Lufthansa Cargo profit tumbled 86% last year

Sharply lower yields due to excess capacity from passenger flights combined with higher costs led to an 86% plunge in Lufthansa Cargo’s operating profit in 2023, underscoring how challenging the year was for the entire air logistics industry.

Lufthansa Group (DXE: LHA) on Wednesday reported its third best financial results in history, but the cargo subsidiary was battered by lower demand and rates as the global economy returned to more normal patterns following the COVID crisis. With more...

https://www.freightwaves.com/news/lufthansa-cargo-profit-tumbled-86-last-year

Kuehne+Nagel operating profit cut 50% in 2023

Global logistics powerhouse Kuehne+Nagel suffered substantial revenue and profit erosion in 2023, including the final quarter, as excess air and ocean capacity combined with a post-COVID slow down in trade lowered rate levels, hurting bottom lines across the freight transportation sector.

Executives said they are seeing some stabilization in demand , but don’t expect a huge improvement this year. 

In conjunction with Friday’s quarterly results, Kuehne+Nagel announced an agreement to acquire City...

https://www.freightwaves.com/news/kuehnenagel-operating-profit-cut-50-in-2023

Freightos loses $19M, eyes profit breakthrough in late 2026

Freightos, a neutral sales platform for international air and ocean shipments, expects to make its first profit in the fourth quarter of 2026, company leadership said Monday after posting an adjusted loss of $19 million for 2023.

The results follow losses of $14.6 million and $12.4 million in 2022 and 2021, respectively. In July, Freightos laid off 13% of its staff, or about 50 people, and implemented other cost controls.

Jerusalem-based Freightos estimated it will narrow losses to about $14.5...

https://www.freightwaves.com/news/freightos-loses-19m-eyes-profit-breakthrough-in-late-2026

Cargojet sees strong volumes after 2023 fleet reversal

Cargojet on Monday reported a US$25.8 million loss in the fourth quarter mostly related to fuel and noncash charges, capping a rocky year marked by slashed plans for major fleet expansion and a renewed focus on cost management to boost free cash flow and investor returns.

Despite recent retrenchment, the company sounded an optimistic note for 2024 with guidance of mid-to-high-single-digit growth in domestic overnight revenue for the first quarter. Management said that January figures were well...

https://www.freightwaves.com/news/cargojet-sees-strong-volumes-after-2023-fleet-reversal

Air Canada says freight demand beginning to improve

Air Canada expects the slow recovery in cargo volume that began in the fourth quarter to quicken in 2024, aided by the addition of two more freighter aircraft, but doesn’t anticipate gains in pricing power, Mark Galardo, executive vice president for network planning and revenue management, said Friday.

The 2-year-old cargo airline within Air Canada (TSX: AC) currently operates five converted and two factory-built Boeing 767-300 freighters. It is scheduled this year to receive two cargo jets...

https://www.freightwaves.com/news/air-canada-says-freight-demand-beginning-to-improve

United Airlines’ cargo decline eased in fourth quarter

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A late-season updraft in market demand slowed the decline in cargo revenue last year at United...

https://www.freightwaves.com/news/united-airlines-cargo-decline-eased-in-fourth-quarter

Slide in Delta Air Lines’ cargo revenue decelerates in fourth quarter

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Delta Air Lines on Friday reported that cargo revenue during the fourth quarter fell 24% year over...

https://www.freightwaves.com/news/slide-in-delta-air-lines-cargo-revenue-decelerates-in-fourth-quarter

Lufthansa Cargo profits wiped out in Q3

Operating income for Deutsche Lufthansa AG’s cargo division collapsed to near zero during a seasonally weak third quarter, and the company indicated full-year segment earnings would be similarly sour despite expectations for a slight uptick in shipment volumes during the final months of the year.

Lufthansa Cargo’s pretax profit plunged 100%, from $352 million (331 million euros) to $1 million year over year (y/y) behind a 43% drop in core transportation revenue to $771 million due to the...

https://www.freightwaves.com/news/lufthansa-cargo-profits-wiped-out-in-q3

Hawaiian Airlines’ welcomes new Amazon revenue stream

The smooth debut of Hawaiian Airlines’ first freighter aircraft this month and the cash it, and sister aircraft, will generate from Amazon is a shot in the arm for an airline with losses that widened to $48.7 million in the third quarter from $9.3 million a year ago.

Hawaiian Airlines (NASDAQ: HA) began flying the Airbus A330-300 converted freighter  on Oct. 2 from the e-commerce giant’s air logistics superhub at Cincinnati-Northern Kentucky International Airport to the new West Coast hub in San...

https://www.freightwaves.com/news/hawaiian-airlines-welcomes-new-amazon-revenue-stream

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