Atlas Air Worldwide Holdings Inc. has reported a first-quarter profit of US$23.4 million this week, improving upon the same period last year when it posted a loss of $5.3 million. Revenue fell 34.4 per cent to $244.5 million, from $373 million a year ago, in large part due to Atlas selling a 49 per cent stake in its Polar Air Cargo unit. The carrier said global air freight traffic remains weak, but "appears to be showing signs of bottoming." With lower capacity in the industry, "any improvement … [Read more...] about Atlas Air posts US$23.4 million Q1 profit
asia cargo news
Qatar to push on with ambitious expansion plan
Qatar Airways' chief executive Akbar al-Baker, has said the Doha-based airline would push ahead with plans to grow its fleet to over 110 planes by 2013 from around 68 now, as well as place new orders at the Paris Air Show next month. Qatar Airways has placed orders for more than 200 aircraft worth a total of US$40 billion and plans to increase its routes to 120 in five years, from 84 now. "Whatever is happening around the world will not affect our growth plans. We are committed and remain … [Read more...] about Qatar to push on with ambitious expansion plan
Q1 profit for Agility amid declining logistics market
Kuwait-based Agility has reported a 16.4 per cent rise in net profit for the first quarter 2009 over the same period last year despite the slowdown affecting the global economy. Net profit before non-recurring items was KD39.2 million (US$134.8 million). "Going forward, we are proceeding with extreme caution, and will continue to centre our efforts on aggressively managing cost and cash while driving performance. We also continue to scope out game changing opportunities for mergers and … [Read more...] about Q1 profit for Agility amid declining logistics market
Ogiermann elected new chairman of TIACA
Ulrich Ogiermann, president and CEO of Cargolux Airlines International, has been elected as the new chairman of The International Air Cargo Association (TIACA). Ogiermann was formerly vice chairman of the Association during the two-year chairmanship of Jack Boisen, retired VP Cargo for Continental Airlines, who completed his term of office at TIACA’s AGM last week in Vancouver, Canada. TIACA members have also elected a new vice chairman; Michael Steen, chief marketing officer of Atlas … [Read more...] about Ogiermann elected new chairman of TIACA
UPS expands its field stocking network in Asia
UPS announced plans this week to boost its global post sales service options by expanding its field stocking location (FSL) network in India and by establishing an Asia Post Sales Customer Support Centre in Clark, Philippines. "Despite current economic conditions, Asia continues to be a global manufacturing hub and market research indicates Asia's contract logistics market could overtake North America's in the next five years," said Brad Mitchell, president of UPS Logistics & Distribution. "UPS … [Read more...] about UPS expands its field stocking network in Asia
Royal Jordanian sees Q1 net loss
A decline in passenger numbers, cargo volumes and the problems in the Gaza Strip have all conspired to push Royal Jordanian into a net loss of US$12 million in the first quarter of 2009, compared to $6.2 million in the same period last year. Freight volumes dropped by 32 per cent in the first quarter, year-on-year and the carrier noted that passenger and cargo numbers had fallen as a result of the events in Gaza during January. . Royal Jordanian saw an 11 per cent decline in revenues during the … [Read more...] about Royal Jordanian sees Q1 net loss