Polar Air Cargo

Carriers set to defend cartel claims in US court

by

A number of carriers that had not previously settled, are set to defend a multi-billion dollar class action in the US that they colluded to fix prices on international air freight services, after a New York court set a trial date for the claim to 8 January 2016. Air New Zealand, Air China Cargo, Air India and Polar Air Cargo and its parent Atlas Air Worldwide, failed in an application to end the claim on Monday after a hearing in the US District Court for the Eastern District of New York, in … [Read more...] about Carriers set to defend cartel claims in US court

Polar pleads guilty, fined $17 million

by

Polar Air Cargo, a division of Atlas Air Worldwide Holdings (AAWW), has reached an agreement with the US Department of Justice (DOJ) Antitrust Division to settle a price fixing charge involving fuel surcharges and cargo rates amongst a group of carriers. The collusion involved shipments from the US to Australia during the period from January 2000 to April 2003. Polar - not to be confused with Polar Air Cargo Worldwide, AAWW's operating subsidiary, which is not implicated - will pay a fine of … [Read more...] about Polar pleads guilty, fined $17 million

AMERICAS: Atlas Air profits up aided by DHL business

by

Atlas Air Worldwide Holdings, parent of Atlas Air and Polar Air Cargo, reported second-quarter net profit of US$11.3 million, a more-than-sevenfold increase over a $1.5 million profit in the same period a year earlier despite revenue plummeting nearly 45 per cent to $240 million. Expenses fell 49.6 per cent to $214.5 million, producing an operating income of $25.5 million, nearly double last year’s $13.3 million. President and CEO William Flynn noted that the strong result was … [Read more...] about AMERICAS: Atlas Air profits up aided by DHL business

Atlas Air group posts record Q1 profit

by

Atlas Air Worldwide Holdings Inc (AAWW) has announced that for the three months ended 31 March, it achieved a record first quarter net profit of US$23.4 million on revenues of $244.5 million. The results for the quarter contrasted with a net loss of $5.3 million on revenues of $373 million for the same period a year earlier. The group said that reported first-quarter 2009 revenues reflect the deconsolidation of Polar Air Cargo Worldwide from AAWW for reporting purposes that occurred in October … [Read more...] about Atlas Air group posts record Q1 profit

Atlas Air posts US$23.4 million Q1 profit

by

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