Xeneta, which acquired airfreight data firm CLIVE Data Services in January, said the investment was led by private equity advisory form Apaz, with participation from ...
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Insights
Putzger perspective: Air cargo's descent to normal
Economic turmoil is emerging worldwide and both airfreight rates and demand are feeling the strain, writes Ian Putzger.The music is still playing, but the party is drawing to a close. Now the question is if a hangover lies ahead.According to CLIVE Data Services (now part of Xenata), airfreight volumes and ...
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NewsAerCap predicts "sustained" air cargo demand as it reports robust Q2 results
Aengus Kelly. Photo: AerCapAircraft leasing company AerCap has said it expects "sustained" air cargo demand despite a challenging economic landscape and the easing of global port congestion that is expected to enable maritime to claw back market share later in the year.Speaking during AerCap's second quarter 2022 earnings call transcript ...