Business – Page 46
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NewsAir Charter Service sees record $1.8bn revenues
Chris Leach. Photo: Air Charter ServiceAir Charter Service’s (ACS) busy cargo arm helped the aircraft charter broker achieve record annual revenues of $1.8bn (£1.3bn), with strong growth and sales across all divisions.ACS said that its cargo division continued to experience “unprecedented demand”, boosted by its three Chinese offices and the ...
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NewsMas outlines ambitious freighter plans
Source: mas airlinesMexican carrier mas airlines is planning to operate a fleet of 18 freighters in the next five years.The airline, which has re-branded from its previous MasAir Cargo name, this week took delivery of the first of eight A330 converted aircraft.Speaking at a ceremony to welcome the aircraft, mas ...
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Menzies accepts NAS takeover offer
John Menzies has approved a takeover proposal from Agility subsidiary National Aviation Services (NAS) Holding following its rejection of earlier offers.The board of Menzies has received a further revised “final” proposal from Agility subsidiary NAS regarding a possible all cash offer for Menzies of 608 pence per share.The deal has ...
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Record revenues for Air Canada Cargo
Air Canada Cargo saw all-time high cargo revenues of nearly C$1.5bn in 2021, compared with C$920m in 2020.The cargo arm’s record annual revenue exceeded C$1bn for the first time, reaching C$490m in the fourth quarter of 2021.Jason Berry, Vice President, Cargo, at Air Canada, said: “Air Canada Cargo has just ...
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Record 2021 results for Atlas Air Worldwide
Atlas Air Worldwide Holdings saw record results in 2021 with increased revenue and income, while also placing all of its incoming B747-8Fs under long-term agreements.The US-based freighter lessor expects a “strong performance” in the first quarter of 2022, helped by new or enhanced long-term customer contracts.Atlas saw 2021 revenues of ...
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NewsJohn Menzies takeover bid intensifies
Photo: MenziesNational Aviation Services (NAS) has stepped up the pressure on takeover target John Menzies.NAS affiliate Agility Strategies Holding has entered into contracts to buy 13.2% of Menzies shares for 605 pence per share, higher than the original unsolicited bid.On February 9, NAS’ 510 pence per share offer for John ...
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NewsEtihad to buy A350F bundle
Photo: AirbusEtihad Airways has signed a Letter of Intent (LoI) for seven Airbus A350F freighters to add to its existing fleet of five A350-1000 passenger aircraft.The announcement was made at the Singapore Airshow 2022. Etihad has also selected Airbus’ Flight Hour Services (FHS) to support its entire A350 fleet.“Etihad is ...
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NewsSingapore Airlines finalises purchase of 7 A350Fs
Photo: AirbusSingapore Airlines (SIA) has finalised a purchase agreement with Airbus for seven A350F freighter aircraft.The carrier signed a Letter of Intent (LOI) with Airbus in December to purchase seven of the recently launched A350F freighter aircraft, with options to order another five aircraft.This order will replace SIA's existing 747-400F ...
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NewsChennault Airport invests $4m in air cargo
Chennault International Airport cargo facility render. Source: Chennault International AirportChennault International Airport in Louisiana, US is nearing completion of a $4m facility to enter into the air cargo sector.Construction of the 10,000 sq ft air cargo pass-through facility began in June 2021. It is expected to be completed this summer, ...
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Menzies issues further takeover rebuff to NAS
Menzies has issued a further takeover rebuff to Agility subsidiary National Aviation Services (NAS), which last week launched a 510 pence per share bid for the Scotland-based wholesale airfreight and airport ground handling group.The board of Menzies said on February 15 that it has engaged with its shareholders following its ...
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Italian government kicks off ITA sale
The Italian government has begun the process of finding a partner for Italian state airline ITA Airways after container shipping company Mediterranean Shipping Co. (MSC) and German airline Lufthansa expressed their interest last month.In the first stage of this process, the government will retain a minority stake in ITA Airways, ...
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NewsKorean Air merger doesn't affect cargo competition
Photo: Korean AirKorean Air’s acquisition of Asiana Airlines will not reduce cargo competition, the Competition and Consumer Commission of Singapore (CCCS) has concluded.The CCCS has given Korean Air unconditional approval for its takeover of Asiana Airlines on February 8, ruling that the acquisition will not infringe Singapore’s 2004 Competition Act.Singapore’s ...
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NewsCanadian government funds Winnipeg Airport infrastructure
Photo: Winipeg Airports AuthorityGovernment of Canada funding will enable Winnipeg Richardson International Airport to add a dedicated vehicle access lane for processing cargo.Over C$5.3m funding from Transport Canada's Airport Critical Infrastructure Programme will go towards the establishment of a new permanent structure for the security screening of non-passenger vehicles; the ...
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NAS: Menzies takeover offer 'compelling'
National Aviation Services (NAS) has hit back at John Menzies' rejection of its takeover bid, describing its offer as compelling.The Agility subsidiary today said that its offer of £5.10 per share was 76% higher than Menzies share price at the close of business of February 2 and 68% above the ...
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NewsRiga Airport 2027 strategy seeks to ramp up cargo
Photo: Riga AirportRiga Airport has announced a new strategy that seeks to see over 48,000 tonnes of air cargo handled per year by 2027.The medium-term “Runway 2027” airport strategy provides for the development of the “RIX Airport City” concept.It envisions that the future centre of Riga Airport will include the ...
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Menzies dismisses takeover bid
Aviation services group John Menzies has rebuffed a takeover bid from Agility subsidiary National Aviation Services (NAS) Holding.Menzies, which provides airfreight wholesale through Air Menzies International and ground handling through Menzies Aviation, said that after careful consideration it had rejected the offer of £5.10 per share.The board concluded that the ...
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NewsDSV reports record results on higher rates and GIL takeover
DSV reported record revenues and profits last year thanks to higher freight rates and acquistions.The Danish forwarder reported a 57.2% year-on-year increase in revenues for the year of DKr182.3bn, while earnings before interest and tax (ebit) were up 70.4% to DKr16.2bn and net profit climbed 164.3% to DKr11.2bn.Results were boosted ...
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Maersk swoops on Pilot to expand US forwarding presence
Shipping giant AP Moller Maersk has swooped on US forwarder Pilot Freight Services as it continues to expand its logistics presence.The transaction price is $1.7bn and the deal is expected to be completed in the second quarter of 2022. The current owners of Pilot are private equity firm ATL Partners ...
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Swissport boosted by record cargo performance
Ground handler Swissport reported a successful business year in 2021 thanks primarily to its cargo unit.The company processed 5.1m tonnes of cargo at its more than 100 air cargo facilities last year, which is an all-time high and represents a 10% increase compared with pre-pandemic 2019 levels.Meanwhile, the company's larger ...
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Flexport secures funding as it looks to expansion
Flexport has secured $935m in funding to be used to "accelerate development of its technology platform" and expand.The freight forwarder said the money would allow it to add new locations and markets, continue building a "logistics tech ecosystem" and invest and partner with new companies in the industry.It added that ...