Singapore-based aviation services company SATS has completed the acquisition of cargo handler Worldwide Flight Services (WFS) for €1.3bn. SATS struck a deal last September to buy WFS from an affiliate of asset investor Cerberus Capital Management. The transaction has an enterprise value of €2.25bn. WFS is now a fully owned subsidiary of SATS. The ground handling specialist […]
Read MoreAir cargo capacity is continuing to climb and rose above the pre-pandemic level for the first time in four years, according to the latest market analysis from CLIVE Data Services. Global air cargo capacity increased for the eleventh consecutive month in February, up 11% on the same period last year. Meanwhile, global air cargo volumes […]
Read MoreLars Jensen, founder and CEO of Vespucci Maritime, has warned that shippers can expect to face carbon surcharges and fewer direct services from carriers in the second half of 2023, as carrier network adjustments to reduce the cost impact of Emissions Trading System (ETS) are implemented. Speaking at the TPM23 conference in Long Beach, Jensen […]
Read MoreAccording to aviation groups, China’s efforts to restructure its economy will increase demand for trade, which is expected to spill over into the air cargo markets by the end of this year. During a recent webinar, Glyn Hughes, Director General of The International Air Cargo Association (TIACA), stated that “once we can overcome the current […]
Read MoreThe latest market analysis from CLIVE Data Services reveals that air cargo capacity has exceeded pre-pandemic levels for the first time in four years. In February, global air cargo capacity increased by 11% compared to the same period last year. However, global air cargo volumes fell by 4% YoY and rates remained stable. This […]
Read MoreAccording to the Baltic Exchange Airfreight Index (BAI), the rates paid for airfreight services from Hong Kong to North America and Europe in January 2023 have declined year-over-year, but still remain 67.8% higher than pre-COVID levels. The elevated rates can be attributed to a combination of factors including higher fuel prices, a shortage of belly […]
Read More2022 saw many disruptive events impact the global freight market, and we’re bound to witness some spillover from last year on air rates and volumes in 2023. In January and February last year, air freight volume was sky-high, seeing an accumulative 4% year-on-year growth compared to 2021. But this growth dropped from mid-April 2022. […]
Read MoreAir Freight rates continue to decline on major routes with exception of the China-U.S. route which has grown 10%, the TAC Index shows. This development comes on the heels of early factory closures in China as the Chinese New Year (CNY) holiday nears but also in part because of new COVID cases and weak […]
Read MoreWith factories already closing in China, ahead of next week’s new year holiday, airfreight rates on major routes have continued to decline. One source reported that factories were closing early: in part, because some staff did not get a holiday last year owing to Covid lockdowns, partly because of new Covid cases and also […]
Read MoreEconomic pressures continue to hamper consumer spending, and industry players are not expecting to see the usual increase in demand as factories close for the two-week holiday. According to a global freight forwarder, the year-end holiday in 2022 did not deplete stock levels. For this reason, a limited uptick in demand is expected after the […]
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