Business – Page 41
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News
Dispute between K+N and energy shipper goes to arbitration
A dispute between Kuehne+Nagel and oil and gas field services company Baker Hughes has been ordered to arbitration by a US federal court judge.The case centres on the September 2020 transportation of an air cargo shipment that was seized by customs authorities at its destination in Brazil.In court documents seen ...
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Manchester-Boston Regional Airport to receive millions in funding for air cargo facility
The US Federal Aviation Administration will award $7.9m to Manchester-Boston Regional Airport (MHT) to help build a new air cargo facility that is expected to support the e-commerce boom.This funding award will support the second phase of the construction of a 31,000 sq m cargo facility apron to better serve ...
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Korean Air renews IATA CEIV Pharma certification
Korean Air has been recertified by IATA’s Center of Excellence for Independent Validators Pharma (CEIV Pharma) for air transport of pharmaceuticals.Korean Air provides customised cold chain services for a wide array of products that call for dynamic requirements and conditions. The airline transports pharmaceuticals such as vaccines, lab reagents and ...
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FedEx expects slow recovery in bellyhold capacity and lower growth
FedEx yesterday reported its full financial year results and outlined expectations of ongoing supply chain disruption, a slow return of air bellyhold capacity and lower growth levels for the coming fiscal year.In the fiscal year ending May 31, the express giant saw revenues increase by 11.3% year on year to ...
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Air cargo clocking up value in aviation industry, says IATA
Air cargo contributed more than a third of airline revenues in 2021, over double its contribution in 2020, said the International Air Transport Association (IATA) in its Annual Review 2022.The trade association said that in 2021, air cargo generated $155bn, up from $129bn in 2020 and $101bn in 2019.Global demand ...
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DSV unaware of any CH Robinson divestment process
DSV has said it is unaware of any divestment process at CH Robinson after reports emerged that the Danish forwarder was interested in buying the US firm's forwarding business.In a statement to Air Cargo News, DSV, which has expanded rapidly through acquisitions over the past few years, added that would ...
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News
IATA calls on governments to support safe lithium battery transportation
The International Air Transport Association (IATA) has called on governments to further support the safe carriage of lithium batteries by developing and implementing global standards for screening, fire-testing, and incident information sharing.IATA said the challenge is the rapid increase in global demand of lithium batteries. The trade association explained the ...
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Alaska Air Cargo pledges not to add fuel surcharges
Alaska Air Cargo's managing director Adam Drouhard has pledged that the carrier will not add any fuel surcharges.Other airlines have imposed increases of up 30%, he said.But he acknowledged: “The past few months have been turbulent in some parts of our operation. Our valued customers have weathered last-minute schedule changes ...
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NewsHellmann Worldwide Logistics acquires overnight express provider
From left to right: Tobias Maue (CEP Pricing & Tender Mgmt), Ondřej Zíta (Managing Director CEP CZ/SVK), Wilfried Hesselmann (Head of CEP Europe) and Gennaro Ippolito (M&A Legal). Photo: HellmannHellmann Worldwide Logistics is taking over the Czech and Slovakian-based overnight express provider OptimNet Solutions s.r.o. to continue its expansion strategy ...
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NewsIm3pact joins Cargo iQ as strategic associate
Lothar Moehle. Photo: Cargo iQCross-stakeholder organisation and IATA interest group Cargo iQ has welcomed logistics consultancy Im3pact as a strategic associate to drive standardisation in the air cargo industry.As a strategic associate, Im3pact will contribute sector knowledge and help deliver the benefits of Cargo iQ to the global air cargo ...
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News
Forwarder GTS swoops on airfreight specialist Cargo Holland
Time-critical logistics firm Global Transport Solutions (GTS) has acquired forwarder Cargo Holland as it looks to consolidate its presence in the Netherlands.Cargo Holland specialises in airfreight solutions and is located at Schiphol Airport. The forwarder will be integrated into GTS' third-party logistics time-critical service provider, Best Global Logistics.Cargo Holland chief ...
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News
Envirotainer to be sold
Temperature-controlled ULD firm Envirotainer is set to be sold in a deal worth around €2.8bn.The deal will see private equity firm Cinven and co-investor Novo Holdings sell the air cargo business to another private equity firm, EQT, and investment company Mubadala.International law firm Clifford Chance advised Cinven and Novo Holdings ...
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News
China airfreight rates predicted to rise in coming months
Airfreight rates out of China are expected to rise over the coming months while the peak season could be muted, according to Bruce Chan, senior analyst at investment bank Stifel.In the latest Baltic Exchange market round-up, Chan said that rates out of Hong Kong and China had remained high over ...
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NewsDB Schenker buys logistics software provider
Photo: DB SchenkerFreight forwarder DB Schenker has acquired logistics software provider Bitergo to strengthens its digital strategy and move towards cloud-based software for small and medium-sized customers.The Germany-based companies worked closely together for three years prior to the takeover on May 31.Bitergo will continue to serve external customers as an ...
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NewsScan Global Logistics continues expansion with new UAE business
Source: Scan Global LogisticsScan Global Logistics (SGL) has opened a wholly-owned business in Dubai, taking advantage of the new no-local sponsor regulation.The company had commercial representation in Dubai for a number of years, but decided to take advantage of new regulations allowing 100% foreign ownership in the UAE.Only one month ...
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Maersk completes $644m Senator acquisition as it looks to air cargo
Shipping giant AP Moller-Maersk has completed the acquisition of Senator International for $644m as it looks to boost its presence in forwarding and airfreight.Maersk said that Senator brings with it a well-developed airfreight network comprising own controlled flights and long-term partnerships with airlines, a well-established full container load (FCL) and ...
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News
Rhenus Air and Ocean adds two new Danish locations
German logistics company Rhenus Air & Ocean has expanded its presence in north-west Europe by opening two new business sites in Copenhagen and Aarhus.Rhenus said the two new Danish offices would strengthen connections with the Netherlands, Belgium, Ireland, Norway, and the UK.Prior to this, Rhenus had already added a new ...
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NewsAirfreight volumes fall again in May
General air cargo market volumes fell again in May as the pandemic, Ukraine-Russia war and economic turbulence continued to take their toll.According to Xeneta’s CLIVE Data Services, general air cargo market volumes fell 7% year-over-year in May, following on from declines in April and also in March.Airfreight demand for May ...
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Airfreight rates pick up in May despite demand declines
Airfreight rates on major east-west trades continued to increase on a year ago in May despite analyst figures showing demand declines over the last few months.The latest figures from the Baltic Exchange Airfreight Index (BAI) show that average rates from Hong Kong to North America in May increased by 21.7% ...
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NewsFreightos set for listing following merger with Gesher
Source: FreightosCargo booking portal Freightos and Israel-based special purpose acquisition company Gesher I Acquisition Corp. have entered into a definitive merger agreement that will see the portal being listed on the NASDAQ stock exchange.The combined entity will be known as Freightos and will have a pro forma enterprise value of ...