All Business Articles – Page 18
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News
IAG Cargo sees cargo revenues decline despite demand increase
IAG Cargo registered a decline in its cargo revenues in the first quarter of the year despite seeing demand decrease.The cargo business, which includes British Airways, Iberia and Aer Lingus, registered a 25.2% year-on-year decrease in first-quarter air cargo revenues to €323m, while traffic increased 13.6% to 1.1bn cargo tonne ...
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Insights
Airfreight rates slide in April
Airfreight rates on major east-west trade lanes declined in April as indicators of a recovery in March showed signs of fading (see chart below).The latest statistics from Baltic Exchange Airfreight Index (BAI) show declines in prices between Asia and Europe, Asia and North America and across the Atlantic.The falls are ...
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NewsLufthansa Cargo sees revenues, profits and volumes fall in Q1
After three consecutive years of record profits, it was back to earth with a bump for Lufthansa Cargo in the first quarter of the year as revenues, profits and volumes all declined.The German airline's logistics division, which includes Lufthansa Cargo, Jettainer, time:matters, HeyWorld and a 50% stake in AeroLogic, registered ...
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News
DHL airfreight volumes nosedive as market 'normalises'
Deutsche Post DHL Group saw a steep drop in airfreight volumes in the first quarter of 2023 which it attributed to “normalisation of market conditions”.Airfreight volumes for the second quarter of 2023 were 414,000 tonnes, down 18.7% year on year.The group said the decline in airfreight volumes was particularly noticeable ...
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News
EFL Global acquires Locher Evers International
Logistics company EFL Global has acquired Canadian firm Locher Evers International (LEI).With over 47 years of experience, LEI offers airfreight, ocean freight, customs brokerage, rail service, warehousing, distribution, fulfillment, domestic trucking, and drayage.The acquisition of LEI expands EFL Global’s footprint in the Canadian market and strengthens its capabilities to provide ...
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NewsA CMA CGM takeover of Bolloré Logistics could create top five airfreight forwarder
French shipping giant CMA CGM on Tuesday (April 18) announced that it had tabled a bid to take over family-owned Bolloré Logistics in a deal estimated to be worth around $5.5bn.Following the news of the potential acquisition, the Bolloré Group revealed that the takeover could see its logistics business combined ...
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News
Nippon Express: no decision on cargo-partner acquisition
Japanese global logistics services company Nippon Express is believed to be in talks to buy Austrian logistics provider cargo-partner, however, the former said "no particular facts have been decided".The parties are negotiating terms of a potential deal and may reach an agreement as soon as the coming weeks, according to ...
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News
Profits up but revenues down at Air Charter Service
Charter broker Air Charter Service (ACS) saw its revenues fall but profits climb last year as cargo demand waned but private jet charters were on the rise.The company said that group revenue declined by around 15% in 2022 to £1.1bn, while earnings before interest, tax, deprecation and amortisation increased by ...
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News
CMA CGM makes bid for Bollore Group's logistics activities
The CMA CGM Group has entered into exclusive negotiations to acquire Bolloré Logistics' transportation and logistics activities.If a deal is reached, the acquisition would further strengthen the shipping giant's logistics activities.Reuters suggests CMA CGM's offer has a value of around $5.5bn.CMA CGM Group said: "The negotiations are in line with ...
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News
Menzies Aviation to acquire majority stake in Groundforce
Menzies Aviation has signed a subscription agreement with TAP Air Portugal and Groundforce to acquire a controlling stake of 50.1% in Groundforce, the airline’s aviation services arm.Groundforce handles over 100,000 aircraft turns each year, across its operations at five airports in Portugal: Humberto Delgado Airport in Lisbon, Francisco Sá Carneiro ...
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News
ASL raises funds for fleet renewal
Freighter operator ASL Aviation Holdings has closed a new $155m credit facility for investment in its fleet.ASL said it will use the funds to continue its fleet renewal programme which has so far seen the global aviation services provider agree 40 conversion slots with Boeing for the B737-800BCF.The credit facility ...
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News
Air cargo stabilises but there are risks ahead
Recent airfreight rate data appears to show that the air cargo market may have reached a new normal but the outlook remains cloudy.Writing in his monthly column for the Baltic Exchange Airfreight newsletter, Bruce Chan, director and senior research analyst covering global logistics and future mobility at investment bank Stifel ...
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News
FedEx to consolidate operating companies to cut costs
Express giant FedEx has unveiled plans to consolidate its various divisions as part of efforts to generate cost savings of $4bn.The company intends to bring FedEx Express, FedEx Ground, FedEx Services, and other FedEx operating companies into the Federal Express Corporation, becoming a single company operating a "unified, fully integrated ...
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NewsCLIVE: Forwarders seek longer term contracts to secure volumes
Growth in longer term contracts between shippers and freight forwarders may reflect moves by the latter to secure air cargo volumes, according to CLIVE Data Services.This shift could indicate a ‘hunt for volume’ by forwarders, said Niall van de Wouw, chief airfreight officer at CLIVE's parent firm, Xeneta.The distribution of ...
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News
New buyer found for Frankfurt-Hahn Airport
Frankfurt Hahn Airport has found a new buyer in the shape of German real estate firm Triwo.The purchase price, which has not been disclosed, has already been transferred to an escrow account.The conclusion and execution of the agreement are subject to conditions but both parties assume that these will be ...
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NewsScan Global Logistics continues expansion
SGL Romania Management Team from left to right: Sebastian Blaga, Rares Theodosiu, Adrian Pali, Andrei Zodie, Nicolae Dragan. Source: SGLFast-growing forwarder Scan Global Logistics has continued its expansion with the opening of an office in Bucharest.The forwarder said it had decided on the new office as Bucharest was fast becoming ...
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NewsAir France KLM Martinair and CMA CGM air cargo partnership takes off
Source: AFKLMPAir France KLM Martinair Cargo (AFKLMP) and CMA CGM Air Cargo have launched a capacity partnership announced last year.The tie-up, first announced in May 2022, will see the two carriers jointly operate the full-freighter aircraft capacity of their respective airlines, initially including CMA CGM's six freighter aircraft and AFKLMP's ...
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NewsSATS completes acquisition of WFS
Photo: WFSSingapore-based aviation services company SATS has completed the acquisition of cargo handler Worldwide Flight Services (WFS) for €1.3bn.SATS struck a deal last September to buy WFS from an affiliate of asset investor Cerberus Capital Management. The transaction has an enterprise value of €2.25bn.WFS is now a fully owned subsidiary ...
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NewsASL expands into Australia with Pionair acquisition
ASL Aviation Holdings has acquired freighter operator Pionair as it expands into Australian and Oceania marketsACMI provider Pionair has five main bases in Australia - Sydney, Melbourne, Adelaide, Brisbane and Cairns - and has a focus on the express and e-retail sectors.Its fleet consists of 12 aircraft including Embraer E190-E2’s ...
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News
Bolloré Africa Logistics rebrands following takeover
Bolloré Africa Logistics has been rebranded as Africa Global Logistics (AGL) following its acquisition by container shipping giant MSC.The acquisition was completed at the end of 2022 and included all the Bolloré Group's shipping, logistics and terminal operations on the continent.At the time the deal was announced, Bolloré Africa Logistics ...