Freighter operator Cargolux has launched a new twice-weekly air service between Chicago and Zhengzhou, China.
Global air freight traffic rose 1.6 percent in March from year ago, down from a 12.2 percent surge in February that was skewed by the timing of the Chinese New Year and congestion at U.S. West Coast ports, the International Air Transportation Association reported.
Lufthansa Cargo more than doubled its first quarter operating profit, setting up a sixth consecutive year in the black in the face of a weak global air freight market that has pulverised the finances of its European rivals.
ANA Holdings and Japan Airlines posted mixed earnings results in the fiscal year ended March 31, even as the two biggest Japanese air carriers saw their international cargo revenues soar.
Air France-KLM Cargo remains mired in the red with the first-quarter operating loss almost doubling to 63 million euros ($70.6 million) from 34 million euros a year ago as the carrier rushes to downsize its unprofitable freighter operations.
IAG Cargo posted lower revenue and reduced volumes in the first quarter as the carrier continued to feel the impact of its exit from freighter operations.
Cargolux’s net profit was squeezed to $3 million in 2014 from $8.4 million in 2013 by a $40 million impairment on its 747-400 freighter fleet and a provision for potential anti-trust fines.
Lufthansa Cargo says it is delaying the construction of a new freight center at its Frankfurt hub “by at least two years.”
As the U.S. economy came screeching to a halt in the first quarter — at least those parts that contribute to gross domestic product growth — UPS improved revenue, shipment volumes and profit, a sign that things may not be as bad as the economic indicators seem to say.
The acquisition of French logistics giant Norbert Dentressangle will create new global opportunities for XPO, boosting its annual revenue to $8.5 billion.