Business – Page 91
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News
WiseTech Global acquisitions continue as it bags SmartFreight
Expansion-minded WiseTech Global has announced its second acquisition in less than three days after buying Australia-based parcel shipping and less than truckload (LTL) software provider SmartFreight.Earlier this week, WiseTech Global continued its worldwide buying spree with the acquisition of LSI Sigma Software (DataFreight), a provider of Customs, freight forwarding and ...
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WiseTech Global adds Datafreight to its portfolio of acquisitions
WiseTech Global has continued its worldwide buying spree with the acquisition of LSI Sigma Software (DataFreight), a leading provider of customs, freight forwarding and warehouse management software solutions in the UK.Headquartered in Southampton, DataFreight provides integrated logistics solutions, including HMRC customs software, specialist consultancy for UK customs compliance and freight ...
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CMA CGM ups share stake in CEVA Logistics to 33% after rejected DSV bid
Container shipping line CMA CGM has raised its stake in CEVA Logistics from 24.99% to 33% of company shares following the failed takeover approach for CEVA by Danish logistics giant DSV.CMA CGM, the world's third largest container shipping group, has also announced an “additional economic exposure of 4.56%” in CEVA ...
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Bidders circling Swissport, according to Bloomberg
Rival bidders are circling Swissport International and Brookfield Asset Management Inc is the likely buyer in what could be a $3bn sale, according to reports by Bloomberg News.Bloomberg's unnamed sources close to the matter said that talks are at an "advanced stage" but that they could still break down as ...
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CEVA board rejects unsolicited takeover bid
CEVA Logistics' board of directors has rejected an unsolicited non-binding proposal to acquire the company at the price of CHF27.75 per share in cash, valuing the company at around $1.5bn. The bidder was later revealed to be Denmark's DSV.The board of the Switzerland-headquartered supply chain giant "carefully reviewed" the proposal ...
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NewsContinued slowdown in cargo growth in August
The latest indicators from IATA and analyst WorldACD show that air cargo demand growth has continued to weaken as the year has progressed.Figures from IATA show that airfreight traffic growth stood at 2.3% year on year in August, compared with 4% over the first eight months of the year.Meanwhile, WorldACD ...
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K+N swoops on Indonesian logistics firm as it targets e-commerce
Kuehne+Nagel has acquired the logistics operations of Indonesia's Wira Logistics as it expects the country's e-commerce market to grow rapidly.Gianfranco Sgro, member of the managing board of Kuehne + Nagel International AG, responsible for contract logistics, explained the deal: “Indonesia is arguably the most important internet market in South East ...
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Trade continues to grow but air cargo braced for a slowdown
Global trade is expected to continue to grow, although the pace of improvement is expected to weaken, led by air cargo.The latest three month DHL Global Trade Barometer (GTB) forecast index now stands at 63 points (anything over 50 points signals growth), compared with 67 points three months ago.“After months ...
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Virgin Atlantic Cargo sees 3% tonnage growth in 2018 first half
Virgin Atlantic Cargo saw a 3% year-on-year increase in tonnages for in the first half of 2018, driven by a growth in life science, express, valuable and automotive shipments.The UK-based airline carried 116,300 tonnes to the end of June 2018, building on its performance in 2017 when volumes reached a ...
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Swissport targets expansion in Germany with Apron acquisition
Cargo handler Swissport has pounced on rival Apron as it looks to expand its presence at Stuttgart and the wider German market.The handler said that the purchase of Apron, which includes a “large-scale warehouse”, makes Stuttgart its second largest cargo hub in Germany after Frankfurt.The deal means Swissport will be ...
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Blockade sees rapid rise in revenues and volumes for Qatar Airways Cargo
Qatar Airways’ cargo revenue rose 34.4% in the 2017/18 fiscal year while airfreight volumes increased 17.8% to 1.36m tonnes as the carrier put on extra flights to provide Qatar with essential goods in response to an airspace and trade blockade by neighbouring Middle East countries.The additional freighter services, which also ...
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US shippers hit out at latest round of US tariffs
The National Retail Federation (NRF) has criticised the latest round of US tariffs on Chinese products, saying that American families will pay the bill.The new 10% tariff on $200bn worth of Chinese goods are likely to have more of an impact on airfreight than the two previous rounds as they ...
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FedEx revenues and profits on the up in fiscal Q1
FedEx saw revenues and profits increase by double-digit percentages during its fiscal first quarter as higher volumes, improved yields and lower fuel costs benefitted the company.During the June-August period, the express giant recorded a revenue increase of 11% year on year to $17bn, while operating income improved by 10% to ...
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Ten years after, airfreight still feels the effects of the global financial crisis
A decade after the collapse of Lehman Brothers and the global financial crisis (GFC) that followed, airfreight volumes are still feeling the effect.IATA says that the 22% peak-to-trough decline in freight tonne kilometres (FTKs) during the GFC was almost twice as large as that seen in the previous freight downturn ...
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Luxembourg, Cargolux and Bank of China sign finance MoU
Luxembourg’s finance ministry, freighter operator Cargolux and Bank of China have signed a Memorandum of Understanding for a $155m global credit line, with a first phase of around $45m implemented immediately.The agreement, signed in Beijing, foresees “several realms for cooperation in order to strengthen bilateral ties which include mid-term credit ...
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IATA calls for action in Indian aviation
IATA director general and chief executive Alexandre de Juniac has highlighted several areas that could maximise the potential contribution of India’s aviation industry to the country’s development.Speaking at the International Aviation Summit in Delhi, co-hosted by the Indian Ministry of Civil Aviation (MoCA), Airports Authority India (AAI) and IATA, de ...
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Europa Air & Sea posts record growth
The Air & Sea division of UK-based freight forwarder Europa Worldwide Group has posted second-quarter revenues of £35m, with record growth seen across both modes.Europa Air & Sea director Angus Hind said: “We’ve … seen a steady increase in UK exports for both air and seafreight, which I feel is ...
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Swissport declares ‘favourable’ half-year results
Swissport International has had a positive first half of 2018, with cargo volumes rising by five percent year on year to reach 2.3m tons.At €1.43bn, the handler’s total revenues for the January to June period showed an increase of 4.1% over the same six months of 2017. Cargo revenue climbed ...
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K+N: Trade tensions taking hold
“After a strong gauge in July, the new data show a negative trend. The sharpest slowdown is expected for emerging markets, which are most exposed to any impact from rising trade tensions. In September, a major setback in exports is expected in South Korea, Japan, Taiwan, India, and Brazil.”So says ...
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Aeroflot has good six months for cargo
Russian flag-carrier Aeroflot has reported its financial results for the first six months of this year, revealing a mixed picture.The news for freight was good. Cargo revenue rose by 13.9% year-on-year to RUB 8,178m as cargo and mail volumes grew by 10.6%.The carrier as a whole saw revenue rise by ...