Newsletter – March 3, 2023

AIR FREIGHT UPDATES

Lufthansa Cargo reports third year of record operating profits

aircargonews.net
Lufthansa Cargo reported record revenues and operating profits last year despite volumes being flat on 2021 levels.
Lufthansa’s logistics division, which includes Lufthansa Cargo, Jettainer, time:matters, HeyWorld and a 50% stake in AeroLogic, last year saw revenues increase by 22% year on year to €4.6bn while earnings before interest and tax was up 5% to €1.6bn. Read more here.

Asia Pacific airlines suffer January decline in cargo traffic

aircargonews.net
Asia Pacific airlines suffered a significant decline in cargo traffic during January with a 20.5% year-on-year plunge in freight tonne kilometres (FTK) compared with the same month in 2022.
Combined with a 7.5% drop in available freight tonne kilometres, the international freight load factor fell by 9.7 percentage points to average 59.2% for the month. Read more here.

OCEAN FREIGHT UPDATES

Fednav sells terminals division

splash247.com
Canadian bulk carrier operator Fednav has sold its marine terminal business to Logistec Stevedoring, a subsidiary of fellow Logistec Corporation, for $105m.
The deal incorporates Canadian and US terminal business, including Federal Marine Terminals and the logistics division, Fednav Direct. Read more here.

CANADA BUSINESS – GOVERNMENT UPDATES

Flat economy suggests Bank of Canada rate hikes are working: Economists

bnnbloomberg.ca
A flat Canadian economy at the end of 2022 is a promising sign that monetary policy is working to bring down inflation, economists said Tuesday as Statistics Canada reported real gross domestic product (GDP) for last year’s fourth quarter.
StatsCan said real GDP was unchanged in the last three months of the year, following five quarters of growth. Read more here.

INTERNATIONAL BUSINESS – GOVERNMENT UPDATES

US economy sending mixed signals: Here’s what it all means

apnews.com
WASHINGTON (AP) — Maybe it was just too good to be true.
For a few weeks in late January and early February, the U.S. economy seemed to have reached a rare sweet spot. Inflation was steadily slowing from painful heights. And growth and hiring remained surprisingly sturdy despite ever-higher interest rates imposed by the Federal Reserve. Read more here.