All Business Articles – Page 16
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NewsIAG Cargo revenues back at 2019 levels in Q2
IAG Cargo saw its cargo revenues decline in the second quarter on the back of lower yields while volumes continued to rise (see table at end).The airline group reported a 31.9% decline in second-quarter revenues to €280m while traffic increased by 15.8% on last year to 1.1bn cargo tonne km ...
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NewsKuehne+Nagel and DSV see airfreight volumes plummet
Leading airfreight forwarders Kuehne+Nagel (K+N) and DSV both saw their airfreight volumes, revenues and profits decline in the second quarter of the year.The world's leading air forwarder, K+N, saw its volumes decline 15.5% year on year to 482,000 tonnes, air net turnover fell 48% to Sfr1.6bn and earnings before interest ...
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NewsDHL Group to acquire Turkish parcel delivery provider MNG Kargo
Haydar Sancak, MNG Kargo shareholder, Hale Ozsoy Biyikli, MNG Kargo shareholder, Kagan Gunduz, MNG Kargo CEO, Pablo Ciano, DHL eCommerce CEO, Frank-Uwe Ungerer, DHL eCommerce chief commercial officer. Photo: DHLDHL Group has strengthened its European e-commerce business with the acquisition of Turkish parcel delivery company MNG Kargo and its subsidiaries.MNG ...
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Troubled Western Global confirms loan purchase to stabilise operations
The chief executive of troubled US freighter operator Western Global Airlines (WGA) has purchased outstanding loans to help shore up the company's financial position.In June reports emerged that the company was in talks with creditors and considering bankruptcy as it faced a liquidity shortage.The Florida-based airline has now confirmed ...
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NewsTop 20 cargo airports: Cincinnati/Northern Kentucky the big winner
Cincinnati/Northern Kentucky International Airport reported the largest percentage increase in cargo volumes last year of the top 20 cargo airports, according to the latest statistics (see chart at end of article) from Airports Council International (ACI).ACI released its provisional figures for the top 10 airports back in April, showing that ...
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NewsMenzies adds Bulgarian presence through CHS investment
L-R: Cristian Paris, Menzies Aviation, Sacho Dermendjiev, CHS, Jiri Petrzilka, Menzies Aviation. Source: Menzies AviationHandler Menzies Aviation has continued its recent expansion through the investment in a majority stake in Cargo Handling Services Limited (CHS) at Sofia International Airport (SOF).CHS provides warehousing, import and export handling, mail handling ...
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US forwarders told to brace for UPS strike action disruption
US freight forwarders have been told to brace for the impact of potential strike action at UPS and major trucking firm Yellow Freight going insolvent.Brandon Fried, executive director of the Airforwarders Association, said that supply chains are facing a "perfect storm" that would disrupt the flow of goods across the ...
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NewsRed Wings to swoop on Sky Gates as it eyes cargo expansion
Photo: alenka2194/Shutterstock.comRussian airline Red Wings is planning to buy all-cargo carrier Sky Gates as it looks to expand in the cargo market.Last week, Red Wings general director Evgeny Solodilin told Rossiya 24 that the company was planning to operate two Il-96s on the certificate of a cargo airline but did ...
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Freightos to cut back on staff
Freight booking and payment platform Freightos is undertaking cost-saving measures including an "approximately 13% headcount reduction".The Israel-headquartered company did not specify what other cost initiatives would be taken, but said that the measures are part of a new plan for operational efficiency that is expected to reduce expenses and improve ...
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Nippon Cargo Airlines sale confirmed and new CEO appointed
Shipping and logistics group NYK and airline All Nippon Airways (ANA) have entered into a definitive agreement on the transfer of all shares in B747 freighter operator Nippon Cargo Airlines (NCA).The share transfer is due to take place on October 1 following approval of NCA's shareholders and will see ANA ...
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Seafrigo targets airfreight with takeover of UK forwarder
Seafrigo Group has acquired UK-headquartered forwarder Perishables Movements Limited (PML) in a move that will provide the Group with more airfreight business.Effective immediately, all PML employees will join the Seafrigo Group, and in the coming months all PML locations will operate using a new co-branding, with a view to eventually ...
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Have air cargo rate and volume declines bottomed out?
The big two questions posed in the latest Baltic Exchange air cargo market update were whether rates and volumes had reached the bottom.Tackling the question on demand, Bruce Chan, director and senior research analyst covering global logistics and future mobility at investment bank Stifel, outlined three scenarios.Chan's bull thesis is ...
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NewsAirfreight market "getting pretty nasty" as rates fall
Airlines are offering lower airfreight rates to avoid losing volumes despite data showing that demand declines have bottomed out.The latest market analysis from Xeneta's CLIVE Data Services shows that in June chargeable weight declined 1% compared with a year ago, while capacity was up 8% and dynamic load factors were ...
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NewsTop 25 air forwarders: K+N extends its lead on DHL
Kuehne+Nagel (K+N) last year extended its lead over DHL as the world’s busiest airfreight forwarder while market conditions took their toll on overall forwarder volumes (see chart at end of article).The leading 25 airfreight forwarders saw total volumes decline 6.3% year on year in 2022 to 16.9m tonnes as lockdowns ...
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NewsAirfreight rates down in June as summer lull arrives
Airfreight rates declined again in June as the quieter summer period resulted in a demand slowdown (see dashboard at end of article).The latest figures from the Baltic Exchange Airfreight Index (BAI) show that average rates – based on contract and spot process paid by forwarders – on services from Hong ...
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NewsGebrüder Weiss strengthens German air and sea network with acquisition
Robert Stahlschmidt, country manager Air & Sea Germany at Gebrüder Weiss (left), and Andreas Tylewski, managing director B+A, at the signing of the contract in Nuremberg. Source: Gebrüder Weiss/ HesseAustrian logistics company Gebrüder Weiss is expanding its German network by acquiring freight forwarder B+A Luft- und Seefrachtspedition in Nuremberg.B&A, which ...
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Janssen buys Maltacourt Global Logistics
Dutch logistics solutions company Janssen Group of Companies has acquired UK-based freight forwarder Maltacourt Global Logistics.Active in the air and ocean freight forwarding industry, Maltacourt has seven UK offices which provide services under its brands Maltacourt, Mandarin, and Extraordinair.Janssen entered the UK market in March with the acquisition of Norman ...
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Western Global ratings withdrawn as bankruptcy considered
Freighter operator Western Global Airlines has had its credit rating withdrawn by financial services firm Moody's while reports suggest the company is considering bankruptcy.Newswire Bloomberg yesterday reported that the Florida-based airline was weighing up whether to declare bankruptcy due to liquidity issues.Citing people with knowledge of the matter, Bloomberg said ...
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FedEx to ground more planes as profits come under pressure
Express giant FedEx will ground more aircraft after both revenues and operating income declined during its fiscal fourth quarter of the year due to "demand weakness and cost inflation".In a results call, FedEx Corporation president and chief executive Raj Subramaniam said that the company had retired 18 aircraft, including 12 ...
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NewsDeutsche Post DHL Group to get a new name
Source: DHL GroupDeutsche Post DHL Group will on July 1 change its name to DHL Group to "reflect the transformation the group has gone through" over the past years.The company pointed out that 90% of its revenue stems from its businesses trading under the DHL name.Group chief executive Tobias Meyer ...