Business – Page 54
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News
G-Solutions re-brands following Bolloré Logistics investment
Swedish company Global Freight Solutions (G-Solutions) and its Finnish affiliate will be re-branded as Bolloré Logistics.The move comes after Bolloré Logistics purchased a majority stake in the company in 2020.In line with the move, two new subsidaries will be established: Bolloré Logistics Sweden and Bolloré Logistics Finland.Johan Moerth, managing director ...
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MasAir set to grow fleet with two leased A330-300 P2Fs
Aircraft lessor CDB Aviation is leasing two of its Airbus A330-300 passenger-to-freighter (P2F) aircraft to Mexican freighter operator MasAir Cargo.MasAir Cargo said the deal marks the first-ever time that it has obtained a lease for the A330-300 P2F aircraft type.The aircraft are expected to be delivered to the carrier in ...
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NewsRock-it Cargo and Sela Sport Company form logistics partnership
Event logistics firm Rock-it Cargo (Rock-it) and Sela Sport Company (Sela) have formed a partnership to support the growing sports and entertainment markets in Saudi Arabia and other global destinations.Los Angeles-headquartered Rock-it will serve as Sela’s freight forwarder and logistics provider in all countries outside of Saudi Arabia.Meanwhile, Jeddah-headquartered Sela ...
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NewsFinnair notes high cargo volumes as it converts A330s to preighters
Tommi Voss, head of cargo operations at FinnairAs with many carriers, Finnair has reported higher-than-usual airfreight demand due to the pandemic.Tommi Voss, head of cargo operations at Finnair, recently told Air Cargo News: "The beginning of the year is typically low season for us, but this year we haven't seen ...
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Kuehne+Nagel completes Apex acquisition as it looks to expand in Asia
Kuehne+Nagel (K+N) has completed the majority acquisition of Apex International as part of efforts to expand its presence in the Asian market.The deal was first announced in February but earlier today K+N announced it had now received unconditional regulatory approvals from the competent authorities.The purchase price paid at closing ...
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NewsIATA: Strong post-pandemic air cargo market expected
IATA is predicting a positive outlook for air cargo demand and believes it will continue to improve as the vaccine rollout progresses and bellyhold services pick up.Kickstarting a press conference earlier today, Willie Walsh, director general of IATA, said airlines "deserve great credit" for pivoting their business focus away from ...
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Transpacific airfreight rates climb in April
Airfreight rates from Hong Kong to North America took off in April as a combination of capacity shortages and rising demand hit the market.Baltic Exchange Air Freight Index (BAI) figures show that in April the average price on services from Hong Kong to North America increased by 54.7% compared with ...
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KWE Canada lands forwarder Prestige Air Cargo
The Canadian arm of Kintetsu World Express (KWE) has acquired seafood specialist forwarder Prestige Air Cargo as it looks to grow its customer base.KWE did not disclose the terms of the deal but said the acquisition offers "not only an opportunity to expand its customer base but also to create ...
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IATA: Cargo demand at "all time high" but capacity is yet to recover
Air cargo volumes in March reached an all-time high for the month, according to IATA in its latest air cargo analysis.The association said that global air cargo demand, measured in cargo-tonne kilometres (CTKs) was 4.4% higher in March 2021 than in March 2019, which was used for comparison to avoid ...
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NewsDHL Global Forwarding sees airfreight revenues and profits soar in Q1
Deutsche Post DHL Global Forwarding has reported large increases in its airfreight revenues, profits and volumes in the first quarter as higher demand and lower capacity benefited the company.The forwarder, which could this year lose its status as the airfreight market leader due to Kuehne+Nagel's plans to acquire Apex, saw ...
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E-commerce demand boosts Cargojet in Q1
Cargojet saw revenues and profits increase in the first quarter of the year as it continued to benefit from a boom in e-commerce demand.The Canada-based aircraft owner and operator saw first-quarter revenues increase by 30.3% year on year to C$160.3m, earnings before interest and tax were up from a C$0.9m ...
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NewsCargo handler Skyport changes hands
Infrastructure investment firm Ventus and Singapore-based company Sky Logistica have acquired Prague-based cargo handler Skyport.Skyport offers cargo handling at Prague Airport, where it processes more than half the airport's cargo traffic, and also has operations in Bratislava and Košice, both in Slovakia.“The last twelve months have proved the importance of ...
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NewsCargolux's profits reach a record high in 2020
Cargolux last year recorded record profits as the loss of bellyhold operations boosted demand for all-cargo aircraft.The freighter operator, which last year celebrated its 50th anniversary, achieved a 3745% year on year increase in net profits to $768.7m. Its previous record was $211.2m in 2018.Cargolux also recorded revenues of $3.17bn ...
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News
Dronamics adds three German droneports
Drone operator Dronamics has added three airports in Germany that will be part of its broader European Droneport Network.The three airports are Paderborn-Lippstadt, Rostock–Laage and Airport Weeze, which the drone firm said could service a total of 12.7m people within a one-hour drive.Dronamics said that its droneport network now totals ...
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UPS' revenues increase as pandemic drives demand
UPS achieved increased revenues across all of its divisions, the company reported its first quarter 2021 results - and it attributed this to demand driven by the pandemic.The company's consolidated revenue increased by 27% year on year to $22.9bn, while consolidated operating profit climbed 158% to $2.8bn.UPS chief executive Carol ...
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DSV Panalpina airfreight volumes slide in first quarter
DSV Panalpina saw its airfreight volumes decline in the first quarter of the year despite growth in the overall market.The forwarder's air volumes for the period declined by 6.6% year on year to 336,307 tonnes, while the overall market is estimated to have grown by 5-7% as it bounced back ...
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DSV to break into top three with takeover of Agility GIL
DSV is set to become a top three global forwarder as it continues its expansion through the planned acquisition of Agility Global Integrated Logistics (GIL) in a deal worth around $4.1bn.The purchase is expected to increase DSV's annual revenue by around 23%, which will rank the combined company as one ...
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Air Cargo Netherlands signs up with PayCargo
Dutch air cargo association Air Cargo Netherlands (ACN) has signed up with PayCargo’s encrypted online platform to help it simplify members' and delegates' payment transactions.PayCargo, which last year processed $4bn in transactions for logistics firms, has tailored its platform to support ACN’s needs.ACN is the only airfreight association in the ...
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NewsK+N records first airfreight volume increase in two years
Kuehne+Nagel (K+N) saw quarterly air cargo volumes increase for the first time in more than two years, while revenues and operating profits were also on the up.The Switzerland-headquartered freight forwarder recorded a 16% year-on-year increase in first-quarter airfreight volumes to 433,000 tonnes as the market bounced back from a pandemic-related ...
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Japan Post's sale of Toll Global Express 'painful'
Japan Post Holdings is expected to sell Toll Global Express at a loss as it looks to offload the troubled business.Earlier this week, Toll Group announced that it had entered into an agreement for the sale of its Global Express business to Australian private equity fund manager Allegro Funds.The Global ...