Business – Page 72
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News
Challenging year for Agility's logistics arm
Agility Global Integrated Logistics (GIL) saw full year 2019 revenue fall 2.5% to KD1.1bn, in what was described as “a challenging year for the freight forwarding industry as a whole”.GIL, the freight forwarding arm of the Kuwait-based Agility logistics and warehousing group, reported a full year 2019 decline versus 2018 ...
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Airlines' revenues set to take a $30bn hit due to coronavirus
Airline revenues could take a $29.3bn hit as a result of the coronavirus outbreak, according to IATA’s latest assessment.IATA said that the coronavirus could cause demand for air travel to fall for the first time since the global financial crisis, with operators in Asia-Pacific hardest hit.Based on a scenario where ...
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Atlas Air parks up B747Fs as market conditions take their toll
Atlas Air has parked four of its B747-400 converted freighters and plans to reduce the use of more widebody aircraft as it reports a loss for 2019.The aircraft lessor’s full-year results show a net loss of $293.1m, while revenues rose slightly to $2.7bn from $2.6bn a year earlier.The company said ...
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Bloomberg: HNA airline assets could be put up for sale
Reports suggest China could be about to take over troubled conglomerate HNA and sell off its airline assets.Bloomberg yesterday reported that the government of Hainan, where the company is based, is in talks to "seize control" of HNA.Quoting sources, the news wire said that the majority of airline assets would ...
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NewsAir France KLM cargo revenues take a hit in 2019
The Air France KLM group saw its cargo revenues drop last year as market overcapacity took its toll on performance.The Franco-Dutch airline group saw total cargo revenues for the year drop by 5.9% to €2.1bn on the back of a 2.3% drop in volumes to 1.1m tonnes.Its cargo load factor ...
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Qatar Airways lifts IAG stake to 25%
Qatar Airways has increased its shareholding in British Airways and Iberia parent IAG from 21.4% to 25.1%.The Doha-based carrier initially took a stake in IAG at the start of 2015, before increasing it to just over a 20% in 2016.“Our investment to date has been highly successful and the announced ...
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IATA and IPC team up on e-commerce shipments
IATA and the International Post Corporation (IPC) will step up their efforts to promote the development and expansion of safe, secure, accessible and high-quality airmail and air cargo services.The two organisations said they had today signed a memorandum of understanding (MoU) to reinforce their co-operation and have identified seven specific ...
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Cathay Pacific under pressure as cargo volumes fall
Cathay Pacific saw its cargo volumes decline in January, while it also warned that financial results will come under pressure.The airline group handled cargo volumes of 151,964 tonnes in January, which represents a decline of 8.9% year on year.Meanwhile, the cargo load factor for the month was down by 1.4 ...
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Cool Chain Association and Cargo iQ launch new initiative
The Cool Chain Association (CCA) has teamed up with Cargo iQ to launch a new initiative, Care Mapping Project, for temperature-controlled supply chains.The new Cargo iQ pilot programme aims to develop tools and standards for planning and control, as well as for the evaluation of conditions under which shipments move.The ...
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BBAM orders three converted Boeing 737-800Fs
San Francisco-based aircraft lease company BBAM has ordered three 737-800 Boeing converted freighters (BCF) to add to its fleet.The 737-800BCF, which has a payload of up to 23.9 tonnes, is built using the next-generation 737 platform "known for its reliability and efficiency", said Boeing in a statement.Boeing also revealed that ...
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LATAM Cargo expands Americas capacity with two new routes
LATAM Cargo has expanded its network with two new routes to increase its capacity in Central and Latin America.From February 11, the carrier will operate twice-weekly Miami-Panama-Bogota and Miami-Cali routes utilising B767-300F aircraft.The new services will serve the demand for general cargo, electronics, pharma and dangerous goods being transported in ...
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DSV Panalpina opens new Canada base
Danish-owned freight forwarder DSV has opened a new Canadian head office and logistics facility near Toronto.The new facility is located in the suburb of Milton, 20 miles (30km) from Pearson International Airport and close to Canada’s busiest highway (401).DSV Panalpina says the 1.1 million sq ft (100,000 sqm) facility is ...
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Coronavirus clouds airfreight outlook
The coronavirus is beginning to affect airfreight prices in Asia, derivatives broker Freight Investor Services (FIS) has reported.However, the FIS added that the outbreak is leading to severe reductions in airfreight volume from Asia due to quarantine measures, which has in itself limited the amount of available data – and ...
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UPS reaches deal with pilots
The Independent Pilots Association (IPA) has reached tentative agreement with UPS Airlines on a new two-year contract extension.The short term agreement provides for improvements in compensation and retirement but specific details of the agreement will not be disclosed before the union presents it to all UPS pilots.IPA president Captain Robert ...
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US and Kenya extend cargo traffic rights
The US and Kenya have signed an amendment to their existing Air Transport Agreement adding seventh-freedom rights for all-cargo flights.The agreement was signed at the US Department of State in Washington by Kenyan transport secretary James Macharia and US assistant secretary for economic and business affairs Manisha Singh.Seventh freedom, sometimes ...
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Reports re-emerge suggesting Swissport is up for sale
Reports have re-emerged suggesting that cargo handler Swissport is up for sale.Reuters reports that the handler's owner, China-based conglomerate HNA, is looking to offload Swissport at a discount in order to raise cash and cut debts.It is suggested that buyout firms Apollo Global Management and Cerberus, and asset manage Brookfield ...
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NewsDSV Panalpina registers improved airfreight volumes but margins in focus
DSV saw airfreight revenues and volumes improve last year thanks to its acquisition of Panalpina in August, but margins came under pressure.In 2019, the combined DSV Panalpina Group saw total revenues increase 19.8% year on year to DKr94.7bn, earnings before interest and tax (ebit) improved by 22.1% to Dkr6.6bn but ...
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Swiss WorldCargo expands Japanese network with Osaka route
Swiss WorldCargo, the airfreight division of Swiss International, is adding Osaka, Japan, as a destination in its global network.From March 1, the carrier will operate an Airbus A340-300 service from Zurich to Osaka. The new route adds to its daily Zurich—Tokyo service, carried out by a Boeing 777-300 since February ...
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NewsIATA: Worst year for air cargo since 2009 financial crisis
Recent airfreight trends have been maintained, IATA's latest market analysis detailing full-year results for 2019, has reported. Meanwhile, the impact of the coronavirus on the aviation sector continues to cause uncertainty for the future.Industry-wide freight tonne kms (FTK) for the year declined by 3.3% year on year, while available freight ...
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Aero Africa announces new chief commercial officer
Aviation logistics provider Aero Africa has named Jade Da Costa as its new chief commercial officer.South Africa-born Da Costa has more than 30 years of experience in the freight forwarding and aviation industry, and has extensive knowledge of the African market.Previously, Da Costa was group director at freight forwarder Intraspeed ...