Business – Page 87
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News
Air France-KLM board to "closely monitor" the Dutch government's increased shareholding
Air France-KLM Group's board will “closely monitor” the surprise move by the Netherlands government to more than double its stake in the Franco-Dutch airline to 12.68%.In a shares swoop valued at an estimated €700m, the Dutch state increased its original 5.8% stake without any consultation with either the airline board ...
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ATSG looks to its strengthened platform following Amazon extension and Omni deal
Aircraft lessor ATSG saw adjusted revenues and earnings for the year increase by more than 20% in the final quarter of the year.The Wilmington-based firm reported a 27% increase in adjusted fourth-quarter revenues to $280.8m, while adjusted earnings from continuing operations were up 23% to $24.1m.ATSG president and chief executive ...
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NewsRecord year for airfreight at Panalpina but no updates on DSV and Agility talks
Panalpina's latest annual report shows that airfreight volumes in 2018 breached the 1m tonne mark for the first time in the company's history, but there is no further update on its potential takeover or merger.The Switzerland-headquartered freight forwarder reported a 9.1% increase in revenues to SFr6bn, earnings before interest and ...
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IAG Cargo revenue rise in 2018 but a challenging year ahead
IAG Cargo reported full year 2018 commercial revenues of just under €1.2bn, an increase of 7.2% on 2017 at constant currency, and said that 2019 looks set to be “a more challenging year”, with airfreight capacity growth outpacing demand increases.Overall yield for the year was up 8.1% at constant currency. ...
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Panalpina shareholder battle continues with voting right dispute
Panalpina’s second largest investor has hit out at plans to change shareholder voting rules as the battle to control the future of the forwarder continues.Earlier this week majority holder, Ernst Göhner Foundation (EGF), which holds around 46% of the company, submitted a request a request that the company change to ...
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Losses deepen at CEVA as one-time items hit profitability
CEVA Logistics reported another loss in 2018 as “various one-time items” took their toll on company financial performance.The forwarder, which last year had box line CMA CGM become a strategic partner following an IPO, saw revenues for the year increase by 5.2% year on year to $7.4bn, earnings before interest, ...
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NewsKuehne+Nagel full-year profits helped by "outstanding" airfreight
Kuehne+Nagel reported increases in revenues and profits last year as its airfreight division “continued its outstanding development”.The world’s largest forwarder saw its revenues for 2018 increase by 11.7% year on year to SFr24.8bn, while earnings before interest and tax (ebit) was up 5.3% to SFr987m and net profit jumped by ...
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Panalpina considers voting rule change following shareholder complaint
Panalpina is considering changing its shareholder voting rules following a request from its majority investor.Majority shareholder Ernst Göhner Foundation (EGF), which holds around 46% of the company, has submitted a request that the company change to a One Share–One Vote standard at an extraordinary shareholders' meeting to be held prior ...
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Flexport secures $1bn investment for infrastructure and technology
Freight forwarder Flexport has secured $1bn in funding, which will be used to invest in technology and infrastructure.The investment round was led by the SoftBank Vision Fund, with participation from existing investors Founders Fund, DST Global, Cherubic Ventures, Susa Ventures and SF Express, which has previously invested $100m in the ...
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NewsQantas enjoys strong six months with cargo on the up
Australian flag-carrier Qantas has announced strong financial results for the six-month period that ended on December 31 (the first half of its current financial year).Net freight revenue reached A$525, up by 15% on the same period of 2017.The carrier said in a statement that, “The freight business delivered a steady ...
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Expeditors reports on steady fourth-quarter performance
Seattle, Washington state-headquartered forwarder Expeditors International has released fourth-quarter 2018 results that included an 18% year on year improvement in revenues and 9% improvement in operating income.Airfreight volumes handled were up by 2% on those of the same quarter of 217.President and chief executive Jeffrey Musser observed: “The fourth quarter ...
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Heathrow looks back on record 2018
The operator of London Heathrow Airport, Heathrow Airport Limited (HAL), has said that 2018 was a record year for the UK’s biggest and busiest air gateway.As well as handling a record number of passengers (80.1m), it also enjoyed an increase in revenue and profits compared to 2017.However, the picture was ...
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Mixed results for AF KLM Cargo
The Air France-KLM airline group has reported its 2018 full-year results, which paint a mixed picture with cargo volumes down but revenues up.In terms of its freight-related operations, over the course of the year cargo volumes fell by 0.1% compared to 2017 to 1.14m tonnes, while revenues rose by 4.1% ...
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NewsACG supports ABC growth with B747F financing
Aircraft operating lessor Aviation Capital Group (ACG) has confirmed that it has structured, arranged and provided a guarantee of a loan by MUFG Bank to finance a portion of the purchase price of a Boeing 747-8F aircraft delivered to AirBridgeCargo (ABC) Airlines.The ABC financing was arranged under ACG’s Aircraft Financing ...
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NewsPanalpina subscribes globally to digital IATA manuals
Panalpina has become the first freight forwarder to subscribe globally to IATA’s digital manuals.As a result, its airfreight specialists right around the world can now access the latest regulations and industry standards online.This way, says the Switzerland-based company (and fourth-largest forwarder in the world in terms of air cargo volumes), ...
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Atlas looks back on record results in 2018
Atlas Air Worldwide Holdings (AAWW) has reported record fourth-quarter and full-year volumes, revenue and earnings in 2018.Moreover, the Purchase, New York-headquartered provider of outsourced aircraft and aviation operating services has predicted continued growth this year.“2018 was another great year for Atlas, with substantial growth in the scale, diversity and profitability ...
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NewsIATA announces finalists for 2019 cargo innovation awards
IATA has confirmed the finalists for its 2019 Air Cargo Innovation Awards, the original 56 ideas having been whittled down to just three by an independent jury panel.The three ideas in the final running for top prize, all of which relate to ULD technological development, are as follows:Air New Zealand ...
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Airfreight helps drive profit improvement at Agility
Logistics firm Agility saw revenues and profits improve last year, while it has also confirmed that it has entered tie-up talks with Panalpina.The Kuwait-headquartered logistics firm saw revenues for 2018 increase by 10.2% year on year to KD1.5bn, while ebitda was up 14.5% to KD154.8mand net profits jumped 18.4% to ...
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Panalpina chief: We're on the acquisition trail
Panalpina chief executive Stefan Karlen has told the Swiss business press that the forwarder is on the acquisition trail, despite itself being a takeover target.Karlen told Finanz and Wirtschaft (F&W) that the company would be looking to grow organically and inorganically through acquisitions.This could include deals involving companies the same ...
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Panalpina shareholder urges board to consider DSV offer
One of Panalpina's major shareholders has written to the forwarder's board urging them to seriously consider DSV's takeover offer and to express its concern over the largest shareholder's control over the company.In a letter to the Panalpina board, David Samra, managing director of Artisan Partners, a 12% shareholder, said that ...