Wednesday, September 19, 2018
The new cargo building was also designed factoring in the port of Salalah and Salalah free zone, which have made the city an important logistics hub in international trade.According to Minister of Transport Ahmed bin Mohammed al Futaisi, the civil aviation sector in Oman has witnessed great progress in the past few years with several important and modern facilities opening, reported Muscat Daily.The minister said in a statement that the operations of the air cargo terminal at Salalah International Airport will complement existing and new facilities which is important for the marketing of air cargo.The Oman Aviation Group is working on an air cargo strategy for Oman that aims to reach an air cargo handling capacity of 730,000 tonnes annually by 2030, up from the current capacity of 210,000 tonnes.
The US aircraft manufacturer also forecasts China's fleet of air cargo freighters will expand from 180 in 2017 to 740 by 2037."Demand for air cargo freighters is expected to expand exponentially thanks to China owning the world's fastest growing e-commerce industry," Boeing vice president of commercial marketing Randy Tinseth was quoted as saying in a Xinhua report.According to Mr Tinseth, China's e-commerce market has the highest trading scale in the world, giving China's cargo transportation market enormous developmental potential.Just eight years ago the market size of e-commerce in China was only half of that in the US. Now its market size in China is twice that of the US, highlighted Mr Tinseth.China has recorded strong growth in its air express industry. In 2017 the country transported 7.06 million tonnes of airmail, a 5.6 per cent increase year on year, according to statistics from the Civil Aviation Administration of China (CAAC).
The iconic 777-200 airplane (line number WA001 and registered B-HNL) flew from Cathay Pacific's home airport in Hong Kong to Tucson, Arizona yesterday. The jet will be displayed permanently at the museum alongside more than 350 other historic aircraft.Boeing first flew the 777-200 aircraft on June 12, 1994 and continued to use it as a test airplane for several years. The aircraft joined the Cathay Pacific fleet in 2000 and was retired in May after 18 years of service. During its time with Cathay Pacific, B-HNL operated 20,519 flights, recording 49,687 hours of flying time, the ariline said.Cathay Pacific Chief Executive Officer Rupert Hogg said: "As the world's very first 777, B-HNL holds a very special place in the history of both our airline and that of commercial aviation, and we are very pleased it will soon bring enjoyment to enthusiasts at its new home in Arizona."In the 1990s, Cathay Pacific was one of a handful of airlines to provide input for the 777 at the design stage, which gave Hong Kong's home airline a unique opportunity to refine the aircraft's features to suit its needs. Among the requests were a cabin cross-section similar to the 747 Jumbo Jet, a modern 'glass' cockpit, fly-by-wire system, and, crucially, lower operating costs. Today, Cathay Pacific operates one of the largest 777 fleets in the world.Boeing Commercial Airplanes president and CEO Kevin McAllister said: "Cathay Pacific contributed greatly to the airplane's original design and has been one of its biggest ambassadors ever since. And now they are a launch customer for our new 777X airplane. We are thrilled to partner with Cathay on this donation to the museum as a way to share the remarkable story of the Boeing 777 for years to come."
The company expects these actions to result in an incremental increase to adjusted earnings per share in the range of US$1.00 to $1.20 by 2022, reports AJOT.Chairman and chief executive officer David Abney said: "Transformation will lift our earnings, as we generate higher-quality revenue and use technology to increase operating efficiency and enhance customer service. UPS is transforming from a position of strength. We are implementing an enterprise-wide transformation that will enable and accelerate our enhanced business strategy."UPS's transformation programme leverages scale and institutionalises processes to ensure the company captures efficiency gains and reinvests savings through realignment of talent and financial resources on priority growth areas outlined in its business strategy.The company is focused on four strategic imperatives where it is well-positioned for profitable growth: Continued expansion of high-growth international markets where the company efficiently connects domestic and export customers to its global network; profitable expansion from both B2B and B2C e-commerce, as US industry package revenue is expected to grow by 40 per cent from 2017 to 2022, and cross-border e-commerce volume is expected to grow by 28 per cent over the next three years.In addition, further penetration of the Healthcare and Life Sciences logistics market, given the increasing shift toward home healthcare, where UPS' trusted residential delivery network will provide new value for healthcare companies and consumers; and enhancing services and value for Small- and Medium-sized Businesses, as the company repositions its commercial and service strategies to help this growing economic segment reduce logistics complexity and costs, and take advantage of UPS-offered technology platforms for growth.UPS's business strategy includes continued capital investment in its vast global network at previously announced levels. New and renovated facilities, aircraft and fleet assets are coming online at record levels during the next four years. In 2018, 2019 and 2020, UPS will add 350,000-400,000 pieces per hour of sortation capacity in the US each year, which is about seven times the additional sortation capacity added in 2017, alone."Today nearly 50 percent of our nearly 35 million sorted packages per day are processed using our new more-automated facilities. When we complete this phase of our Global Smart Logistics Network enhancement by 2022, 100 per cent of eligible volume in the US will be sorted using these new more highly automated sites," said Mr Abney.Seven new 'super hub' automated sortation facilities will be opened during the period, with 30-35 per cent higher efficiency than comparable less-automated facilities. More than 70 expansion projects will be implemented during the period. UPS will have completed 17 projects in 2018, in time for the peak holiday shipping season.The US domestic segment will receive approximately two-thirds of the benefits of the transformation programme. Initiatives throughout the unit's operations will enhance revenue quality and reduce operating costs to increase operating leverage.The company has in the last two years significantly increased total international capacity, allocating much of the added volume to higher-margin export and premium services. Intercontinental air express capacity has risen more than 10 per cent as new, higher capacity cargo jets are added to the fleet. The company has completed about two-thirds of its previously announced European network expansion and has recently opened new "super-hubs" in Paris and London, and several other new sortation and delivery facilities throughout the region.The Supply Chain and Freight unit has delivered strong performance in recent quarters from new revenue management initiatives, a stronger focus on mid-sized customer growth and continued, disciplined cost management.One of the main elements of UPS' company-wide drive for efficiency is using common processes and leveraging scale to reduce procurement and operating costs. The company is also using technology to streamline back-office activities, further outsourcing certain transactional activities and broadening spans of control within management for greater overall efficiency."Our transformation touches every part of the company," Mr Abney continued. "Most important, we are implementing changes that strengthen the ongoing core earnings power of the company. The savings we achieve will be reinvested in the company and its people and will be used to reward shareowners. Our leadership team is collaborating to instill a continuous transformation culture and I am confident our plans will deliver higher levels of UPS profitability and shareowner returns."
The DJSI, which is a major global index for companies engaging in socially responsible investment (SRI), involves selecting sustainability-driven companies from 3,400 companies worldwide that have been invited to participate in a selection process that consists of an analysis of economic, environmental and social criteria such as corporate governance, risk management, water-related risks and stakeholder relations.The evaluation criteria for socially responsible investment (SRI) is not only based on a company's economic performance but also on its environmental measures, compliance with laws and other corporate social responsibility factors.The Japanese company was also selected for the FTSE4Good Index for the 16th year in a row in July.
GAC Hong Kong handles full container shipments coming in for Helsinki from Foshan, China via Nansha port in Guangzhou, and from Penang, Malaysia, as well as LCL shipments from Ningbo, China and occasional material imports from Germany to Duuri Oy's Foshan suppliers."We work closely with our sister companies in China and Malaysia for shipments coming in from their countries, liaise with the suppliers on cargo readiness, negotiate the best rates, arrange vessel bookings and finally work with our counterparts in Finland to arrange the deliveries to our customers in Helsinki," says GAC Hong Kong's commercial manager - logistics, Iiro Mikkola.Duuri Oy saves time, effort and money whilst enjoying the peace of mind that comes from constant status updates from GAC Hong Kong acting as its single contact point for all Far East supply chain related matters including communication, operation and payments."It is important to have a logistics partner who can monitor all our cargo movements and keep us updated at every step of the supply chain. This mode of operation enables us to cut out a chain of middlemen in supply chain management and deal direct with GAC for everything from logistics follow-up to billing," says Duuri Oy's purchasing and logistics manager Jari Plattonen.
The group's overseas ports continued to be the top performers in terms of growth rate with total throughput up 32 per cent compared to August 2017 to 2.1 million TEU and accounting for the second highest overall throughput behind the Pearl River Delta ports.Its terminals in the Pearl River Delta registered three per cent growth in traffic to 2.5 million TEU after volumes rebounded slightly going into the high season, reported Seatrade Maritime News, Colchester, UK. The Hong Kong cluster of terminals continued to record declines after volumes dropped 10 per cent to 264,500 TEU. This decrease was offset by the Guangzhou terminals, which saw volumes surge eight per cent to reach one million TEU.The industrial base in the Yangtze River Delta continues to slow down with throughput flat at 1.7 million TEU. Over the reporting period, the southeast coast saw throughput increase by seven per cent to 501,800 TEU and the sole port on the southwest coast, Guangxi Qinzhou International Container Terminal experienced an eight per cent decline to 112,000 TEU.
The repayment of the loans will raise the number of the Hong Kong-based company's pool of unencumbered ships from 12 to 18 as of October. These include two 2,500 TEU, two 3,500 TEU, ten 4,250 TEU, two 9,600 TEU and two 10,000 TEU containerships, reported World Maritime News, Rotterdam.The announcement follows the pricing of the company's public share offering targeting US$150 million in net proceeds, which would be used to fund acquisitions, repay debts and redeem some of its existing preferred shares."Seaspan's management team remains committed to its stated strategic priorities for the company, which include de-leveraging and adding flexibility to the company's capital structure. We expect to continue strengthening our balance sheet as we position the company for future growth," chief financial officer Ryan Courson was quoted as saying.
Although, Mr Weber admitted that the trade dispute is affecting relationships between the two countries beyond the trade of goods and is having an impact on services. "As the US is increasingly questioning the openness of trade, the Chinese are increasingly sort of asking questions about services and US firms, in particular financial firms, doing business in China," he said. "There's a whole lot of co-mingling of interest at the moment.""That is something that we raised multiple times in discussion with the US authorities," Mr Weber told CNBC. "That you have to be careful because if you take a holistic picture on goods and service trade, the imbalance is not as pronounced as it appears to be when you just look at goods. And, increasingly, countries look at that holistically."Mr Weber added: "it's not at a stage where it's a trade war. I think there is a good chance that sanity will prevail ultimately." One potential area of concern for market watchers is that Beijing could retaliate against the tariff threats from the Trump administration by allowing its currency to continually depreciate against the dollar. However, Mr Weber dismissed the notion that the drop in the yuan is a big risk in the ongoing trade dispute."If you look at investments into China from foreign investors, those foreign investors would be lot more cautious if they fear that the Chinese currency would depreciate in a strategic or in a tactical manner," he said, adding that based on his conversations with various officials in Beijing, it didn't seem like artificially lowering the yuan was part of the policy.
In announcing the new round of tariffs, Mr Trump warned that if China takes retaliatory action against US farmers or industries, "we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports."Collection of tariffs on the long-anticipated list will start September 24 but the rate will increase to 25 per cent by the end of 2018, allowing US companies some time to adjust their supply chains to alternate countries, a senior administration official said.However, China said it has no choice but to retaliate against new US trade tariffs, risking even stronger action from President Trump in an escalation of the trade war between the world largest economies."To protect its legitimate rights and interests and order in international free trade, China is left with no choice but to retaliate simultaneously,?the commerce ministry said in a brief statement, without specifying what action it would take."The United States insists on increasing tariffs, bringing new uncertainties to bilateral trade negotiations. China hopes the United States would recognise the negative consequences of its actions, and take convincing steps to correct its behavior in a timely manner." So far, the United States has imposed tariffs on $50 billion worth of Chinese products to pressure China to make sweeping changes to its trade, technology transfer and high-tech industrial subsidy policies.The escalation of Trump's tariffs on China comes after talks between the world's two largest economies to resolve their trade differences produced no results. US Treasury Secretary Steven Mnuchin last week invited top Chinese officials to a new round of talks, but thus far nothing has been scheduled, reports Reuters."We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly," Mr Trump said in his statement. "But, so far, China has been unwilling to change its practices."Vice chairman of China's securities regulator, Fang Xinghai, told a forum in the Chinese port city of Tianjin that he hopes the two sides can sit down and talk, but added that the latest US move has "poisoned" the atmosphere for negotiations.