Business – Page 119
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Aeroflot steps in with Transaero takeover
Leading Russian airline Aeroflot is to acquire the assets and routes of debt-laden private carrier Transaero.The country’s second largest airline got into financial difficulties after the Ukrainian crisis and the resulting European and American sanctions again Russia, the resultant weaker Rouble in turn triggering a serious decline in its core ...
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Steady growth for Air China Cargo
Air China Cargo recorded "steady growth" in the first half of 2015, as revenue freight tonne km increased by 23.5% year-on-year to 3,166m and the load factor rose 0.47 percentage points to 54.41%.The cargo yield (excluding fuel surcharge) was RMB1.11, a year-on-year increase of 0.20%.Parent carrier Air China said that ...
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Hong Kong and Taiwan boost Kerry interims
Hong Kong-based logistics firm Kerry Logistics Network showed little sign of the Chinese financial crisis in its interim results for the six months ended 30 June.However, group managing director William Ma warned that the global economy “continued to be plagued with volatility in the first half of 2015” although its ...
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Nigeria looks to set up new national carrier
The Nigerian Government has set up a committee to look into re-establishing a national airline.It will be chaired by former Discovery Airlines chairman, Captain Mohammed Abdulsalam, and is tasked with reviewing reports by previous consultants and the collapse of the now defunct Nigeria Airways, along with other failed private carriers.The ...
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Vienna bids to raise Malta stake
Flughafen Wien (Vienna Airport) is to make a €3 per share offer for Canadian-based SNC Lavalin’s stake in Malta International Airport.Since the Mediterranean island airport was privatised in 2002, 40% of it has been held by Malta Mediterranean Link Consortium, in which Flughafen Wien AG has a 57.1% holding via ...
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Tex Gunning to leave TNT CEO role if FedEx succeeds in takeover bid
TNT Express chief executive Tex Gunning will be replaced by David Binks if FedEx’s $4.8bn takeover, due to be launched on Monday, is successful.The two companies today announced that, on Monday, FedEx will make its recommended public cash offer for all the issued and outstanding ordinary shares of TNT Express.The ...
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Cathay Pacific sees H1 air cargo load factor improve, but yields slide
An improved cargo load factor at Cathay Pacific and Dragonair was not enough to stop a decline in yield as industry overcapacity and lower fuel surcharges had an effect on the airline group’s first-half performance.The world’s largest cargo airline group recorded a 2.5% year-on-year decline in first-half revenues of HK$11.4bn, ...
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Cargo revenues slide at Turkish Airlines
Turkish Airlines continued to report improved profits during the second quarter of the year, but revenues at its cargo division declined once again.The Turkish flag carrier recorded an overall net profit of $253m during the second quarter of the year compared with $190m during the same period last year.2015 half-year ...
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Geodis to buy logistics operator OHL
French global forwarder Geodis has entered into an agreement to acquire US-based third party logistics operator Ozburn-Hessey Logistics (OHL) for an undisclosed amount.The number four European supply chain operator said that OHL will be rebranded “in time” under the Geodis banner.Geodis, 100% owned by French railways subsidiary SNCF Logistics, has ...
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LATAM sees air cargo revenues fall as South American economies continue to struggle
LATAM recorded declines in air cargo revenues and volumes during the second quarter as it faced difficult economic conditions in South America.The newly rebranded airline group saw second-quarter cargo revenues decline by 21.3% to $334m compared with a year earlier as a result of a 12.5% decline in traffic to ...
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Finnair Cargo sees revenues and traffic slide in the second quarter
Finnair Cargo saw revenues, volumes and yields decline during the second quarter of the year as its withdrawal from Asia-Europe freighter operations and tough market conditions had an impact of results.The Helsinki-headquartered operator saw second-quarter revenues decline by 23% on last year to €45.1m while cargo traffic declined by 19.2% ...
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Cargojet in second quarter loss despite revenue surge
Canada-based Cargojet, overnight airfreight operator, saw 2015 second-quarter revenues leap 69.6% to C$75.2m, due mainly to its new domestic airlift contract with Canada Post.But the Toronto-listed company recorded a C$6.1m loss for the quarter and a C$14.4m for the half year to June 2015.Ajay Virmani, president and chief executive, said: ...
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How did Europe's busiest air cargo carriers perform in the second quarter?
The second-quarter results are in and at first glance two out of Europe’s three largest listed cargo carriers appeared to have performed well at a revenue level.Both Lufthansa Cargo and IAG Cargo recorded year-on-year growth in revenues, of 6.2% and 8.8% respectively, however this was heavily influenced by exchange rates, ...
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UPDATE: DHL airfreight volumes decline as it turns away business to protect margins
Freight forwarder DHL Global Forwarding's decision to turn away airfreight business to protect profits in the first half of this year resulted in a decline in volumes.The Bonn-headquartered forwarder recorded a 7.2% year-on-year decline in airfreight exports during the second quarter to 530,000 tonnes, while the half-year result was down ...
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Logistics M&A set to continue say PwC
Strong 2015 second quarter merger and acquisition (M&A) activity within the transport and logistics industry looks set to continue, says the latest survey by business consultants PwC.The latest quarterly Intersections analysis by PwC found that transport and logistics sector deal activity saw improvements in both volume and value, driven by ...
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DHL Global Forwarding considers the future of troubled IT transformation project
DHL Global Forwarding is considering completely scrapping the IT and enterprise resource planning (ERP) systems it has been developing as part of its New Forwarding Environment (NFE) transformation project in favour of a different system.Speaking shortly after announcing second-quarter results, Deutsche Post DHL chief financial officer Larry Rosen said that ...
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Record half year for freighter lessor ATSG
Air Transport Services Group (ATSG), the medium wide-body freighter aircraft lessor, reported record first-half 2015 results on the back of continued growth plus a “strong appetite” for its Boeing 767 freighters.US-based ATSG’s pre-tax earnings from continuing operations in the second quarter increased 17% to $17.2m, including a 35% increase in ...
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Update: airlines Swiss-Lufthansa adopt new air cargo pricing structure
Swiss WorldCargo and Lufthansa Cargo have provided further information on their new cargo pricing structure which takes effect from October 25 this year.The pricing of both airlines will consist of just two components: a net rate and an airfreight surcharge.Said Lufthansa Cargo: “As a result, the different surcharges currently in ...
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Virgin Atlantic Cargo calls for ethical standards for airfreight
Virgin Atlantic Cargo has called for the creation of an industry-wide ethical cargo policy that will identify shipments not acceptable for carriage in the aftermath of the killing of Cecil the lion.The UK airline, which already has an ethical cargo policy in place, called for an industry-wide agreement that would ...
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Air cargo volumes stagnate and load factors slide in June
The air cargo industry faced another tough month in June as volume growth “stagnated” and load factors continued to slide.Airline organisation IATA’s monthly airfreight market analysis has revealed that cargo traffic in freight tonne km terms increased by 1.2% in June compared with a year earlier.This lags behind the 3.5% ...