Finance – Page 16
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NewsNew fund to boost air cargo investment
Photo: PixabayA new exchange traded fund (ETF) that aims to provide diversified access to the global sea shipping and airfreight industries has begun trading on the New York Stock Exchange (NYSE).Investment advisory firm U.S. Global Investors’ U.S. Global Sea to Sky Cargo ETF (SEA) consists of common stocks listed on ...
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Financial risks for P2F conversions
Financing a P2F conversion can be a complex process with significant risks, a new report has highlighted.Beyond standard asset, debtor and jurisdictional risks, financing a P2F conversion brings into play considerations that are not ordinarily found in a typical aircraft financing deal, said London-headquartered international law firm ReedSmith.The company said ...
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‘Cargo-centric’ strategy reaps record revenue for China Airlines
China Airlines has disclosed record cargo revenues for 2021, as it doubles down on what it calls a “cargo-centric business model”.For the full year, the Taiwanese carrier says cargo revenue surpassed NT$100bn ($3.6bn), the highest in its 62 years of operations.China Airlines also stated that freighter revenue in December hit ...
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NewsPhilippines Airlines bounces back from bankruptcy
Philippines Airlines Airbus A340-313X. Copyright: Toshi Aoki - JP Spotters, CC BY-SA 3.0 , via Wikimedia CommonsPhilippines Airlines (PAL) has emerged from bankruptcy proceedings with a new focus on growing air cargo.The airline has exited chapter 11 of the United States Bankruptcy Code voluntarily, having successfully completed its financial restructuring ...
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NewsPhiladelphia secures funding for cargo expansion
Philadelphia International Airport. Copyright: Piotrus, CC BY-SA 3.0 , via Wikimedia CommonsUS Federal Government funding will help Philadelphia International Airport (PHL) roll out its $1.2bn cargo expansion programme.Infrastructure Investment and Jobs Act funding awards for fiscal year 2022 will see the City of Philadelphia Division of Aviation receive $30,721,947 for ...
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Delta Cargo looks to technology in 2022
Technology development will be prioritised by Delta Cargo next year with a “dynamic pricing engine” set for launch.Rob Walpole, vice president at Delta Cargo, said the business has made digitalisation progress, but it aims to further provide differentiated products and services for customers.“We already have a few initiatives teed up ...
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NewsSupply chain cash flow made easier
Image source: PixabayPayCargo Capital has secured a substantial lending alliance that will enable freight forwarders and beneficial cargo owners to apply for and receive credit right at the point of paying freight costs.The partnership between PayCargo Capital and Evolve Bank & Trust will immediately fund the “PayCargo Line of Credit”, ...
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Turkish Cargo boost airline's performance in Q3
Turkish Cargo saw its revenues increase by 45% in the third quarter of the year, helping the overall airline beat pre-pandemic performance.The cargo business reported cargo revenues of $969m for the period, compared with $668m last year.The increase mostly came from a recovery in its passenger flying which saw cargo ...
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NewsIAG Cargo sees demand return to 2019 levels
IAG Cargo saw cargo revenues increase and volumes exceed 2019 levels in the third quarter of the year.Total cargo revenues for the third quarter stood at €405m, an increase of 34.1% compared with a year ago. Meanwhile, sold cargo tonnes reached 134,000 compared with 94,000 in 2020.The cargo business said ...
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ATSG invests in more B767 conversions as Q3 profits increase
Freighter lessor and operator ATSG has ordered the conversion of four aircraft to 767-300 Boeing Converted Freighters (BCF) as profits continued to rise in the third quarter.During the third quarter, the company reported a revenue increase of 15.3% year on year to $465.9m, adjusted ebitda increased 21.9% against last year ...
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NewsProfits continue to surge at DHL Global Forwarding
DHL Global Forwarding and Freight saw third-quarter earnings before interest and tax (ebit) more than double on last year while airfreight demand continued to surge.The Deutsche Post-owned forwarder saw third-quarter revenues increase by 53.3% year on year to €5.7bn and ebit was up 140% to €372m.Meanwhile, airfreight volumes in the ...
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Atlas Air quarterly revenues breach $1bn mark
Atlas Air Worldwide has seen its revenues breach the $1bn mark for the first time in the company's history.During the third quarter, the lessor saw its revenues increase by 25.5% year on year to just over $1bn, while adjusted ebitda climbed 42.9% on last year to $280.5m and net income ...
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NewsLufthansa's cargo business continues at record levels
Lufthansa's logistics division saw revenues and operating profits continue at record levels in the third quarter of the year as industry-wide air cargo capacity continues to be squeezed.The division, which includes Lufthansa Cargo as well as Jettainer, time:matters and an investment in AeroLogic, saw revenues surge 48% year on year ...
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NewsAir Canada's cargo revenues exceed C$1bn mark for the year
Air Canada Cargo reported record figures in the third quarter of the year as the airline continues its push into the air cargo market.The carrier reported cargo revenues for the third-quarter period of C$366m, an increase of 69.4% compared with a year earlier.Over the first nine months of the year, ...
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NewsDSV: Supply chain constraints to continue into next year
DSV is expecting supply chain constraints and higher pricing to continue beyond the traditional peak season.Speaking to Air Cargo News, the Denmark-based forwarder's chief operating officer Jens Lund explained that there was no sign of the issues in ocean shipping or airfreight clearing up."The Chinese New Year [starting February 1]... ...
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NewsDSV's Q3 air volumes boosted by Agility GIL takeover
DSV saw its airfreight volumes and revenues grow by double-digit percentage levels during the third quarter of the year on the back of market growth and its Agility GIL takeover.The forwarder saw its third-quarter airfreight revenues increase by 78.7% year on year during the period to DKr18.4bn and volumes were ...
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Frankfurt-Hahn files for bankruptcy with Senator taking steps to secure operations
Flights are continuing at Germany's Frankfurt-Hahn airport despite the facility filing for bankruptcy, but forwarder Senator International has moved some of its operation away as a precaution.Air Cargo News sister title FlightGlobal reports that Jan Markus Plathner from Frankfurt-based Brinkmann & Partner has been appointed as administrator.Financing is being sought ...
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NewsK+N profits surge with capacity constraints set to persist
Kuehne+Nagel (K+N) saw profits and air volumes soar in the third quarter thanks to higher rates in air and ocean and its investment in Apex Logistics.The forwarder saw third-quarter revenues increase 70.3% year on year to SFr8.6bn, earnings before interest and tax (ebit) was up 112.6% to SFr789m and net ...
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Quarterly cargo revenues on the rise at Delta Air Lines
Delta Air Lines saw cargo revenue increase in the third quarter of 2021 to $262m, a 39% improvement compared with the benchmark September quarter of pre-Covid 2019.The US carrier said that cargo revenue continues to improve on yield strength, adding that the latest result represents the fourth consecutive quarter of ...
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DSV upgrades financial outlook for 2021 amid strong sea and air growth
A strong first half performance in sea and air freight that continued into the third quarter has seen Danish mega-forwarder DSV upgrade its 2021 financial outlook.A company announcement stated: “The positive development in the first half of the year has continued into Q3 2021, and we have seen strong financial ...