Operator: “Your next question is from David Cohen.”
Cohen: “Yes, what is the current plan to destroy stockholder value as you did with Imperial Petroleum?”
StealthGas CEO Harry Vafias: “Next question please.”
Cohen: “What is the plan? …” (Operator hangs up on Cohen.)
That was an exchange during the latest quarterly call of StealthGas (NASDAQ: GASS), whose spinoff Imperial Petroleum (NASDAQ: IMPP) is one of numerous Greek-owned shipping companies that have raised millions via dilutive share...
The air logistics arm of Amazon is closing its regional air hub at Leipzig/Halle International Airport in Germany in response to a downturn in e-commerce sales and parcel volumes that has also forced rival express carriers to downsize their air networks to match lower volumes.
“We’re always evaluating our network to make sure it fits our business needs and to improve the experience for our customers. After careful consideration, we have decided to close our Amazon Air operation at Leipzig/Halle...
https://www.freightwaves.com/news/amazon-downsizes-cargo-operations-at-german-airport
Tim Strauss’ stormy tenure as CEO of Amerijet International is over after three years. The Miami-based cargo airline on Tuesday said Chief Financial Officer Joe Mozzali will replace Strauss as the company’s top executive, effective Saturday.
Mozzali has only been Amerijet’s CFO for seven months, having arrived from UPS Airlines where he held the same position. Before that, he was at UPS International for nearly three years. During his career at UPS he was also vice president of strategy for UPS...
https://www.freightwaves.com/news/amerijet-ceo-strauss-calls-it-quits-after-rocky-3-years
Consolidated Chassis Management (CCM) announced Tuesday it has been acquired by funds managed by global investment firm Oaktree Capital Management.
The chassis pool manager was previously owned by a group of 10 container shipping companies — the Ocean Carrier Equipment Management Association (OCEMA).
Financial terms of the transaction were not provided.
The deal is expected to provide CCM with a bigger capital base as it acts as the sole manager and chassis provider to the South Atlantic...
https://www.freightwaves.com/news/chassis-pool-manager-ccm-acquired-by-oaktree
In October 2021, Willie Adams, president of the International Longshore and Warehouse Union (ILWU), sat across the table from President Joe Biden at the White House. The two met again at the White House last month, celebrating the new six-year labor contract for America’s West Coast ports.
“I’ve known Willie for a long time,” said Biden after the latest meeting. “I was kidding him: I said I want to know who his haberdasher is. He looks awfully good, doesn’t he? I like that cut.”
Just a few weeks...
https://www.freightwaves.com/news/how-a-fight-over-2-jobs-bankrupted-union-of-40000-dockworkers
Domestic flight activity for express air parcel companies, led by FedEx, inched up in August, with the group performing better than normal for the time of year, according to research by transport analysts at Morgan Stanley. But the express carriers are still flying less than they were a year ago because of weak shipping demand.
Market reporting agency WorldACD said on Saturday that express shipments were down 17% from January to August versus the same period in 2022.
The reports underscore how...
https://www.freightwaves.com/news/fedex-air-fleet-flies-more-in-august
FreightWaves Classics is sponsored by Old Dominion Freight Line — Helping the World Keep Promises. Learn more here.
The global shipping publication American Shipper launched in 1974 with the goal to serve the needs of all players involved in international shipping, providing important information to shippers, carriers and third parties.
Founded by late maritime journalist David A. Howard, the magazine began as the Florida Journal of Commerce, until Howard saw a need for a national publication...
Air Transport Services Group is not feeling the contraction in air cargo shipping as much as other carriers despite express delivery customers streamlining flight activity in their networks, CEO Rich Corrado told investors this month.
Amazon’s air logistics unit and DHL Express reduced flight schedules for their contracted fleets in early 2023 but the company’s two cargo airline subsidiaries, ABX Air and Air Transport International, are still flying the same number of Boeing 767 aircraft as...
https://www.freightwaves.com/news/in-soft-market-amazon-and-dhl-maintain-cargo-flying-with-atsg
America has committed a massive sum — $43.7 billion and rising — toward military equipment for Ukraine. Simultaneously, the U.S. and NATO have ramped up their joint exercise, Operation Atlantic Resolve, in the wake of Russia’s invasion of Ukraine.
For heavy military equipment that’s being transported across the Atlantic, ocean shipping plays a central role, led by one company in particular: U.S.-flag operator American Roll-On Roll-Off Carrier (ARC).
According to Chris Heibel, ARC’s head of...
https://www.freightwaves.com/news/how-us-military-equipment-for-ukraine-is-shipped-across-atlantic
WASHINGTON — Aviation and logistics industry officials are frustrated with lawmakers’ inability to fund the government beyond this Saturday and say there will be real-world consequences for commerce if agencies are forced to halt all nonessential services at the end of the month.
Airlines will continue to fly and goods will be able to flow through land and sea ports as front-line Customs and Transportation Security Administration personnel stay on the job without pay, but shortages of workers,...
https://www.freightwaves.com/news/aviation-trade-sectors-brace-for-government-shutdown