Business – Page 21
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NewsAir cargo traffic, capacity and revenues continued to recover in Q4
Air cargo traffic, capacity and revenues continued to recover in late 2023. According to IATA, world air cargo traffic expanded 8.3% year-over-year, as measured in cargo tonne-kilometres (CTKs), in November 2023, the best month for industry traffic growth since December 2021.After 17 months of consecutive decline, traffic tepidly began growing ...
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Amerijet offloads freighters and restructures
US freighter operator Amerijet is offloading Boeing 757 aircraft and restructuring the business as it looks to respond to changing market conditions.The Miami-headquartered airline said that it has completed a successful financial and operational restructuring to "enhance the Company's capital structure and support go-forward operations".The restructuring includes the return of ...
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Future of Leipzig/Halle cargo hub under scrutiny
Auditing firm KPMG has completed a restructuring report on the financially ailing operator of Leipzig/Halle Airport, Mitteldeutsche Flughafen AG (MFAG), with observers expecting that shareholders will have to inject fresh capital.According to Air Cargo News sister title DVZ, KPMG will hand over a so-called IDW-S6 restructuring report to the management ...
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IATA recertifies Singapore Airlines for CEIV Fresh
Singapore Airlines (SIA) has attained IATA recertification for its handling of perishable products via its Singapore hub.The CEIV Fresh recertification is valid for three years, starting from February 1.Nine SIA stations - Amsterdam, Barcelona, Brussels, Frankfurt, Ho Chi Minh City, Hong Kong SAR, Hyderabad, Singapore, and Zurich - are currently ...
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NewsNippon Express moves into the top-five airfreight players with cargo-partner deal
Photo Copyright: cargo-partnerNippon Express Holdings has completed its acquisition of several cargo-partner businesses based in central and eastern Europe.The shares of the businesses were acquired by a special purpose company wholly-owned by Nippon Express Europe, which is in turn a subsidiary of Nippon Express Holdings.Terms of the deal were not ...
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NewsAir Cargo News' most-read stories 2023
Photo: Khongtham/Shutterstock.The past 12 months have been another tough period for the air cargo market as a sluggish global economy transferred through to weak air cargo volumes.However, airfreight rates and revenues remained above pre-covid levels and e-commerce and other special product categories continued to support the market. There were also ...
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Year ends with quarterly improvement in air cargo volumes
The fourth quarter of 2023 was the first to show a volume improvement on 2022 levels, according to end-of-year figures from WorldACD.Figures from the data provider show that air cargo volumes increased by 3% in the fourth quarter, compared with a 3% decline in the third quarter, a drop of ...
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Korean Air targets completion of Asiana acquisition in 2024
Korean Air said it expects to complete the acquisition of Asiana Airlines this year, as it acknowledged that the process had “taken much longer than expected”.In a message to employees on New Year’s Day, airline chief Walter Cho said he is “confident” the merger – first announced in November 2020 ...
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NewsEAC examines the evolving role of air cargo
Source: EACThe recent European Aviation Conference, which took place at the Luxembourg Centre for Supply Chain Management (LCL) at the University of Luxembourg, brought together policymakers, academia and industry for a deep discussion on the evolving role of air cargo, as well as its trends, challenges and opportunities in a ...
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ECJ blocks UPS' claim for TNT deal damages
Europe's top court has rejected UPS' claims for damages of more than €1.7bn related to its failed takeover of TNT in 2013.The European Court of Justice this week rejected UPS' claim against the European Commission (EC) for compensation for the "economic losses allegedly suffered due to the unlawfulness" of the ...
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FedEx reorganises air network
FedEx will reorganise its air network to better suit the demands of various shipment types as part of efforts to cut costs.The company this week revealed that it would divide its air network into three sections; purple orange and white.The purple network will deliver high-priority, high-margin volumes through FedEx-owned aircraft ...
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NewsFedEx claws back costs in Q2 but Express suffers
FedEx's continuing work to trim costs within the business were evident in its second quarter 2024 results, although the Express segment suffered in particular.Total second quarter operating income for the period ended November 30 was $1.28bn, up 9%. Adjusted operating income increased by 17%.As with the previous quarter, FedEx said ...
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Ethiopian Airlines secures financing for two 777Fs
Ethiopian Airlines has secured a $450m loan agreement that it will partly use to finance the purchase of two of its previously announced Boeing 777 freighters.The loan will also finance three Boeing 737-8 passenger aircraft.The airline said that "delivery of all the aircraft will be completed in the US state ...
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NewsDB Schenker sale process underway as firm is officially on the market
Deutsche Bahn has confirmed that subsidiary DB Schenker is officially up for sale a year after it began examining the possibility of selling its freight forwarding and logistics business.The state-owned German railways giant said in a statement this morning that it has launched the sales process for the world's fourth-largest ...
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Abu Dhabi wealth fund eyes DB Schenker?
It is just over a year ago that Deutsche Bahn announced it would examine how best to offload freight forwarding and logistics business DB Schenker.Since the state-owned German railways giant made that statement, there has been no further announcements on the progress of the sale directly from Deutsche Bahn itself.Instead, ...
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CargoLogicAir administration to progress after bank account secured
CargoLogicAir's joint administrators have secured access to a bank account that will allow the administration process to progress.In a progress report, the airline's administrator Buchler Phillips said that they had secured the bank account in October after a delay caused by sanctions related to the war in Ukraine.A deal with ...
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NewsRealterm acquires Calgary Airport air cargo facility
Photo: RealtermGlobal investment manager Realterm has acquired the Airfreight Logistics Centre at Canada's Calgary International Airport to expand its transport logistics property portfolio.The centre is situated on land leased from the Calgary Airport Authority, directly adjacent to the airfield at the Calgary International Airport (YYC), which handles 75% of Alberta’s ...
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ECS Group expands in Latin America with latest acquisition
Sales agent ECS Group has expanded its presence in Latin America with the purchase of Americas GSA.Americas GSA employs 42 members of staff across 13 offices and has contracts with LATAM Airlines, MAS, Turkish Airlines, Lufthansa, Swiss, Korean Air, and Ethiopian Airlines, pushing the group’s airline portfolio up to more ...
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Air cargo market shifts to e-commerce
The air cargo market has undergone a "fundamental shift" to e-commerce over the last few months, which has helped support increases in airfreight rates.Writing in the monthly Baltic Exchange newsletter, Neil Wilson of airfreight rate data provider TAC Index said that rates have been increasing over the last few months ...
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NewsXeneta doubts air cargo demand improvements will be long lived
Air cargo volumes were boosted by seasonal e-commerce demand from Asia in November, but Xeneta is doubtful the industry will see sustained stronger demand.November was the first month this year that saw demand outstrip supply, but, echoing IATA's concerns, the rate analytics platform said global airfreight capacity will likely continue ...