Business – Page 35
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News
Volga-Dnepr UK strike-off notice discontinued
The compulsory strike-off notice that was served to Volga-Dnepr UK earlier this year has now been withdrawn according to Companies House.A new filing on the UK's company register dated December 21 shows that cause has been shown as to why Volga-Dnepr UK should not be struck off the register."Accordingly the ...
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News
MSC's acquisition of Bolloré Africa Logistics is complete
MSC Group's subsidiary SAS Shipping Agencies Services has completed the acquisition of Bolloré Africa Logistics.The sale, agreed in May, comprises all of the Bolloré Group transport and logistics activities in Africa, on the basis of a €5.7bn enterprise value, net of minority interests.The sale price of the shares is €5.1bn. ...
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News
Deutsche Bahn prepares for the sale of DB Schenker
Deutsche Bahn is preparing for the sale of its freight forwarding subsidiary DB Schenker as it looks to focus on its core rail business.The rail group said today that it has assigned its management board to examine and prepare the case for a potential sale of up to 100% of ...
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News
MNG Airlines to be listed on the NYSE
Turkish freighter operator MNG Airlines is to be listed on the New York Stock Exchange (NYSE) via an agreement with Golden Falcon Acquisition Corp in a transaction expected to have a pro-forma enterprise value of $676m.The Istanbul-based carrier has over 15,000 corporate customers across 41 countries with more than 3,500 ...
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News
Hyperion launches aircraft funding platform
Hyperion Aero Capital (Hyperion) has launched an aircraft funding platform focused on financing long-term cargo leasing and leased business jets.Financing for aircraft has become increasingly fragmented as the traditional lenders have retreated to more vanilla financing and yet the private aviation sector continues to grow.Post-COVID, shipping blockages and limitations on ...
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NewsIATA: Airlines to return to profit next year but cargo under pressure
Airline association IATA is expecting airlines to return to profit next year after three years of losses due to the outbreak of Covid but cargo volumes, yields and profits are set to decline.IATA said that in 2023 it expects airlines to post a "small" net profit of $4.7bn, which equates ...
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InsightsPutzger perspective: Airport bottlenecks
Photo: Number1411/ ShutterstockUS airports are set to plough government funding into passenger facilities but neglect cargo, writes Ian Putzger.The supply chain disruptions of the past two years have led to a loosening of government purse strings in many locations.Faced with epic congestion from ports to inland rail hubs, the US ...
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News
Groupe BBL acquires Share Logistics Group
France-based logistics service provider Groupe BBL has acquired South Holland-headquartered Share Logistics Group.The companies said that Share Logistics Group data, based on the estimated results for 2022, show a combined revenue for the Group subsidiaries that is close to €230m.This data also shows “around 50,000 overseas transport files on full ...
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News
SATS secures funding plan for WFS takeover
Aviation services company SATS has finalised its funding plan for the proposed acquisition of cargo handler Worldwide Flight Services (WFS).The funding plan for the total acquisition cost of S$1.8bn is a mix of term loan and renounceable underwritten rights issue, with the remaining amount financed by internal cash balance.The loan ...
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News
DB Schenker set for reorganisation
Freight forwarding giant DB Schenker is planning to restructure in order to "simplify" and "reduce administration costs", according to Air Cargo News sister title DVZ.Following up on reports in the Loadstar, sources confirmed to the German publication that the move would streamline management at individual country level, replacing them with ...
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News
Atlas Air takeover moves ahead after shareholders' approval
The takeover of Atlas Air Worldwide Holdings took a step forward yesterday when the firm's shareholders voted to approve the deal.More than 99% of the shareholder votes cast were in favor of the adoption of the agreement, which represented approximately 80.9% of the outstanding shares of company's common stock.The final ...
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NewsEtihad Cargo achieves IATA CEIV pharma recertification
Photo: Etihad CargoEtihad Cargo has been recertified as meeting IATA's CEIV Pharma standards.The cargo division of Etihad Aviation Group achieved IATA CEIV Pharma recertification following an audit by independent validators that assessed the carrier's capacity to control and enhance its processes through a checklist that focused on Etihad Cargo’s Quality ...
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NewsWallenborn acquires stake in Skyroad Logistics
Photo: WallenbornAir cargo road feeder services (RFS) operator Wallenborn is acquiring a shareholding in Australian RFS firm Skyroad Logistics.The stake, which Wallenbon told Air Cargo News it is "not disclosing" at this stage, enables Wallenborn to add Oceania to its RFS network, which already provides extensive coverage in Europe and ...
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News
Air cargo to join box shipping in 'overcapacity corner'
Air cargo faces a stint in 'overcapacity corner' next year alongside the ocean shipping sector, according to data analyst Xeneta.The data firm, which is parent to CLIVE Data Services, said that weaker volumes and higher capacity would result in overcapacity in air cargo next year.Ocean shipping is also expected to ...
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News
Cargojet delays B777F delivery
Freighter operator Cargojet has delayed the delivery of one of its B777 converted freighters as part of efforts to manage capital expenditure (CapEx).Speaking following the publication of the Canada-based airline's third-quarter results, president and chief executive Ajay Virmani said that the company had delayed the delivery of one of its ...
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News
Frankfurt-Hahn Airport sale further "delayed"
The sale of Frankfurt-Hahn Airport Group has been “delayed” but operations are unaffected.Currently in administration, the Group is due to be sold to Swift Conjoy, a joint venture between real estate firm Swift Holding and aviation specialist Conjoy Investment Partners.According to a new statement on the sale, this is not ...
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NewsThink big to address skills shortage
TIACA ACF panelYou wouldn’t know that staff shortages are one of the biggest challenges facing the air cargo industry by listening to Westjet executive vice-president, cargo, Kirsten de Bruijn.The executive vice-president, cargo for Westjet said that the company hasn’t experienced any recruiting or hiring issues in its cargo business.“Air cargo ...
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NewsSeabury highlights a mixed picture for air cargo
Sander Schuringa. Source: Air Cargo NewsWhile the air cargo industry faces dark clouds there are reasons to stay positive, according to Accenture's Seabury Cargo.Speaking at the TIACA Air Cargo Forum, the consultant's commercial manager Sander Schuringa highlighted the current headwinds facing the air cargo sector.He pointed to air cargo demand ...
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NewsAir cargo leaders optimistic on future demand and capacity
Air Cargo Forum CEO conference panel. Photo: Rebecca JeffreyOvercapacity is not expected to be an issue in the long term, according to a group of air cargo bosses.Reflecting on the future at TIACA’s Air Cargo Forum (ACF) in Miami, Tobias König, global chief executive, Rhenus Air & Ocean, said that ...
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NewsAirfreight peak season looking unlikely as demand falls again
Air cargo volumes declined 8% year on year in October - the eighth consecutive month of decline - and the outlook is equally downbeat.According to Xeneta-owned CLIVE Data Services the market outlook "remains uncertain" and there is also nothing to indicate an upturn next year from its weekly market data.There ...