Finance – Page 18
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NewsAirfreight propels 'better than expected' Q2 results for DSV Panalpina
DSV Panalpina saw its airfreight revenues rapidly increase during the second quarter of the year as a result of the coronavirus outbreak and the ongoing integration of Panalpina.The forwarder saw airfreight revenues for the second-quarter increase by 164.2% year on year to DKK12bn, gross profit for its air business was ...
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Airfreight the star for CH Robinson in volatile Q2
Third-party logistics provider CH Robinson saw second quarter 2020 revenues fall 7.2% to $3.6bn in a “volatile environment” and lower pricing in trucking while airfreight revenues surged due to reduced capacity and larger shipment sizes.Net group revenues decreased 11.6% to $614.5m as income from operations dropped 17.0% to $188.8m.Second quarter ...
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Cargo.one raises $18.6m as it looks to triple in size
Digital booking platform cargo.one has raised $18.6m in venture funding in its Series A round to help it achieve significant expansion by the end of this year.Cargo.one said it will use the funding to onboard new airlines, grow in new markets, hire 70 employees and ultimately triple in size."In the ...
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Air Partner performance boosted by airfreight operations and repatriation flights
The strong demand for airfreight transport, group travel and repatriation flights during the coronavirus pandemic helped to bolster the performance of global aviation services company Air Partner in the first five months of its financial year.However, the outlook for the rest of 2020 looks less rosy for the UK-headquartered firm, ...
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Virgin Atlantic finalises $1.5bn refinancing and aims for profit in 2022
Virgin Atlantic has finalised a $1.5bn (£1.2bn) refinancing package over the next 18 months, which the UK-based carrier says marks a “major milestone” in securing its future and under which it is aims to return to profit from 2022.The restructuring plan is based on a five-year business strategy and is ...
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Lufthansa Cargo to shed 10% of jobs by 2023
Lufthansa Cargo will shed just over 10% of its workforce by 2023 as part of a restructuring at the overall airline group.A spokesperson for the cargo division confirmed that around 500 of the cargo division’s workforce of 4,500 people would leave the company over the next two-and-a-half years.Part of the ...
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Delta Cargo moves to expand payment options
Delta Cargo has partnered with online payment platform PayCargo and Unisys to offer customers an additional option to pay for their shipments’ destination chargesThe new service for cargo shipments that originated internationally and delivered throughout the US will be available from July 10.PayCargo said its systems can automate data flows, ...
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DP DHL reports "significantly increased earnings" in Q2 2020
Deutsche Post DHL Group experienced "significantly increased earnings" in the second quarter of 2020, despite global disruption caused by the global Covid-19 pandemic.The logistics giant saw its operating profit (ebit) increase by 16%, from €769m in 2019 to €890m this year."This number includes the already expected negative impact of around ...
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PayCargo Capital offers credit for fresh produce supply chains
PayCargo Capital, a sister company of the global online payment platform PayCargo, is offering businesses in the fresh produce supply chain credit of $50,000 to $2.5m for a 15 to 45-day period.Under the facility, PayCargo Capital pays all freight charges up front, reclaiming the appropriate funds electronically from the PayCargo ...
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Jeff Bezos invests in digital forwarder Beacon
UK-based digital freight forwarding and supply chain finance company, Beacon has secured $15m in its Series A fundraising round, from investors including Jeff Bezos, the founder and chief executive of Amazon, and US venture capital firm 8VC.Beacon said the money raised in the Series A round will be invested in ...
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LATAM says no impact on cargo as it files for bankruptcy protection
South American operator LATAM Airlines Group, along with some of its affiliates, is filing for US Chapter 11 creditor protection in order to undertake a restructuring process.The company says the voluntary filing has the support of key shareholders Cueto Group and Qatar Airways, which will provide up to $900m in ...
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Lufthansa Group secures €9bn in financial support
Lufthansa Group has secured approval from the federal German government’s economic stabilisation fund, WSF, for a €9bn financial package.Under the agreement the WSF will contribute up to €5.7bn to Lufthansa’s assets including €4.7bn in equity.The measure will be supplemented by a syndicated three-year credit facility of up to €3bn, provided ...
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Strong start to the year for Air Partner following a tough 2019
Charter broker Air Partner saw profits and revenues decline last year but is expecting a busy 2020 as a result of the coronavirus outbreak.Announcing results for the year ending January 31, the company saw full-year revenues decline 13.9% year on year to £66.7m, gross profit was down 3.7% to £34.2m ...
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NewsDP DHL says the outlook is cloudy as forwarding revenues take a hit
Deutsche Post (DP) DHL said the coming months are difficult to predict due to the coronavirus outbreak, while its airfreight forwarding business saw revenues and profits decline in the first quarter.DHL Global Forwarding saw its first quarter airfreight revenues fall by 3.9% year on year to €1.1bn, volumes declined by ...
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Avianca files for bankruptcy protection
Latin American operator Avianca is voluntarily filing for Chapter 11 bankruptcy protection with a New York court, to give the company time to re-organise its business.Avianca Holdings said the filing request, with the Southern District of New York bankruptcy court, is “necessary” given the “unpredictable impact” of the coronavirus crisis ...
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Emirates' cargo volumes slide as group predicts 18-month recovery time
The Emirates Group saw cargo volumes and revenues decline at its airline and ground handling businesses as last year's trade war and the coronavirus outbreak hit performance.In its 2019/2020 annual report, Emirates SkyCargo saw cargo revenues decline by 14% year on year to $3.1bn, while volumes declined by 10% on ...
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Atlas Air revives parked freighters as Covid-19 boosts demand
Atlas Air Worldwide has responded to increased airfreight demand over the last few months — a knock-on effect of the coronavirus pandemic — by bringing three of its Boeing 747 converted freighters, which had been parked, back into service.The lessor is also operating one of its Boeing 777 freighters that ...
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NewsIAG Cargo revenues down but yields up in 'unprecedented' market
IAG Cargo saw revenues and volumes decline at double-digit percentage levels in the first quarter but yields improved as the coronvirus outbreak affected performance.The airline group's cargo business saw first-quarter revenues slip by 10.5% year on year to €246m, volumes declined by 14.9% to 148,000 cargo tonnes sold, but yields ...
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AAPA: Competition and trade disputes impacted region's 2019 performance
The Association of Asia Pacific Airlines (AAPA) has revealed in its preliminary financial performance figures that airlines based in the region recorded $3.8bn in combined net earnings in 2019, a 25% decline compared with the $5.1bn achieved in 2018.The AAPA said that Asia Pacific based airlines' profitability was impacted by ...
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Virgin Atlantic to cut more than 3,000 jobs and suspend Gatwick operations
UK long-haul carrier Virgin Atlantic is planning to cut more than 3,100 jobs and will also suspend operations at Gatwick Airport in an effort to address the financial pressure of the coronavirus crisis.The airline said it would also “no longer use all” of its seven 747-400s and is planning to ...