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FedEx takeover of TNT enters Phase II

FedEx takeover of TNT enters Phase II

July 31, 2015 at 9:44 am 0 comments

The European Commission has begun its Phase II review of FedEx’s offer to acquire TNT Express. As both companies have pointed out, this is a normal part of the legal process for proposed mergers and acquisitions in the EU, not an unexpected roadblock. In addition to the review in Europe,Read More

Atlas posts a solid 2Q, looks ahead to strong peak

Atlas posts a solid 2Q, looks ahead to strong peak

July 30, 2015 at 10:50 am 0 comments

Atlas Air Worldwide Holdings (AAWW) this morning reported second-quarter net income down 4.1% y-o-y to $28 million, as total revenue rose 3.3% to $456 million. Operating income for the quarter was up almost 130% to $61 million. However, after adjusting for a variety of one-time charges and gains in theRead More

UPS 2Q: Revenue down, profit way up

UPS 2Q: Revenue down, profit way up

July 29, 2015 at 7:36 am 0 comments

UPS reported second-quarter net income up over 170% y-o-y to $1.23 billion, as total revenue declined 1.2% to $14.09 billion. Reported operating income for the quarter was up over 160% to $1.96 billion. Of course, the huge gains in reported operating income and net income shrink substantially when adjusted forRead More

TNT breaks even, increases CapEx in Q2

TNT breaks even, increases CapEx in Q2

July 28, 2015 at 10:53 am 0 comments

TNT Express reported second-quarter net income of €0, down slightly from the €1 million reported in the second quarter of 2014. This breakeven net result came despite a 6.2% increase in revenue to €1.76 billion. Reported operating income for the quarter was €19 million, up from €3 million in 2Q14.Read More

Good news from Cargolux

Good news from Cargolux

July 27, 2015 at 10:33 am 0 comments

Cargolux and the OGBL union, which represents the majority of its pilots, made a major breakthrough in negotiations toward a new contract. Late last week we reported a blow-up between the two major unions representing pilots at Luxembourg-based Cargolux. Members of the smaller LCGB staged a one-day “warning action” thatRead More

Air freight rates decline in June

Air freight rates decline in June

July 24, 2015 at 10:34 am 0 comments

UK-based shipping consultancy Drewry published its analysis of air freight rates on major east-west trade lanes in June, and the data show the expected continuing rate decline. Drewry reported its East-West Air Freight Price Index declined by  1.1 points in June to a reading of 88.7, bringing the index down toRead More

Cargolux unions battle each other

Cargolux unions battle each other

July 23, 2015 at 10:25 am 1 comment

Luxembourg’s LCGB union, which represents some of the pilots at all-cargo carrier Cargolux, undertook a “24-hour warning action” today, grounding one-quarter of the airline’s flights. But while Cargolux and its unions have been in seemingly non-stop conflict for over two years, today’s mini-strike is more complicated than just another skirmishRead More

Done deal: FedEx orders 50 767 freighters

Done deal: FedEx orders 50 767 freighters

July 22, 2015 at 9:56 am 0 comments

FedEx yesterday confirmed it had placed a firm order with Boeing for fifty 767-300Fs, plus an option for fifty more. As we reported last week when news broke that a big order might be in the cards, we believe that FedEx had already proposed the purchase of fifty more 767-300sRead More