Business – Page 43
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News
Avolon reports Q1 2022 net loss of $182m
International aircraft leasing company Avolon has reported an impairment of $304m and a net loss of $182m for the first quarter of 2022 as a result of the Ukraine-Russia war.As of March 31, Avolon had 10 owned aircraft located in Russia representing less than 1% of Avolon’s portfolio value net ...
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NewsIATA: Air cargo demand drops in March amid "growing challenges"
Source: IATACovid, the Ukraine war and oil prices all contributed to a drop in demand in global air cargo markets in March, according to data from the International Air Transport Association (IATA).Cargo demand is tracking below pre-Covid-19 levels, and like February, capacity remained constrained.Global demand, measured in cargo tonne-kilometers (CTKs), ...
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Airfreight rates begin to rise in April
Airfreight rates on major east-west trades began to creep back up in April following the previous month's decline, as demand began to rise in line with seasonal trends.The latest figures from the Baltic Exchange Airfreight Index (BAI) show that in April the average rate from Hong Kong to North America ...
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News
Maersk completes acquisition of Pilot
Shipping giant AP Moller Maersk has completed its acquisition of US forwarder Pilot Freight Services in a deal worth $1.7bn.As a result of the acquisition, international and domestic supply chain provider Pilot Freight Services will be rebranded to Pilot – A Maersk Company.The transaction price of $1.7bn equals to an ...
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DHL airfreight volumes edge up but revenues fly
DHL Global Forwarding saw its airfreight revenues jump in the first quarter of the year despite volumes increasing by a much lower amount.The forwarder's airfreight business saw revenues increase by 55.% year on year to €2.9bn. Gross profits improved by 10% to €488m but volumes were up by just 3% ...
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Cargojet revenues jump in Q1 as it expands B777 conversion order
Canadian freighter operator Cargojet registered a jump in revenues in the first quarter and has expanded the number of B777 conversions it has on order (see below).The company reported a 45.7% increase in first-quarter revenues to $233.6m with strong growth in the all-in charter segment.The company said the all-in Charter ...
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News
DSV and K+N outline a complex market with higher rates to continue
Kuehne+Nagel (K+N) and DSV highlighted a complex logistics market in their recent quarterly updates, with higher freight rates to stay, softening consumer demand and ongoing supply chain disruption.K+N was the first to reveal its results, with revenues and profits continuing to surge on the back of acquisitions on higher prices ...
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NewsMenzies Aviation takes majority stake in Agunsa Aviation Services
Photo: Menzies AviationMenzies Aviation has acquired a controlling stake in Agunsa Aviation Services, which provides full ground and air cargo handling services in Santiago, Chile.Agunsa Aviation Services was a wholly owned subsidiary of Agencias Universales SA, a large and diverse Chilean business with a long history in logistics, originally in ...
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NewsCargolux racks up over a billion in 2021 profits
Cargolux Boeing 747-8 freighter. Photo: CargoluxCargo airline Cargolux’s 2021 results show profit after tax of $1.3bn, an increase of 68% over 2020.The Luxembourg-based airline saw an increase in tonnage and higher yields, recording revenues of $4.4bn, an increase of 40% over 2020.Earnings before interest and tax (EBIT) were $1.72bn, an ...
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DSV gross profit grows 61% in Q1 2022 bolstered by air and sea freight
Freight forwarder DSV reported gross profit grew 61% in the first quarter of 2022 with the Air & Sea division achieving an EBIT growth of 109%.The Air & Sea division’s revenue amounted to DKr45,887m for the first three months of 2022, compared to DKr22,924m for the same period last year.For ...
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News
Cargo-partner buys UK partner as it expands in western Europe
Logistics firm cargo-partner has fully acquired its UK-based partner, Aztek International Freight, following its purchase of a third of the company in 2021.The move will add two new offices to the cargo-partner network, in East London and Bradford, in addition to the company's existing office in Manchester, and continues the ...
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NewsWorldACD: Air cargo demand flat in Q1 as lockdowns take their toll
Air cargo demand was flat in the first quarter of the year as Russia's invasion of Ukraine and lockdowns in China put the breaks on growth.Figures from data provider WorldACD show that chargeable weight transported by air cargo increased by 2% year on year in January and February but then ...
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Profits continue to soar at Kuehne+Nagel in Q1
Kuehne+Nagel (K+N) saw its overall and airfreight profits continue to soar in the first quarter of the year as supply chains remained under pressure and demand continue to improve.The forwarder reported an increase in airfreight revenues of 91% year on year to SFr3.1bn on the back of a 32.6% increase ...
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Cargo revenues continue to surge at American in Q1
American Airlines saw its cargo revenues increase again in the first quarter of the year after a record performance in 2021.The Dallas Fort Worth-hubbed carrier reported cargo revenues of $364m in the first quarter, an increase of 15.4% compared with a year earlier on the back of improved yields.The increase ...
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Shanghai factories to restart production but supply chain issues continue
Factories in the Shanghai area are slowly returning to production in a closed-loop system but supply chain disruption is expected to continue for some time.Companies were last week asked to submit plans to stop of the spread of Covid-19 before they could re-start production.In total, 666 companies have been white ...
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NewsVirgin Atlantic Cargo revenues soar in 2021
Source: Virgin Atlantic CargoVirgin Atlantic Cargo saw its revenues more than double to record levels in 2021 as it ramped up cargo flying and airfreight rates hit new highs.The UK-headquartered airline saw its revenues increase by 40% year on year to £448m, while it was up by 200% compared with ...
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US regional carrier Alpine swoops on Suburban
US regional air cargo carrier Alpine Air Express has acquired Suburban Air Freight as it looks to continue its recent expansion.The deal is Alpine's second acquisition since it became a portfolio company of private equity firm AE Industrial Partners (AEI) - it also acquired the assets of Great Lakes Airlines ...
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Kuehne ups his stake in Lufthansa
Kuehne+Nagel majority owner Klaus-Michael Kuehne has doubled his stake in German airline Lufthansa to 10%.In a stock exchange note, the airline revealed that German national Kuehne's KA Logistik Beteiligungen made the investment on April 8.He is now the second largest shareholder in the airline behind the German state, which owns ...
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NewsBillund Airport seeks to double airfreight by 2040
Red and blue buildings show possible developments. Photo: Billund AirportBillund Airport in Denmark and Danish pension company PensionDanmark are collaborating to more than double airfreight at the airport from 77,000 tonnes of goods per year to 160,000 tonnes per year in 2040.The long-term strategic collaboration to create “Airport City” aims ...
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NewsRoyal HaskoningDHV acquires air cargo supply chain specialist
From left: Erwin Faber (Districon), René Dahmen, Sabine Bink, Marije Hulshof (Royal HaskoningDHV), Jeroen Kiks and Jack Pool (Districon). Photo: DistriconNetherlands-based engineering consultancy firm Royal HaskoningDHV has acquired Netherlands-located supply chain solutions company Districon that has links to the air cargo industry.Districon brings to the deal its "knowledge of optimising ...