Business – Page 67
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Avianca files for bankruptcy protection
Latin American operator Avianca is voluntarily filing for Chapter 11 bankruptcy protection with a New York court, to give the company time to re-organise its business.Avianca Holdings said the filing request, with the Southern District of New York bankruptcy court, is “necessary” given the “unpredictable impact” of the coronavirus crisis ...
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Emirates' cargo volumes slide as group predicts 18-month recovery time
The Emirates Group saw cargo volumes and revenues decline at its airline and ground handling businesses as last year's trade war and the coronavirus outbreak hit performance.In its 2019/2020 annual report, Emirates SkyCargo saw cargo revenues decline by 14% year on year to $3.1bn, while volumes declined by 10% on ...
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Atlas Air revives parked freighters as Covid-19 boosts demand
Atlas Air Worldwide has responded to increased airfreight demand over the last few months — a knock-on effect of the coronavirus pandemic — by bringing three of its Boeing 747 converted freighters, which had been parked, back into service.The lessor is also operating one of its Boeing 777 freighters that ...
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NewsIAG Cargo revenues down but yields up in 'unprecedented' market
IAG Cargo saw revenues and volumes decline at double-digit percentage levels in the first quarter but yields improved as the coronvirus outbreak affected performance.The airline group's cargo business saw first-quarter revenues slip by 10.5% year on year to €246m, volumes declined by 14.9% to 148,000 cargo tonnes sold, but yields ...
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AAPA: Competition and trade disputes impacted region's 2019 performance
The Association of Asia Pacific Airlines (AAPA) has revealed in its preliminary financial performance figures that airlines based in the region recorded $3.8bn in combined net earnings in 2019, a 25% decline compared with the $5.1bn achieved in 2018.The AAPA said that Asia Pacific based airlines' profitability was impacted by ...
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BIFA issues guidance on safe return to work after Covid-19 lockdown
As the UK awaits instructions from the government about the relaxation of existing Covid-19 lockdown rules, BIFA has published a detailed guide to inform freight forwarders and other companies about what steps they should be taking to facilitate their return to work.The guide says that the safe return of all ...
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NewsCLIVE: Do April's air cargo volumes offer a glimmer of hope?
While air cargo volumes diminished rapidly in March, new data for April offers some hope that leading economists are right and the decline in the global economy is ‘bottoming out’.CLIVE Data Services’ ‘dynamic load factor’ for April of 67%, based on both the volume and weight perspectives of cargo flown ...
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Network Airline Management renews freighter agreement with TAAG Angola Airlines
Network Airline Management and TAAG Angola Airlines have renewed their long-term freighter aircraft contract by 12 months.The agreement continues to offer export capacity from Angola to Europe with forwarding connections worldwide.Trucking connections from all over Europe into the Liege hub extend the distribution network, as well as interlining facilities from ...
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NewsTOWER Cold Chain Solutions partners with Investec to serve growing market demand
TOWER Cold Chain Solutions has formed a partnership with Investec, which will enable it to expand the production of its stock containers by 400%.For more than 20 years, TOWER has produced innovative solutions for the reusable controlled-temperature market.Its portfolio, developed in response to market demand and with simplicity and agility ...
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Virgin Atlantic to cut more than 3,000 jobs and suspend Gatwick operations
UK long-haul carrier Virgin Atlantic is planning to cut more than 3,100 jobs and will also suspend operations at Gatwick Airport in an effort to address the financial pressure of the coronavirus crisis.The airline said it would also “no longer use all” of its seven 747-400s and is planning to ...
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Air cargo capacity continues to climb but so do rates
Airlines have been continuing to respond to urgent demand for the transport of medical equipment by adding extra cargo capacity but it has not put the brakes on rate increases out of China and Hong Kong.TAC Index figures show that last week average air cargo rates from Shanghai to North ...
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Air Partner reports busy charter operations as pandemic continues
Global aviation services group Air Partner said it had a strong start to the financial year, with the unaudited accounts for February, March and April showing expected underlying profit before tax at £6m.The company reported April as being a "record month", driven by high levels of coronavirus-related activity in its ...
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IATA issues new guidance on cargo transport in passenger aircraft
On May 4, IATA issued updated guidance covering the transport of cargo and mail on aircraft configured for the carriage of passengers.IATA said that following the disruption caused by Covid-19, it had been approached by various airlines seeking guidance on the use of aircraft configured for the carriage of passengers ...
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E-commerce faces tough cargo capacity shortage because of bellyhold reliance
IATA and the Universal Postal Union (UPU) have warned that the e-commerce sector is facing a shortage of air cargo capacity because of its reliance on passenger operations.The two organisations said that the coronavirus outbreak had created a surge in e-commerce demand as more people shopped from home, while air ...
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Bellyhold operations at risk as airlines look to government aid
Aviation associations have urged governments to financially assist airlines on the brink of bankruptcy as they report significant losses due to the coronavirus pandemic.Throughout the outbreak, supply chains have been maintained largely thanks to airlines' cargo divisions. In particular, essential cargo such as food and medical supplies has been continuously ...
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NewsUK retailer to launch air cargo operation in response to capacity crunch
UK-headquartered online retailer The Hut Group (THG) will charter two cargo aircraft and launch a partnership with Singapore Airlines in order to secure scarce air cargo capacity.THG said that since the start of 2020, it had been running successful trials, using dedicated cargo flights to service its global operations, especially ...
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Global health crisis and acquisition impact DSV Panalpina Q1 results
DSV Panalpina saw revenues and airfreight volumes increase in the first quarter of the year, thanks to its acquisition of Panalpina, while the coronavirus outbreak had a negative impact on results."The financial performance in Q1 2020 was impacted by both the integration of Panalpina and the Covid-19 situation, the latter ...
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Forwarders' air divisions predicted to be hit hardest by Covid-19
The freight forwarding market could contract by more than 7% this year as a result of the coronavirus outbreak, according to a worst case scenario projection from consultant Transport Intelligence (Ti).A white paper published by Ti also predicted that the air cargo part of forwarders' businesses could take the hardest ...
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Bolloré Logistics expands Nordic presence
Bolloré Logistics has expanded its presence in the Nordics with the acquisition of a majority stake in the Swedish company Global Freight Solutions (G Solutions) and its Finnish affiliate.The forwarder said the acquisition was a strategic move to complement the Nordic regional network having previously established a structure in Norway, ...
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Swissport notes solid 2019 but warns of tough times to come
In its 2019 full-year results, Swissport has announced that its performance last year was "roughly on par with the previously year".Swissport achieved an operating ebitda of €272.3m throughout 2019, which compares with €273.2m achieved in 2018.The company's revenue increased 4.7% year on year, from €3bn in 2018 to €3.1bn last ...