All Business Articles – Page 14
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News
Flexport confirms it will cut its global workforce by 20%
Flexport has confirmed it will shrink its global workforce by "approximately 20%" as part of its plans to cut costs in a move that follows a series of changes at the company.Recently back at the helm of Flexport, chief executive Ryan Petersen said in a blog post on October 12: ...
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NewsAre recent air cargo improvements the start of a full market recovery?
There is no doubt that the air cargo industry has seen some improvement over the last few weeks but there is debate over whether this represents the start of a full recovery for the market.The latest rate figures indicate a tightening of supply and demand with last week's numbers from ...
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NewsDHL takes complete control of Danzas AEI
Source: DHL Global ForwardingDHL Global Forwarding (DHL) has taken complete control of freight forwarder Danzas AEI Emirates.Before the full takeover, DHL had owned 40% of the UAE-based forwarder with the remaining 60% owned by Investment Trading Group, which is in turn owned by the Al Tayer Group.DHL said that the ...
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NewsDHL completes MNG Kargo acquisition
Frank-Uwe Ungerer, DHL eCommerce chief commercial officer; Pablo Ciano, DHL eCommerce chief executive; Hale Ozsoy Biyikli, MNG Kargo shareholder; Kagan Gunduz, MNG Kargo chief executive; and Haydar Sancak, MNG Kargo shareholder. Photo: DHL GroupDHL Group has now completed the acquisition of Turkish parcel delivery company MNG Kargo and its subsidiaries ...
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NewsAir cargo improvements push shippers to longer term deals
The air cargo market continued to find its way out of the doldrums in September, resulting in an increase in longer term deals.The latest figures from Xeneta show that air cargo volumes in September were flat on a year ago and spot rates were down by 34% - the lowest ...
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Clark hits out after Flexport exit
Former Flexport chief executive Dave Clark has declared the company is "facing serious internal and industry challenges" following his sudden departure last month.Clark, who previously spent more than 12 years working at Amazon, resigned from the chief executive role last month after just one year in service.Flexport founder Ryan Petersen ...
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NewsIATA: First air cargo demand growth in 19 months
IATA has delivered some positive news for the airfreight industry with new data that shows year-on-year air cargo demand grew for the first time in 19 months, but it said the trajectory of global trade is a concern.As part of its air cargo market analysis for August, the industry body ...
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NewsSGL plans to continue acquisition spree after Portugal purchase
Lars Syberg, Scan Global Logistics, and António Beirão, FLS. Source: Scan Global LogisticsFast-growing Scan Global Logistics (SGL) has continued its acquisition spree with the purchase of Portugal-based FLS and has more planned in the coming months.SGL said that the purchase of FLS would strengthen its position in the government and ...
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NewsUPS swoops on time-critical logistics firm MNX
Source: UPSExpress giant UPS has today announced a deal to acquire time-critical logistics firm MNX Global Logistics as it looks to ramp up its healthcare capabilities.Long Beach-headquartered MNX provides services covering next flight out (NFO), air charter, on-demand courier, managed transportation, service parts logistics (SPL) and specialty freight.Its clients include ...
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News
Cainiao files for IPO on the Hong Kong Stock Exchange
E-commerce giant Alibaba will list its logistics business Cainiao on the Hong Kong Stock Exchange in an IPO that could raise as much as $1bn.On Tuesday, Alibaba submitted its application to list its logistics business on the stock exchange, although the financial terms and size of the offering were not ...
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News
Nippon Cargo Airlines takeover delayed
The transfer of freighter operator Nippon Cargo Airlines (NCA) from logistics group NYK to All Nippon Airways (ANA) has been delayed until next year.In an investor note, shipping group NYK said that the transfer of shares had been moved back from October 1 to February 1 next year.Explaining the move, ...
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SAL Saudi Logistics Services announces IPO
Saudi Arabian cargo handling and logistics firm SAL Saudi Logistics Services has announced an initial public offering (IPO).SAL Saudi Logistics is 70% owned by Saudi Arabia-headquartered airline Saudia (Saudi Arabian Airlines Corporation) and 30% by Tarabot Air Cargo Services."The offering will consist of 24,000,000 ordinary shares representing 30% of the ...
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News
Is the air cargo market finally showing signs of improvement?
Emerging reports suggest that the air cargo market may finally be showing signs of a slight improvement after a year and a half in the doldrums.The latest market report from data provider WorldACD shows that air cargo demand last week increased by 4% on the previous seven days, which itself ...
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NewsFedEx fights market weakness with continued cost cutting
FedEx said it has continued to focus on cost saving initiatives in response to weak express demand as it reported revenue of $21.7bn in its first quarter 2024, ended August 31.The company attributed a 19% improvement in reported net income to $1.1bn to its 'DRIVE' programme t0 improve operational efficiency ...
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Scan Global Logistics on a roll with Swiss acquisition
Scan Global Logistics (SGL) has entered the Swiss market for the first time through the purchase of Belglobe.Fast-growing SGL said Belglobe had three decades of experience and a "strong position" in the temperature-controlled pharma healthcare and luxury consumables industries."SGL will gain immediate proximity to multinational companies’ central procurement and supply ...
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NewsNo signs of a peak season as air cargo market remains weak in August
Although air cargo declines have narrowed in recent months there are no signs that the industry will enjoy a peak season despite some expressing hopes of a recovery in the final months of the year.The latest data from Xeneta-owned CLIVE Data Services shows that in August demand in chargeable weight ...
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NewsRhenus targets nearshoring with LATAM investments
Source: RhenusFreight forwarder Rhenus Group has expanded its presence in Latin America with the purchase of BLU Logistics and the acquisition of a majority stake in LBH Group.The German firm said that the acquisition of Colombia-based BLU would expand its presence in Argentina, Colombia, Ecuador, Mexico, Paraguay and Uruguay as ...
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Capacity up but demand remains depressed, says DHL
Demand remains low with minimal growth while global capacity has increased by 12% year on year, said DHL Global Forwarding in its Air Freight – State of the Industry report for August.While only a ‘conservative’ increase in volume demand is expected in the 2023 late-year peak season, most airlines have ...
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Ascent Global Logistics acquired by investment firm
Time-critical logistics firm Ascent Global Logistics has been acquired by an investment firm hoping to capitalise on increasingly complex supply chains.The Michigan-headquartered firm has been bought by an affiliate of investment firm HIG Capital from Elliott Investment Management.Ascent’s management team will remain shareholders in the company and Elliott has also ...
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CEVA Logistics expands in India with acquisition
French firm CEVA Logistics is expanding in India with the purchase of nationwide contract logistics expert Stellar Value Chain Solutions.CMA CGM-owned CEVA Logistics said it has signed an agreement to acquire 96% of Mumbai-based Stellar Value Chain Solutions from an affiliate of private equity firm Warburg Pincus and other shareholders.Launched ...