Finance – Page 21
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News
ATSG on the up as it continues to benefit from Omni acquisition
Freighter lessor Air Transport Services Group (ATSG) reported higher third-quarter results thanks to the integration of charter carrier Omni Air International, which it acquired late last year.Revenue in the quarter rose to $366m, up 79% from the year-ago period while net profit more than tripled to $105m from $33m in ...
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NewsEmirates sees cargo volumes slide in 1H
Emirates SkyCargo and dnata both saw their cargo volumes decrease in the first half of the year as a result of difficult market conditions and a runway refurbishment.On announcing half-year figures, the Emirates Group said that cargo volumes handled by its airline division decreased by 8% year on year to ...
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PayCargo: Air cargo firms must modernise to be relevant to the next generation
Air cargo companies must modernise if they want to appeal to the next generation of business leaders and avoid becoming obsolete, according to one PayCargo executive.Speaking to Air Cargo News at the Air Cargo Americas event, the payment system’s president and chief executive, Americas, Lionel van der Walt, used the ...
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DHL Hong Kong Air Trade Leading Index publishes Q4 results
The fourth quarter DHL Hong Kong Air Trade Leading Index (DTI) recorded a drop of 7.7 points from last quarter, down to 26 points.Sales volumes dropped by 9 points in the fourth quarter, from 32 points last quarter to 23 points this quarter.Meanwhile, product variety index fell from 40 points ...
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CargoLogicAir to halve fleet due to challenging market conditions
CargoLogicAir has announced it will reduce its freighter fleet by half early next year as it continues to battle “challenging market conditions”.The Stansted-hubbed airline said that in early 2020 it would reduce its B747 fleet to two aircraft from its current line-up of four – three B747-400Fs and one B747-8F.The ...
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NewsDSV Panalpina transaction ‘all-important’
Denmark-headquartered multimodal forwarder DSV Panalpina Group has highlighted the role of DSV’s acquisition of Panalpina in its third-quarter results.Jens Bjørn Andersen, group chief executive, said: “The closing of the Panalpina transaction on 19 August was the all-important event in Q3. We have had a good start to the integration and ...
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IAG Cargo announces Q3 decline
IAG Cargo saw its third-quarter revenues slide by 9% compared to the July–September period of last year, to €269mn ($300mn).Tonnage dropped by 5.7%, yield by 4.2%, FTKs by 4.9% – and capacity was cut by 0.1% year on year.Lynne Embleton, IAG Cargo chief executive, said: “Revenue for the quarter reflected ...
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News
Volga-Dnepr to cut 100 jobs and reduce An-124 fleet, report claims
In a move that reflects challenging airfreight market conditions, Volga-Dnepr will reportedly take one or two of its An-124 aircraft out of action and make 100 job cuts.According to Russian Aviation Insider (RIA), the airline has reduced its An-124 fleet from 12 to eight aircraft over the past two years ...
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NewsKuehne+Nagel sees airfreight volumes decline again in Q3
Kuehne+Nagel saw airfreight volumes and revenues decline in the third quarter, but it managed to maintain profitability.The company reported a 7.5% year-on-year drop in third-quarter airfreight volumes to 406,000 tonnes, revenues declined by 6.7% on a year ago to SFr1.3bn but earnings before interest and tax (ebit) were flat at ...
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NewsCathay Pacific releases combined traffic figures for September 2019
Cathay Pacific Group has announced that tonnage carried and load factor for the year to date are “significantly below” the same period last year, despite small signs of improvement compared to August.In the first nine months of 2019, tonnage fell by 6.8% against an 0.7% increase in capacity. The traffic ...
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Mixed results for CargoLogicAir as it looks to future growth
UK-based all-cargo airline CargoLogicAir saw its revenues almost double last year but losses deepened.According to figures just released, the B747 freighter operator reported a 99% year-on-year increase in revenues for the 2018 calendar year to £213.7m, but its net loss reached £18m, compared with £2.5m in 2017, and its operating ...
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NewsAvia Solutions completes acquisition of Chapman Freeborn
Avia Solutions Group has completed the acquisition of charter broker Chapman Freeborn.The deal was first announced in June with the companies stating at the time that they expected the takeover to be completed in the third quarter. Terms have not been disclosed.As part of the Avia Solutions Group, Chapman Freeborn ...
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News
Qatar sees cargo revenues rise as the overall group reports a loss
Qatar Airways saw cargo revenues increase by 16.8% to QR10.1bn in fiscal 2019 on the back of fleet expansion, but the overall airline reported a loss.The airline said during the fiscal year it transported 1.4m tonnes of cargo an increase of 6.8% year-on-year as it grew to become the second ...
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FedEx to cut freighter capacity on weak outlook
Express giant FedEx will cut its freighter capacity in response to weaker macroeconomic conditions.Speaking after the company announced its fiscal first-quarter results, FedEx chairman Fred Smith said the airline would retire 20 MD-10-10 aircraft over the current and next fiscal year to eliminate that fleet type from its operation.Meanwhile, it ...
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Cargo volumes down at Swissport in first half
Swissport recorded a 5.4% year-on-year decline in cargo volumes in the fist half of the year due the sale of businesses and a weaker cargo market.The ground handler, which has 115 cargo warehouses, handled 2.23m tonnes of airfreight in the first half of 2019 compared with 2.35m tons last year.The ...
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Amazon to invest in Canadian freighter operator Cargojet
E-commerce giant Amazon will invest in a third freighter operator as it takes a stake in Canada's Cargojet.The two have been working together over recent years with Cargojet providing overnight air cargo services and charter flights.Under the new strategic agreement, Cargojet will issue warrants to Amazon to purchase variable voting ...
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NewsSIA Cargo sees a dip in volumes
Singapore Airlines Cargo (SIA Cargo) experienced a decline in cargo volumes last month (July). The freight carrier shipped 103,200 tonnes of cargo during the month, down by 5.1% compared with the same time last year.Cargo traffic as measured in tonne-km flown fell by 5.7% year on year to 547.7m.Meanwhile, capacity ...
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Cathay Pacific Cargo under pressure in H1
Cathay Pacific saw cargo revenues, volumes and yields decline in the first half of the year as the US-China trade war took its toll on performance.The Hong Kong-headquartered carrier reported an 11.4% year-on-year decline in cargo revenues to HK$11.5bn, volumes were down 5.7% on a year ago to 979,000 tonnes ...
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NewsDHL sees airfreight volumes slide in Q2
DHL Global Forwarding saw its airfreight volumes decline in the second quarter of the year, but its air gross profit was on the rise.The world’s largest airfreight forwarder reported a 2.4% year-on-year decline in second-quarter airfreight revenues to €1.2bn, while volumes dropped by 5.8% on last year to 502,000 tonnes ...
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AAWW ‘well positioned’ to face near-term headwinds
Second-quarter results at Atlas Air Worldwide Holdings (AAWW) took a hit from tariffs and trade tensions between the US and China, but the global provider of outsourced aircraft and aviation operating services remains confident of its long-term growth.Revenue for the three months ended June 30, 2019 stood at USD663.9mn, down ...