All Business Articles – Page 60
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News
Reports suggest Temasek considering investments in HNA's Swissport and airlines
Reports continue to circulate that Singapore state investor Temasek is looking to invest in several of debt-laden HNA's aviation assets.The South China Morning Post and Reuters have both reported unnamed sources as saying that Temasek Holdings is interested in buying a stake in Hong Kong Airlines and Hong Kong Express ...
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NewsUnited buoyed by improving cargo revenues
United Airlines Cargo saw cargo revenues improve by double-digit percentage levels during the first quarter of the year on the back of volume growth and higher rates.The Chicago-headquartered airline saw first-quarter cargo revenues increase by 23.1% year on year $293m – its sixth quarterly improvement in revenues in a row.Much ...
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Air Partner finance chief steps down after accounting error
Air Partner’s chief financial officer has handed in his resignation following on from an accounting error totalling millions of pounds.The UK charter broker today confirmed that Neil Morris had offered his resignation, which had been accepted by the board.Morris’ resignation comes after the company revealed an accounting error related to ...
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Kerry Logistics on the up in 2017
Kerry Logistics saw profits and revenues improve last year on the back of demand growth in Asia.The Hong Kong-headquartered freight forwarder registered a 28% year-on-year increase in revenues in 2017 to HK$30.8bn, while its net profit was up 7% to HK$1.2bn.Its freight forwarding business saw profits for 2017 increase by ...
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Air cargo becomes a sellers' market
The boot is on the other foot now. For years, airlines were craving fixed contracts, while forwarders, egged on by their clients, kept shopping around for the bargain of the day.Today it is the forwarders who are desperate to secure lift, as the ad hoc market augurs painfully high prices.“The ...
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News
A safety screen for lithium batteries
LITHIUM batteries are Dr Jekyll and Mr Hyde when it comes to air cargo, writes Roger Hailey, Air Cargo News editor. These high energy units literally power the mobile revolution, residing as they do in most tablets and mobile phones. Properly declared by the shipper, they are premium cargo.But lithium ...
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News
Panalpina sees profits soar on record airfreight volumes
Panalpina reported revenue and profit increases last year on the back of record airfreight volumes, while it will continue to target “bolt-on” acquisitions.The Switzerland-based freight forwarder saw 2017 revenues increase 6.5% year on year to Sfr5.5bn, while earnings before interest and tax (ebit) climbed 26.1% to Sfr103m and profits were ...
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News
Antitrust regulator rejects Safair and SA Airlink deal
The South African Competition Commission has rejected the proposed purchase of Safair by South Africa (SA) Airlink over competition concerns.The Competition Commission said that it felt the merger of the two airlines would result in the removal of an effective competitor to SA Airlink on routes that it currently operates ...
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NewsAsia cargo monthly: Cargo carriers off to a flying start
Asian airlines started the year strongly with many of the region’s major carriers reporting stronger growth than they achieved last year.The region’s largest cargo carrier group, Cathay Pacific, saw cargo demand increase by 10.5% year on year in January to 954m cargo and mail revenue tonne kms.This represents the group’s ...
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News
International trade practices "archaic", says Freightos survey
International trade practices by US importers and exporters are “laughably archaic” say respondents to logistics technology provider Freightos' latest industry survey.With small businesses accounting for a third of total US imports, “a whopping 50% still rely on spreadsheets to manage shipments”, Freightos said after its survey of more than 500 ...
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News
Jefferies expects forwarder performance to be divided in 2018
A report from global investment bank Jefferies says that while European freight forwarders are benefiting from accelerating global trade, the resulting inflationary freight rates are putting “unprecedented” pressure on yields and increasing the performance divide.Airfreight volumes rose by 10% year on year in 2017, while seafreight was up by 6% ...
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News
Singapore and Guyana strengthen ties with open skies deal
The Singapore Airshow 2018 was the setting for the conclusion of an Open Skis Agreement between Singapore and Guyana on February 4.The Air Services Agreement allows the airlines of Singapore and Guyana to operate any number of services between the two countries and on to any third country. There will ...
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News
TIACA reveals a new vision
TIACA has revealed a new vision for today’s business environment: “a forward-looking approach to representing, supporting, and informing every element of an efficient, modern, and unified air cargo industry”.That approach is set to include more training, consultancy and advocacy, alongside collaboration with other organisations and government bodies around the world.For ...
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News
HNA Group faces headwinds after buying spree
China's HNA Group, which has invested in several logistics assets, is facing headwinds following a spending spree that has left the company in debt and concerns over its ownership structure.Bloomberg reports that the company has seen three deals in the last three months fail and its short-term debts have reached ...
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News
Lack of airfreight space drives up "sky high" rates
Freight forwarders are continuing to report a lack of cargo space and "sky high rates", while claiming that some shippers are turning to ocean transport to avoid delays.According to the latest Freightos International Freight Index, the rush in demand for airfreight capacity has not abated, and shippers are turning to ...
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News
UK – China accord to boost flight connectivity
UK transport secretary Chris Grayling has revealed the details of a new deal between the UK and China that allows for a 50% boost in the number of passenger flights between the two nations.It builds on successful discussions held in October 2016 that saw limits on passenger flights between the ...
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News
Air cargo set for another solid year in 2018
Air cargo is expected to have another "solid" year in 2018, although growth is expected to slow and there are some potential challenges ahead.Speaking at the IATA Cargo Media Day in Geneva, the airline association’s chief economist Brian Pearce said he expected e-commerce and inventory restocking to drive “good growth” ...
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News
British Airways cargo cartel appeal rejected
The European Court of Justice has turned down British Airways attempts to have its fine for its alleged role in the air cargo cartel overturned.In a complex ruling, which can be found here, Europe's highest court dismissed the airline's appeal to fine the carrier €104m for operating a price-fixing cargo ...
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News
ANA international freight soars by a third
A 31.1% year-on-year increase in international cargo revenue to ¥12.9bn helped Japan’s All Nippon Airways (ANA) to record profits in the first half of the financial year (April-September).International cargo benefited from a strong outbound performance to overseas destinations thanks to robust demand, especially for automobile parts to North America and ...
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News
NYK to become 100% owner of forwarder Yusen
Japanese shipping and transport company NYK is to acquire the remaining 41% stake of its freight forwarding subsidiary, Yusen Logistics, from minority shareholders. The transaction is expected to be completed by late March, 2018.In a statement, NYK said the move was part of its strategy to expand beyond its traditional ...