Business – Page 15
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News
European Commission approves CMA CGM takeover of Bolloré Logistics
The European Commission has approved CMA CGM's proposed acquisition of Bolloré Logistics, bringing the shipping giant one step closer to growing its multimodal market share.CMA CGM Group entered into exclusive negotiations with the Bolloré Group to acquire Bolloré Logistics’ transportation and logistics activities in April last year. The deal is ...
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NewsTIACA to launch carbon offsetting programme
Source: Love Silhouette/shutterstockTIACA is launching a carbon-offsetting programme to help smaller companies invest in reducing their impact on the climate.The Climate Action Platform will go live in the coming days and will provide companies with an initial portfolio of six carbon-offsetting projects.TIACA worked with carbon consultancy South Pole to select ...
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NewsQCS and Team Global Logistic to expand reach with merger
Source: QCSQuick Cargo Service and Team Global Logistic will merge their businesses with the aim of expanding the reach of service.The two companies said that union is "poised to enhance service offerings, expand global reach, and deliver unparalleled value to customers worldwide".QCS announced the deal this week and said that ...
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News
ECS Group back on the acquisition trail
The ECS Group is back on the acquisition trail following a break in activity due to the Covid crisis.The general sales and service agent (GSSA) has announced three takeover deals in the past three months and executive chairman Adrien Thominet says there are more deals in the pipeline.Explaining the decision ...
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News
US couple found guilty of fraud against National Air Cargo
Two people have been found guilty of defrauding US logistics company National Air Cargo of $5m in a wire fraud scheme that lasted two years.The US Attorney’s Office for the District of Colorado found married couple Michael Aaron Tew and Kimberly Ann Tew guilty of fraud following a guilty verdict ...
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Airfreight rates slide in line with Lunar New Year holiday demand decline
Airfreight rates began their Lunar New Year holiday decline last week after rising in the first six weeks of the year.The latest figures from TAC Index show that last week overall airfreight rates slipped by 8.2% compared with the week before and are down 21.2% from a year ago."Despite ongoing ...
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NewsAlaska Air Group acquisition of Hawaiian gets go ahead
Photo: Hawaiian AirlinesAlaska Airlines has been given the green light to acquire Hawaiian Airlines after the latter's stockholders approved the deal that is set to boost cargo within the combined business.Seattle-based Alaska Air Group and Honolulu-headquartered Hawaiian Holdings entered into a definitive agreement for the acquisition in December last year. ...
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NewsAir Canada cargo revenues drop 27% in 2023
Air Canada's full year 2023 cargo revenues declined 27% year on year due to reduced air cargo demand and a loss of capacity in the form of temporary passenger freighters (preighters).The airline said the decline of C$342m was partially offset by increased operations of purpose-built freighters in its cargo business, ...
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India's air cargo industry sets ambitious growth targets
India has set an ambitious target of reaching 10m tons of air cargo handled per year by 2030, attendees at the Air Cargo India event in Mumbai were told.“This is India’s time for growth,” said Sanjiv Edward, chief executive – cargo and logistics at the GMR Group which operates Delhi, ...
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NewsIATA's WCS focuses on driving sustainable and inclusive growth
Source: IATAAir cargo is an unsung hero of the global economy. In normal times, it delivers some 35% of the value of goods traded across borders. In the pandemic, air cargo brought medical supplies and vaccines to where they were needed.And today it is providing a vital transport alternative for ...
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NewsMaersk weighs up DB Schenker bid
Source: ricochet64/Shutterstock.comShipping giant AP Moller Maersk says it would now consider making an offer for top-4 airfreight forwarder DB Schenker after previously dismissing the idea.Speaking after announcing its fourth-quarter results, chief executive Vincent Clerc said the company had now changed its mind on a possible bid for the forwarder given ...
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News
Neutral Air Partner and Cargo iQ tackle standards
Neutral Air Partner has launched a partnership with IATA interest group Cargo iQ to improve data visibility for customers.The two organisations seek to improve quality, efficiency and reliability in the air cargo sector.“Because of this new cooperation between Neutral Air Partner and Cargo iQ, we have jointly brought even more ...
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NewsIATA sets out to show air cargo's worth at WCS
Brendan Sullivan. Source: IATA"Air cargo’s success matters" to the global economy is one of the key messages that IATA'S global head of cargo wants to share at the trade body's 2024 World Cargo Symposium (WCS).Brendan Sullivan has highlighted the importance of growth in the air cargo industry ahead of the ...
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NewsIATA awards safety accreditation to WFS at Heathrow
WFS operations at Heathrow Airport. Photo: WFSWorldwide Flight Services (WFS) has been awarded the IATA Safety Audit for Ground Operations (ISAGO) accreditation for its cargo handling operations at Heathrow Airport.This follows an independent audit of its operational management and control systems in accordance with standards and practices for ground safety.The ...
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Challenges and opportunities for air cargo outlined at World Cargo Summit
Things are “going well” for air cargo, delegates at the World Cargo Summit in Bangkok on January 30 were told.Steve Saxon, a partner with McKinsey who leads its Asia Pacific airlines practice, outlined four reasons why the sector is buoyant despite an increasingly fraught world situation, but also signalled some ...
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News
UK forwarders urged to take on apprentices despite uncertain market
UK freight forwarder association BIFA has urged its members to consider recruiting apprentices ahead of National Apprentice Week despite the current market uncertainty.To help drum up support, the association will on February 8 run an online event to help members navigate the "perceived red tape" when recruiting apprentices."Most of the ...
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InsightsSurvey: Air cargo optimistic for the year ahead
Air Cargo News recently carried out a survey of airfreight professionals and found the majority are expecting market conditions to improve this year.The air cargo industry is optimistic the market will improve in the coming year, with expectations that both volumes and rates will increase in 2024.A survey of more ...
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NewsAir cargo volumes up 10% in January but rates weaken
Air cargo volumes rose 10% year on year in January, but this hasn't resulted in higher rates due to the availability of capacity.Shippers' concerns about Red Sea - Suez Canal supply chain delays, plus an early Lunar New Year, have pushed up air cargo volumes, although spot rates have declined, ...
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NewsDSV sees air revenues and volumes tumble in 2023
DSV's airfreight revenues, volumes and gross profits all took a hit last year due to improved ocean shipping operations, high inventories and a weak consumer market.The Denmark-headquartered forwarder reported a 44.1% year-on-year decline in air revenues in 2023 to Dkr50.6bn, gross profit for the year was down 27.9% to Dkr13.4bn ...
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News
UPS to cut 12,000 jobs as market downturn bites
UPS has announced it will cut more than 12,000 jobs as part of efforts to reduce costs in light of continuing market weakness.The express giant's chief executive Carol Tomé said the job cuts would save the company $1bn per year. UPS is also considering selling its Coyote truck brokerage business.Most ...