Swissport will be under new management following a “lock-up” agreement with senior secured creditors, a press release confirmed. The deal includes a debt-for-equity swap worth €1.9 billion in existing debt, as well as a €500 million long-term debt facility and a €300 million interim facility to help the airport services provider stay afloat. Senior secured creditors, including SVP Global, Apollo Global Management, TowerBrook Capital Partners, Ares Management, Barclays Bank, Cross Ocean … [Read more...] about Swissport under new owners following €1.9 billion debt-equity swap
Air & Cargo Services
Amazon gets regulatory approval to test drone delivery
Amazon Prime Air, Amazon’s special service delivering packages in 30 minutes or less, has been approved by the U.S. Federal Aviation Administration (FAA) to start trials of transporting orders using autonomous drones. Amazon added that while the Prime Air fleet isn’t ready to immediately deploy package deliveries at scale, it’s actively flying and testing the technology. Amazon joins Alphabet’s unit Wing and United Parcel Service to receive FAA approval for drone delivery, whilst other … [Read more...] about Amazon gets regulatory approval to test drone delivery
Air Malta saves €5.5 million of state’s money on medical cargo transport
With some A320s on its 10-aircraft fleet according to its official website, Air Malta was faced with an arduous government request to deliver 800 tonnes of medical supplies to the front-liners of Mater Dei Hospital. A logistical nightmare given that Air Malta doesn’t have the capacity, the operations would require the national airline’s crew to undergo quarantine both in China and upon return to Malta. “Analysing government’s request regarding this exceptional load, it only made sense … [Read more...] about Air Malta saves €5.5 million of state’s money on medical cargo transport
CSafe Global sets up pharma hub in Taiwan
Ohio-based CSafe Global, which manufactures temperature-controlled container solutions for transport of pharmaceuticals, has expanded its presence with the start of a hub operations in Taipei, according to a press release. The cold chain specialist will have access to 2,500 square feet of space to store its RKN and RAP containers for local shippers. In a time when the global supply chain is getting ready for a corona vaccine, CSafe says this new facility will ensure supply for Taiwan’s … [Read more...] about CSafe Global sets up pharma hub in Taiwan
IATA: Air cargo steadily recovers as manufacturing output and export orders pick up
Data released by the International Air Transport Association (IATA) show global air cargo traffic in July dropped 13.5 percent compared to last year, which was a mild improvement from the 17.6 percent shortfall in June. Air cargo traffic for July was weaker than expected, but new export orders and manufacturing output are indicating signs of improvement for air cargo in the coming period. The Purchasing Managers’ Index (PMI)—an indicator of economic health in the manufacturing … [Read more...] about IATA: Air cargo steadily recovers as manufacturing output and export orders pick up
Lufthansa Cargo adds Boeing 777 freighter to modernise fleet
Lufthansa welcomed a brand-new Boeing 777F landed at Frankfurt Airport on 31 August, according to a press release. Registered D-ALFH, the cargo aircraft made its departure from Everett Airport in Washington State, and the flight took 9 hours and 24 minutes. It is the eighth aircraft of this type in Lufthansa Cargo's freighter fleet, as the cargo carrier expects another aircraft in a few weeks. "The investments in our fleet are a significant contribution to the sustainable improvement of … [Read more...] about Lufthansa Cargo adds Boeing 777 freighter to modernise fleet