Business – Page 90
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News
Expeditors warns of airfreight rate volatility as profits hit new highs
US freight forwarder Expeditors has warned of increasing volatility in airfreight rates as it reports record profits for the third quarter of the year.The company saw third-quarter revenues increase by 16% year on year to $2.1bn, while earnings before interest and tax were up 9.4% on a year earlier to ...
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Air Partner freight profits rise in steady first half trading
Air Partner reports “continued strength in freight” with gross profits up 36% to £1.5m in its results for the first six months of the year to July 31, 2018.Chief executive Mark Briffa noted that freight, which contributes 8% to group gross profit, “is an especially volatile sector, [so] these results ...
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ATSG Q3 revenues on the rise and expects a 'good' peak season
US freighter lessor Air Transport Services Group (ATSG) saw 2018 third quarter revenues increase 13% to $204.9m and expects “a good peak season” for air cargo.ATSG, which provides Boeing 767 freighter uplift for Amazon’s US domestic overnight parcel network, saw adjusted EBITDA up 13 percent to $74.3m.Joe Hete, ATSG president ...
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Air Canada Q3 revenue hits record high
Air Canada’s third-quarter results showed growth of 11% in operating revenue, which exceeded C$5bn for the first time in the carrier’s history.Operating expenses of C$4.6bn were up 17% compared to the same quarter of 2017, mainly driven by higher fuel prices and increased capacity.In terms of its cargo activities, the ...
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XPO Logistics achieves ‘robust’ growth in Q3
US-based XPO Logistics saw its third-quarter revenue increase by 11.5% over the same three months of last year, to $4.3bn.Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose from $369.6m in the third quarter of 2017 to $414.9m for the same period of this year.The Connecticut-headquartered company’s logistics segment ...
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Blue Dart reports Q2 profit as expansion continues
Indian express logistics services provider Blue Dart has posted $2.9m profit after tax for the quarter ended September. Revenue from operations for the quarter stood at $107.8m, it confirmed.The Mumbai-headquartered company, part of the Deutsche Post DHL Group, has been working hard to strengthen its presence across India. Earlier this ...
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WiseTech Global gains foothold in Sweden
Global logistics software group WiseTech Global has continued its takeover strategy after acquiring CargoIT, a leading customs management and logistics solutions provider in Sweden.The Stockholm-headquartered company offers customs management, freight forwarding, warehousing and transport solutions to over 150 customers including DHL, Kerry Logistics, SAS Cargo and several automotive manufacturers.Richard White, ...
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Lufthansa Cargo performance bolsters Group Q3 results
Strong demand and continuing high yields at Lufthansa Cargo resulted in the Group’s Logistics business segment raising its nine-month adjusted EBIT (earnings before interest and tax) 56.1% to €153 m.However, despite the strong performance in both cargo and the core airlines of the Group (Lufthansa, SWISS and Austrian Airlines), significant ...
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DSV airfreight grows above market rate in third quarter
The DSV Air & Sea division reported a 10% increase in airfreight volumes for the first nine months of 2018, with seafreight recording 4% growth.The Denmark-based logistics operator says the airfreight increase was mainly driven by a strong performance on EMEA and American exports and compared well with an estimated ...
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IAG Cargo Q3: tonnage down, yield up
IAG Cargo has reported commercial revenues of €290m for the third quarter, an increase of 8.1% on 2017 at constant exchange.Overall yield for July 1 to September 30 period was up 9.3% at constant exchange. Sold tonnes were down 0.5% and CTK volumes were down 1% whilst capacity grew by ...
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Airfreight is vital to UK economy, says report
The UK economy is more dependent on airfreight than many of its neighbours, with nearly half (by value) of the country’s exports to outside the EU transported by air. Among the EU members, only Ireland ships a greater share of non-EU exports by air.This is one of many statistics in ...
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Record tonnage for Heathrow
Five new services to China helped London Heathrow Airport achieve a record high of 1.3m tonnes, up 1.5%, in the nine months to September 30.Overall, revenues climbed 2.3% to £2.2bn “on the back of higher demand to fly and strong retail spend”, according to the airport.It says progress continues on ...
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Panalpina increases profitability in a ‘very volatile environment’
Panalpina’s airfreight volumes increased 4% in the first nine months of 2018, in line with estimated market growth of 4%. Compared to the same period of last year, gross profit per ton increased 12% to CHF705, resulting in a gross profit of CHF530m compared with CHF456m.EBIT in airfreight increased from ...
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CEVA stakeholder CMA CGM to provide "exit option" to other shareholders
CEVA Logistics is to broaden the partnership with CMA CGM, its major shareholder and strategic partner.As part of this initiative, CEVA Logistics will acquire the freight management business of CMA CGM.The Board of CEVA Logistics has also agreed that CMA CGM can offer to buy shares in CEVA Logistics from ...
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IATA warns of ‘no deal Brexit’ chaos
The International Air Transport Association (IATA) has called for urgent action by the UK and the European Union to put in place contingency planning for the continuation of air services in the event of a ‘no-deal Brexit’, and to move much faster to bring certainty to three critical air transport ...
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Etihad Airways and Saudia include cargo in new co-operation
Saudi Arabian Airlines (Saudia) and Etihad Airways have agreed a new codeshare partnership and announced plans for greater commercial co-operation in other fields, including cargo.The agreement between the Kingdom of Saudi Arabia’s national flag carrier and Etihad, the national airline of the United Arab Emirates, also includes closer co-operation on ...
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‘Outstanding’ quarter for UPS supply chain and freight business
UPS chairman and chief executive David Abney has praised the company’s supply chain and freight performance in Q3 2018, saying it was “outstanding this quarter, as the unit delivered double-digit growth in both revenue and adjusted operating profit”.He added that “UPS will continue to leverage our vast forwarding, customs, and ...
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DSV pulls out of CEVA bid process after revised offer is rejected
DSV will not seek to acquire CEVA Logistics after the Danish supply chain giant's "revised private proposal" was rejected.The second offer of CHF30 a share by DSV would have provided CEVA shareholders with a premium of 60.4% to CEVA’s share price of CHF 18.70 as of 1 October 2018.DSV's first ...
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IBA’s new aviation platform for investors and lessors is on-line
Aviation consultancy IBA Group has launched an online platform, IBA iQ Trends, for investors, lessors, airlines and Original Equipment Manufacturers (OEMs).Unlike other static aviation and airline data sets, IBA iQ Trends combines key economic data and world events in real time, with historical, current and future values and lease rates ...
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FedEx buys Australian forwarder Manton Air-Sea
FedEx has acquired Sydney-based forwarder Manton Air Sea to operate as a subsidiary of the FedEx Trade Networks operating company.Richard Smith, president and chief executive, FedEx Trade Networks, said: “Adding Manton’s capabilities to FedEx Trade Networks and the broader FedEx portfolio will open up opportunities for us to continue to ...