Business – Page 89
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KKR partners with Altavair in $1bn aircraft investment
US-based Global investment firm KKR is linking up with Altavair AirFinance with an initial $1bn capital commitment, part of which will go towards the acquisition of six “cargo aircraft” on long-term lease with “a diverse group of airline counterparties”.Dan Pietrzak, a member of KKR, said: “Since our first investment in ...
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Qatar Airways takes 5% stake in China Southern
Qatar Airways Group has acquired a 5% share stake in China Southern Airlines.The Middle East carrier said that the purchase of China Southern A and H shares continues a strategy to invest in “the strongest airlines around the world and continue enhancing operations and network connectivity”.Latest available fleet data indicates ...
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VINCI to pay £2.9bn for 50.1% stake in Gatwick Airport
VINCI Airports has signed an agreement valued at £2.9bn to acquire a 50.01% stake in the UK’s Gatwick Airport Ltd.The purchase from current shareholders Global Infrastructure Partners (GIP) is expected to complete in the first half of 2019.The other 49.99% in Gatwick will be managed by GIP, an independent infrastructure ...
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ACS sees record revenues in November
Aircraft broker specialist Air Charter Service (ACS) saw record monthly revenues of £61m in November, beating the previous monthly high of £52m.Group chief executive Justin Bowman said: “This is an outstanding achievement by the whole team, which is now more than 500 aviation experts. We saw substantial increases across all ...
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UK forwarder market sees consolidation as Ligentia swoops on Air & Cargo Services
Freight forwarder Ligentia Group has stepped in to purchase the business and assets of Air & Cargo Services Ltd, which had been facing financial headwinds.Ligentia said the purchase would provide a home to Air & Cargo Services' 79 employees and offer continuity of service to customers.The Leeds-headquartered forwarder added that ...
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Air cargo growth expected to weaken in 2019
Air cargo market growth is expected to continue to soften in 2019 with a slowdown in world trade predicted to hit volume and yield performance.In its annual market update, airline association IATA said that it expects cargo volumes to grow by 4.1% to 63.7m tonnes this year but improvements will ...
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Cargolux and Panalpina, rallying data for Cargo iQ's collaborative challenge
Freighter airline Cargolux and global forwarder Panalpina have won the first stage of Cargo iQ’s Q Rally challenge after working together to boost data quality and performance at Luxembourg Airport.The Cargo iQ initiative by the IATA quality standards interest group challenges its members to work together in collecting data which ...
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US retailers relieved as US delays $200bn China tariff increase
US retailers have welcomed news that the US has decided to hold off on implementing tariffs on $200bn worth of Chinese goods due to be implemented in January.The delay comes after China and US agreed to a 90-day truce on further tariffs hikes to allow talks to take place.From January ...
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LATAM finalises Mas Air Cargo sale
LATAM airlines has finalised the sale of its stake in Aerotransportes Mas de Carga (Mas Air), also known as LATAM Cargo Mexico, for an undisclosed sum.The stake has been purchased by a group led by current shareholders of Mas Air, with the deal completed on December 1.According to Flight Radar, ...
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How would a combined K+N and Panalpina stack up in terms of air cargo?
Recent events have fuelled market speculation that Kuehne+Nagel could be interested in holding talks with Switzerland-based freight forwarder Panalpina, but what would a tie-up between the two logistics giants look like in terms of air cargo? (see chart at end of article)The speculation started when Panalpina’s Peter Ulber announced he ...
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CEVA buys CMA CGM's freight management business as part of strategic shake-up
CEVA will buy shareholder CMA CGM’s freight management activities for $105m as part of a wider revision of its strategic plan that will see management at the shipping line take key positions within the forwarder.CEVA, which launched a transformation project in 2014, said that as well as the acquisition of ...
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Salmon demand helps keep LATAM's cargo traffic growing
LATAM Cargo saw revenues and volumes improve in the third quarter of the year, with demand for salmon helping to propel demand.The Chile-headquartered carrier, which operates 10 B767-300Fs, recorded total cargo revenues for the period of $279m, up 2.5% year on year, while cargo traffic improved by the same amount ...
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Simarco sees airfreight take off following acquisitions
Logistics firm Simarco recorded a 6% increase in airfreight volumes in the last 12 months following the acquisition of Heathrow-based Formula Goss International and (FGI) and Sutch and Searle.Simarco co-founder and chief executive Simon Reed said that the acquisitions made late last year had enabled Simarco to consolidate services of ...
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Emirates' H1 cargo volumes down slightly, while profits under pressure
Emirates SkyCargo recorded a slight dip in freight traffic during the first half of the year, while the overall group saw profits slide compared with a year ago.Figures released today by the Emirates Group show that cargo volumes for the first half of 2019 declined by 1% year on year ...
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Could DB revive plans to sell a stake in its Schenker forwarding business?
Deutsche Bahn (DB) could again consider the sale of a stake in its forwarding and logistics business Schenker as it looks to raise money for investment in its rail business.DB chief executive Richard Lutz recently told journalists in Frankfurt one way of potentially raising funds could be to launch an ...
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Cargojet revenues up on overnight and charter business
Aircraft lessor Cargojet recorded a double-digit percentage improvement in revenues during the third quarter of the year on the back of its overnight and charter business.The Canadian company saw third-quarter revenues increase by 27.6% year on year to C$114.1m, adjusted ebitda was up 24% to C$31.5m and net earnings stood ...
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Emirates SkyCargo reaches Cargo iQ milestone
Emirates SkyCargo has monitored nearly 823,000 shipments using Cargo iQ guidelines in the first six months since it received certification.According to data published by Cargo iQ, Emirates SkyCargo is one of the largest air cargo carriers for the total number of shipments tracked using Cargo iQ metrics and the carrier ...
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CEVA earnings hit by Italian contract logistics problems
CEVA Logistics saw 2018 third quarter (Q3) and year to date (YTD) revenues hit by problems at its Italian contract logistics arm.CEVA, whose board rejected a $1.5bn takeover approach by Danish logistics operator DSV in mid-October, reported adjusted EBITDA of $55m for Q3 and $198m YTD, down $27m and $8m ...
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ATSG completes Omni Air acquisition
ATSG has completed the previously announced acquisition of Omni Air International LLC (Omni Air), a passenger ACMI and charter services provider, for $845m.Omni Air, founded in 1993 and with a fleet of 13 passenger aircraft, a mix of Boeing 767 and Boeing 777 extended range units, serves the US and ...
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DHL sees airfreight volumes decline despite revenue improvement
The world’s largest airfreight forwarder DHL Global Forwarding continued to see airfreight volumes tumble during the third quarter of the year, but still managed to record improvements in revenues and gross profits.The Bonn-headquartered forwarder saw total airfreight volumes decline by 5.2% year on year during the third quarter to 529,000 ...