Financial crisis Archives - Maritime Shipping News

Cargo airline Amerijet in distress sale, terminates 6 aircraft leases

10 January 2024

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Amerijet, a midtier cargo airline based in Miami, said Wednesday it is returning six freighters to...

https://www.freightwaves.com/news/cargo-airline-amerijet-in-distress-sale-terminates-6-aircraft-leases

Cathay Pacific shutdown of Dragon brand cuts intra-Asia cargo capacity

22 October 2020

A big white jet with red tail on clear day at high altitude with ground below.

Cathay Dragon flights with cargo-only passenger aircraft ended with the regional carrier’s shutdown Wednesday, leaving shippers with fewer options during the peak freight season.

Hong Kong-based Cathay Pacific Group (OTCUS: CPCAY) said it was immediately merging the Dragon brand into two other airline subsidiaries as part of a sweeping restructuring that will see the elimination of 8,500 positions and other downsizing measures precipitated by a steep fall in passenger business due to the...

https://s29755.pcdn.co/news/cathay-pacific-shutdown-of-dragon-brand-cuts-intra-asia-cargo-capacity

El Al crisis worsens, Aeromexico opts for bankruptcy

2 July 2020

A white jet approaching for landing with wheels down.

The airline industry is sitting in a financial hotseat as the economic slowdown caused by the coronavirus pandemic burns up cash, but for some carriers it feels like an inferno.

Israeli-flag carrier El Al on Thursday said it has ceased scheduled passenger operations through the end of July and sent most employees home without pay amid a liquidity crisis, while Aeromexico received court approval to use existing resources to pay employees and vendors, and honor ticket purchases and existing...

https://www.freightwaves.com/news/el-al-crisis-worsens-aeromexico-opts-for-bankruptcy

How a global recession could impact ocean shipping

21 August 2019

Are we approaching another global recession? The signs certainly don’t look good. Freightwaves has, however, put together a useful report on how the “pending” economic slump would hit the shipping sector. And it ain’t good. The financial crisis that hit in 2008 crippled ship owners with the aftershocks continuing to jolt the industry in ways it didn’t want to be jolted. In theory, consolidation could help – consolidated liners equates …

The post How a global recession could impact ocean shipping

https://theloadstar.com/how-a-global-recession-could-impact-ocean-shipping/