Business – Page 33
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News
IAG Cargo sees volumes grow in 2022 despite revenue drop off
IAG Cargo saw its cargo revenues decline last year despite a slight pick up in volumes as bellyhold operations returned following the Covid pandemic.The cargo division, which offers capacity on British Airways, Iberia and Aer Lingus, saw cargo revenues for the full year decline by 3.5% year on year to ...
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Atlas Air sees Q4 revenue win but global demand dampens 2022 results
Atlas Air saw revenue growth in the fourth quarter of 2022 thanks to “an increase in the average rate per block hour”.The US cargo airline’s revenues in the fourth quarter of 2022 are up 4% compared to the fourth quarter of 2021.Atlas Air said: “Higher Airline Operations revenue primarily reflected ...
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Expeditors revenues and volumes down
In its fourth-quarter 2022 financial results for the three months ended December 31, Expeditors International posted year-on-year declines in operating income, revenues and volumes as demand normalised after the pandemic – and then fell off in response to economic uncertainty.Operating income for the logistics firm decreased by 47% to $330m ...
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IBS acquires Accenture Freight and Logistics Software
SaaS provider IBS Software has acquired Accenture Freight and Logistics Software (AFLS), a provider of technology platforms that help airline and ocean transportation companies manage their freight operations.The purchase is expected to bolster IBS’ air cargo capabilities and extend its reach into ocean freight and logistics.Boosting the freight business is ...
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NewsCargoAi launches fintech payment solution
CargoAi has launched CargoWALLET: a fintech solution for air cargo with supply chain financing capabilities that will allow freight forwarders to make payments for their air cargo shipments directly within the company’s existing CargoMART and CargoCONNECT booking systems.The new solution was developed in partnership with CargoTech and has undergone months ...
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Wheels in motion for Frankfurt-Hahn Airport Group sale once again
The sale process of Frankfurt-Hahn Airport Group is gearing up once again as bidders and interested parties have been invited to participate in the investor process.Currently in administration, the German Group was due to be sold to Swift Conjoy, however, earlier this month it was confirmed the deal had fallen ...
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EV Cargo divestiture announced
Cargo Services Group and JL Enterprises are to divest from their investments in EV Cargo Holdings Limited, a Hong-based freight forwarder managed by the private equity company, EmergeVest.Cargo Services Group is a provider of supply chain solutions services as well as one of the major freight forwarders in China and ...
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Air Canada sees cargo revenues slide in 2022
Air Canada saw its cargo revenues decline last year due to the ending of its pax-freighter operations and lower yields.The Montreal-headquartered airline registered a 15% decline in full-year cargo revenues to C$1.3bn, while fourth quarter revenues were down 41% to C$288m.However, the airline pointed out that compared with pre-Covid 2019 ...
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EV Cargo becomes sole shareholder of Allport Netherlands
Hong Kong-headquartered freight forwarder EV Cargo has acquired the remaining 60% of the shares of Allport Netherlands from its joint venture partner.As part of the transaction, EV Cargo will also acquire the remaining shares in EV Cargo Global Forwarding Belgium to become the sole shareholder of this business as well.Formed ...
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CargoAi highlights benefits of strategic investors over venture capital
Strategic investors allow companies to adopt a more long-term outlook than venture capital (VC) which can encourage short-term thinking, according to online booking portal CargoAi.The portal last year secured investment from CargoTech, an investment company backed by the ECS Group that also includes cargo optimisation firm Wiremind Cargo, ECS’s Cargo ...
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Rates on major trades down but still more than 50% above pre-Covid levels
Airfreight rates continued their downward spiral in January but are still above pre-Covid levels.The latest statistics from the Baltic Exchange Airfreight Index (BAI) show that average rates – both contract and spot – paid by forwarders on services from Hong Kong to North America in January declined to $6.14 per ...
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Frankfurt-Hahn Airport sale falls through
New buyers are being sought for Frankfurt-Hahn Airport group after a deal with Swift Conjoy fell through.Currently in administration, the Group was due to be sold to Swift Conjoy, a joint venture between real estate firm Swift Holding and aviation specialist Conjoy Investment Partners.However, administrators Brinkmann & Partner on Sunday ...
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NewsGCL accelerates its expansion with automotive acquisition
Source: Global Critical LogisticsGlobal Critical Logistics (GCL) has acquired UK-based Classic Automotive Relocation Services (CARS) as it looks to expand its geographical presence and customer base.CARS is a specialist in the shipment of historic and rare vehicles by road, air, and seafreight, operates a network of specialist storage facilities and ...
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NewsScan Global Logistics outlines benefits of new majority owners
Source: Scan Global LogisticsScan Global Logistics is hoping that its new majority owners will help the company achieve its ambitious growth plans as it strives to reach $5bn in annual revenues.Earlier today, the fast-growing freight forwarding company announced that private equity fund CVC Capital Partners Fund VIII (CVC) had purchased ...
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CVC takes majority stake in fast-growing Scan Global Logistics
Fast-growing freight forwarder Scan Global Logistics has a new majority shareholder in the shape of private equity fund CVC Capital Partners Fund VIII (CVC).CVC has acquired the shareholding from an investor group led by AEA Investors Small Business Private Equity (AEA) but details of the transaction were not released.AEA will ...
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InsightsAir cargo outlook: challenging market ahead
It’s been an interesting period for the air cargo industry as volumes have been trending downwards since the first half of last year, while the capacity situation continues to change and rates remain above pre-Covid levels despite recent declines.The fall in volumes reflects high inflation that is affecting consumer spending, ...
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NewsDSV reports on a strong year
Denmark-headquartered supply chain services provider DSV has revealed strong results for 2022, which it said had been driven by “good performance across all our business areas”.Over 2022, its gross profit increased by 33%, while earnings before interest and taxes (EBIT) before accounting for special items rose by 48%.DSV’s Air & ...
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Qatar Airways and Airbus reach settlement in A350 row
Airbus and Qatar Airways have reached a settlement regarding their legal dispute over A350 surface degradation and the grounding of A350 aircraft, said the airframer in a media release on February 1.Qatar Airways issued legal proceedings against Airbus in the Technology and Construction Court of London’s High Court of Justice ...
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UPS revenues hit by market downturn
Express services giant UPS was hit by air cargo demand decline in the fourth quarter of 2022.The cargo carrier's fourth quarter consolidated revenue was $27bn, down 2.7% on the same three months of 2021.Consolidated operating profit fell by 17.9% in the final three months of 2022 compared to the same ...
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Freightos begins trading as a public company
Freightos has completed its merger with acquisition company Gesher and has commenced trading as a public company on the Nasdaq stock exchange in New York, US.The global freight booking and payment platform entered into a definitive merger agreement with Gesher in June last year.The combined company is operating as Freightos ...