Tuesday, August 20, 2019
Flights to these three destinations will be able to connect to the company's locations in Europe, Israel, the US and Mexico through 21 Sameday Air partner airlines, reported Air Cargo World.Urgent shipments at Asian stations can arrive at their destinations quickly owing to short handling times of as little as 90 minutes. In Europe, the company offers transit and physical monitoring of goods with minimum handling times of 45 minutes.This development comes after time:matters added seven locations to its network in China in July.
Net income attributable to shareholders was $1.8 million, down from $2.8 million a year earlier.For the fiscal quarter under review, revenues totalled $55.7 million, down eight per cent year on year.CEO Nick Swenson said the results "reflect unusual year-over-year segment variances, each of which is driven by independent factors." He said the company believes it is on "target to meet or exceed its consolidated fiscal 2020 plan".A breakdown of its business results show that its commercial jet engines and parts segment recorded revenues of $16.3 million in the first quarter of its fiscal year 2020, a decrease of $11 million over the same period of fiscal 2019. Last year Contrail experienced record levels of sales and income in the first quarter, selling four whole engines for $17.4 million.This segment leases commercial jet engines and aircraft; buys, sells and trades in surplus and aftermarket commercial jet engines, engine parts and airframes.The overnight air cargo segment, which provides air express delivery services mainly for FedEx, achieved four per cent higher revenues at $18.3 million in Q1 FY2020. Operating income stood at zero, after falling by $1.0 million when compared to the operating income of Q1 2019. This decrease is due to extra pilot incentives and bonus expenses as a result of the nationwide pilot shortage.The aviation ground support maintenance services segment, which provides ground support equipment maintenance and facilities maintenance services to domestic airlines and aviation service providers across the US, suffered a Q1 2020 revenue decline of six per cent year on year to total $8.5 million. The decrease is due to a reduction of business in the southeast region.Operating income for this segment was $0.2 million for the quarter under review, compared to a loss of $0.1 million in the same quarter of the prior year, due primarily to operational improvements across the system.The aviation ground support equipment segment that manufactures and provides mobile de-icers and other specialised equipment products to passenger and cargo airlines, airports, the military and industrial customers, recorded revenues of $12.3 million for the fiscal quarter ended June 30, 2019. This represents an increase of 92 per cent year on year. Operating income for this segment was $1.3 million, up $1 million.
FedEx and UPS each took delivery of one new-build B767F, while Boeing and Israel Aerospace Industries redelivered one freighter-converted B767-300F to Cargo Aircraft Management (CAM) and another to LATAM Cargo.Although there has been a resurgence in B737-300 transaction activity, mainly on the back of Rostrum Leasing's acquisition and conversion of ex-Southwest airframes, inductions of B737-400s and B757-200s slowed - with just one B757-200 inducted for conversion by Precision Aircraft Solutions, reported Seattle's Cargo Facts.As Bulgaria-based Cargo Air's recently-deferred B737-400 and B737-800 conversions suggest, the global B737 MAX grounding continues to dent feedstock availability for narrowbody conversions.UPS took delivery of a 747-8F from Boeing - its 12th unit of 28 on order, leaving a backlog of 16 units. It also received a B767-300F from the US aircraft manufacturer.El Al Israel Airlines returned its only B747-400F off lease. The carrier is retiring the aircraft after nine years of service and is terminating its own freighter operations.Flexport ended its aircraft, crew, maintenance and insurance (ACMI) arrangement with Western Global Airlines involving a 747-400 Boeing converted freighter.The company has switched to ACMI-leasing space on a B747-400F from Nippon Cargo Airlines' logistics affiliate, Plus Logistics. The aircraft is operated by Atlas Air on a CMI basis for NCA.Start-up Air Hawaii Cargo also entered into an ACMI agreement with NCA involving the same B747-400F, to be flown by Atlas twice weekly from Los Angeles to Hong Kong via Honolulu.Atlas Air started flying two B747-400Fs for Qantas Freight on an ACMI basis, replacing two other Atlas B747-400Fs.Qatar Airways took delivery of a 777F from Boeing, raising the number of B777Fs in its fleet to 17.FedEx took delivery of two 777Fs from Boeing. The company also received a 767-300F from Boeing. The express integrator's seventy-fifth 767-300F flew from Paine Field to Indianapolis. FedEx also ordered six more B767-300Fs.Cargo Aircraft Management (CAM) inducted a B767-300ER for conversion to freighter configuration, and acquired another B767-300ER.LATAM Cargo took redelivery of a 767-300 Boeing converted freighter (ex-LATAM Airlines Argentina). The aircraft had been at Evergreen Aviation Technologies (EGAT) in Taipei since February and was flown from Taipei to Bogota via Los Angeles.Cargojet acquired two B767-200s (both ex-UTair) and a 767-200BDSF (Bedek-designed special freighter, ex-21 Air). The passenger aircraft will be converted to freighters by IAI Aviation, and redelivered in the fourth quarter and second quarter of 2020 respectively.An Airbus A330-300 (ex-Shanghai Airlines) was ferried to Dresden in Germany, ahead of expected conversion by EFW into freighter configuration. The aircraft had previously been in storage at Teruel, Spain.Precision Aircraft Solutions inducted a B757-200 (ex-American Airlines) for conversion at the Flightstar Aircraft Services facility in Jacksonville. The aircraft will be redelivered to Spanish carrier Swift Air, on lease from Jetran.Swift Air took redelivery of a Boeing 757-200PCF (ex-American Airlines) on lease from Airwork. The aircraft was converted by Precision Aircraft Solutions at the AerSale facility in Goodyear, Arizona.Southern Air started operating a 737-800BCF (ex-Jet Airways) for Amazon. The aircraft is on lease from GECAS and is the fourth to be operated by the Atlas Air subsidiary for Amazon.GECAS inducted a B737-800 (ex-Pegasus Airlines) for conversion to freighter configuration by Boeing. The aircraft was ferried from Istanbul to Shanghai, where touch labour will be performed by Boeing Shanghai Aviation Services (BSAS).My Indo Airlines took delivery of its first B737-400F (ex-AsiaCargo Express).UK-based Titan Airways took redelivery of a B737-400SF (ex-British Airways) on lease from Automatic. The aircraft was converted by Aeronautical Engineers Inc at the Commercial Jet facility in Dothan, Alabama, and was ferried to Stansted via Montreal and Reykjavik.Vx Capital took redelivery of a B737-400SF (ex-Yamal Airlines) after conversion to a freighter by AEI.Ireland-based Rostrum Leasing took redelivery of a B737-300F (ex-Southwest) following freighter conversion by PEMCO. Rostrum Leasing also inducted another B737-300 (ex-Southwest) for conversion by PEMCO at its facility in Tampa, Florida.Start-up carrier Mongolian Airways Cargo took delivery of its first freighter, a B737-300F (ex-China Postal Airlines). The aircraft was delivered to Ulaanbaatar.Cebu Pacific took redelivery of a converted ATR 72-500F from IPR Conversions. The aircraft is the first freighter for Cebu Pacific and previously flew in passenger configuration with the airline.
Both Volkswagen and Nissan agreed last year to establish auto-assembly plants provided Ghana signed off on an official incentive plan, while Renault SA said in January it would consider a similar move. In March, Toyota Motor Corp and Suzuki Motor Corp announced a joint venture to manufacture vehicles in the country, reported Bloomberg.Ghana's efforts to lure carmakers follows in the footsteps of South Africa, which has attracted seven manufacturers including Renault, Nissan and Toyota with tax incentives. That's produced one of the bright spots of an otherwise stagnant economy, contributing seven per cent to GDP.The full 10-year tax break will only be applicable to companies building whole vehicles in Ghana, though a five-year holiday will be available for partial manufacturing, Trade Minister Alan Kyerematen revealed in a presentation.Import duties on new and used vehicles will be raised to 35 per cent from 5-20 per cent to encourage the purchase of locally built units, while bringing in cars, which are older than 10 years, will be banned, the minister said.
This emerged from an interview with assistant Secretary of State for African Affairs Tibor Nagy.Specifically the AU Trade and Industry Commissioner Albert Muchanga favours a free-trade agreement with the US. to replace the African Growth and Opportunity Act (AGOA)."African economies are small and fragmented," Mr Muchanga said. "Bilateral agreements reinforce fragmentation of those markets.""To replace AGOA, we would like to see an agreement between the whole of Africa and the US," said Mr Muchanga at the forum in Abidjan.Africa should negotiate with "one voice" for a new trade pact after 2025, he said.The US and AU signed a joint statement on Monday at the AGOA Forum in Abidjan, saying they share a goal to enhance the AU's effort to increase continental trade and investment under the African Continental Free Trade Area.The continent-wide trade agreement, that's being driven by the AU, aims to create the world's largest free-trade zone. It officially came into force in May and should be fully in operation by 2030.The AGOA accord provides 39 sub-Saharan African countries duty-free access to the US for about 6,500 products, ranging from textiles to manufactured items. The act was first signed into law by former President Bill Clinton in 2000 and extended for 10 years by former President Barack Obama in 2015.The US currently only has one free-trade agreement on the African continent - with Morocco - and is pursuing a trade deal with an unidentified country in sub-Saharan Africa.Mr Nagy said that the agreement would be used as a model for others when AGOA expires. The AGOA preference scheme is underutilised and that's why it's going to be very difficult to renew it in 2025, Mr Muchanga said.The new continent-wide free-trade agreement will help businesses gain experience to supply to a bigger market and export more goods to the rest of the world, he said.
"Changing and growing demand, and a mounting maintenance backlog, mean a new wave of reform and investment is necessary to ensure quality of life and economic productivity are enhanced over the next 15 years," said the report.The call for more investment echoes pleas from central bank Governor Philip Lowe, who has repeatedly called on the government to lift infrastructure spending to boost economic capacity and hiring, particularly when finance is cheap.The report said energy affordability has deteriorated, with a steep rise in network costs driving energy bills 35 per cent higher over the past decade, and up by 56 per cent per unit of electricity consumed in real terms.The National Broadband Network services haven't met the expectations of many users. In the water sector, while many metropolitan utilities are increasing the sustainability and quality of their services through innovation, some regional areas are suffering from growing water security fears as large parts of the country are in drought, said Bloomberg.
CRST claims Swift purposely recruited and hired drivers who had completed CRST's driver training programme to gain their commercial driver's licenses (CDLs). According to court documents filed in the US District Court in Iowa in March 2017 by CRST, those drivers were still obligated to work for the motor carrier for 10 months under employment contracts, reported New York's FreightWaves.Starting in 2016, CRST claims it received 150 employment verification requests from Phoenix, Arizona-headquartered Swift, for drivers who were still under contract to work for CRST.Court documents allege that each time CRST received an employment verification for one of its drivers still under contract, it sent correspondence to Swift, "notifying it of the driver's contractual commitment to CRST."The jury found that Swift, a unit of Knight-Swift Transportation Holdings Inc, intentionally and improperly interfered with CRST drivers' contracts, awarding it $3 million, $5 million in punitive damages and $7.5 million for unjust enrichment.Commenting online to the article, JD wrote: "I don't find anything wrong with this. CRST's contract does state that if the 10-month term isn't fulfilled, the contract has been breached and a full tuition cost of $6,500 is to be paid. The training programme is stated to be worth $4,500."If another company wants to buy out the contract, CRST would be making nearly 30 per cent more profit per driver that makes a transition as long as the proper paperwork has been handled the way it should be."
Total revenue rose by 9.6 per cent to EUR693.7 million, partly due to a "strong increase" in revenue from the logistics segment and despite a "challenging market environment".The listed Port Logistics subgroup saw a 9.8 per cent increase in first-half revenue of EUR677.5 million, while earnings before interest and tax (EBIT) rose by 15.6 per cent to EUR105.6 million.The company said in a statement that container throughput increased by 3.8 per cent in the first half of the year to 3.77 million TEU, especially due to the successful integration of the Tallinn terminal operator HHLA TK Estonia, which was acquired last year.Revenue from the container segment increased by 5.6 per cent to EUR401.7 million, largely due to an increase in the rail share. EBIT rose by EUR3.6 million, or 5.3 per cent, year on year to EUR71.8 million.HHLA's transport companies achieved significant growth in the intermodal segment. With an increase of 9.6 per cent, container transport rose to 782,000 TEU. This trend was driven by growth in both rail and road transport. Compared with the previous year, rail transport rose by 9.3 per cent to 610,000 TEU.Road transport grew by 10.8 per cent to 172,000 TEU due to the strong increase in delivery volumes. At EUR244.1 million, revenue was up 17.4 per cent on the prior-year figure. This rise in revenue was attributed to a sustained rail share, longer transport distances compared to the previous year and price adjustments.The operating result (EBIT) increased by 31.6 per cent to EUR50.8 million. Furthermore, lower route prices in Germany boosted the capacity utilisation of train systems.HHLA chairwoman Angela Titzrath said: "The results achieved in the first half of the year confirm our expectations of reaching the targets forecast for 2019. However, these results only represent one step in our strategic plan to secure the success of HHLA in the mid- and long-term future."In addition to the continued development of our core business and tapping into further business fields, sustainability and climate protection are integral elements of our business model."Looking forwards, the company said that "due to the takeover of North America services and the first full-year consolidation of throughput volumes of the HHLA TK Estonia container terminal, HHLA expects a slight overall increase in container throughput in 2019. Slight year-on-year growth is also expected for container transport. At a group level, this should lead to a slight increase in revenue."Earnings for the Port Logistics subgroup will be "shaped largely by the container and intermodal segments. Stable EBIT development on a par with the previous year is expected for the container segment, while significant growth is expected for the intermodal segment," the statement added.
The vessel, owned by Mediterranean Shipping Company (MSC), is 1,200 feet long and was built in 2019. It is powered by tier III diesel engines, which are 75 per cent cleaner than the International Maritime Organization's (IMO) tier II standard, a statement from port authorities said."Tier III ships just started entering the global fleet. The Clean Air Action Plan Update we passed two years ago identified strategies to accelerate the timeline by which we would start to see these cleaner ships calling at our port," Long Beach Harbour Commission president Tracy Egoscue was quoted as saying in a report by Signal Tribune newspaper online.All MSC vessels that visit California ports are shore-power equipped, enabling them to connect to the landside electrical grid to reduce emissions when berthed. Shipping lines can also utilise one of the multiple environment-based incentive programmes set up by the port to encourage 'greener' operations.As a result of the MSC Jewel's visit, the carrier will receive US$6,000 from the port of Long Beach's Green Ship Incentive Programme that rewards vessel operators that deploy environmentally friendly ships and expand the future use of green ships.
The Copenhagen-based shipping company, which controls a fifth of the globe's container fleet, said demand worldwide grew by about 2 per cent in the second quarter from a year earlier - in line with its expected full-year growth of one to three 3 per cent. Profit beat analysts' expectations.CEO of the world largest container shipping line Soren Skou said the company is managing the trade turmoil quite well so far.But the bad news came from US President Donald Trump's import taxes on Chinese goods and Beijing's retaliation. "The impact of the newly imposed tariff hike is expected to be significant for the US-China bilateral trade and could in isolation remove up to 0.5 per cent of global container demand in 2019 and 2020, and when US tariffs on additional US$300 billion is implemented later in the year, it could result in a reduction of up to 1 per cent in 2020," the company said.A bite to demand of 0.5 per cent-1 per cent doesn't sound that painful unless you consider that expectation for 2019 worldwide container growth is just 1 per cent to 3 per cent.All the unknowns about tariffs are hurting the shipping industry and the global economy more broadly, sending stocks and bond yields tumbling this week. Recession fears are rising in the US, Germany and the UK, and trade hubs like Singapore and Hong Kong are on the edge of downturns. Meanwhile, the US and China remain far apart on the substance of any deal. Beijing just announced plans to retaliate imminently against the 10 per cent tariffs on about $110 billion of Chinese imports that Mr Trump announced earlier this week."There is a lot of uncertainty," particularly about the US and China, Maersk's Mr Skou told Bloomberg Television. "Right now there's not much that suggests a deal will be done anytime soon. It seems to be going in the other direction."The bottom line from Maersk's vantage point: "We probably haven't seen the worst of this storm yet."
According to vessel tracking service, Marintetraffic.com, the trail left by GPS data showed the Iran-flagged Adrian Darya 1, previously known as Grace 1, moving shortly before midnight last Sunday. The tanker slowly steered southeast toward a narrow stretch of international waters separating Morocco and the southern tip of the Iberian Peninsula.The vessel had been detained for a month in the British overseas territory for allegedly attempting to breach European Union sanctions on Syria. Gibraltar authorities rejected an eleventh-hour attempt by the US to reseize the oil tanker, arguing that EU regulations are less strict than US sanctions on Iran, Associated Press reported.The vessel's next destination was not immediately known.Iran's ambassador to Britain, Hamid Baeidinejad, had earlier announced on Twitter that the ship was expected to leave Sunday night.Shortly after the tanker's detention in early July near Gibraltar - a British overseas territory - Iran seized the British-flagged oil tanker Stena Impero, which remains held by the Islamic Republic. Analysts had said the Iranian ship's release by Gibraltar could see the Stena Impero go free.Gibraltar's government said it was allowing the Iranian tanker's release because "The EU sanctions regime against Iran - which is applicable in Gibraltar - is much narrower than that applicable in the US."In a last-ditch effort to stop the release, the US unsealed a warrant Friday to seize the vessel and its cargo of 2.1 million barrels of light crude oil, citing violations of US sanctions as well as money laundering and terrorism statutes.US officials told reporters that the oil aboard the ship was worth some $130 million and that it was destined for a designated terror organisation to conduct more terrorism.The unsealed court documents argued that Iran's Islamic Revolutionary Guard Corps are the ship's true owners through a network of front companies.Authorities in Gibraltar said Sunday that, unlike in the US, the Iran's Revolutionary Guard is not designated a terrorist organisation under EU, UK or Gibraltar law.The Iranian ship was detained while sailing under a Panamanian flag with the name Grace 1. As of Sunday, it had been renamed the Adrian Darya 1 and had hoisted an Iranian flag. Workers were seen painting the new name on the side of the ship Saturday.Iran has not disclosed the Adrian Darya 1's intended destination and has denied it was ever sailing for Syria.The chief minister of Gibraltar, Fabian Picardo, said he had been assured in writing by the Iranian government that the tanker wouldn't unload its cargo in Syria.The Astralship shipping agency in Gibraltar, which has been hired to handle paperwork and arrange logistics for the Adrian Darya 1, had told The Associated Press that a new crew of Indian and Ukrainian nationals had been expected to replace the sailors on board.Astralship managing director Richard De la Rosa said his company had not been informed about the vessel's next destination.