Printer Friendly

Air Cargo & Shipping News - Asia / Pacific.

New York (USAsian Network Business & Industry - Air Cargo & Shipping News Asia / Pacific) May 27, 2012

Cathay Pacific Cathay reduces costs, capacity as operating costs climb. Hong Kong-based Cathay Pacific Airways, which has warned its first-half results are Oexpected to be disappointing,O said it will cut costs and reduce capacity as operating costs rise due to high fuel prices and economic uncertainty. Cathay COO Ivan Chu said fuel costs, which account for 42% of the total operating expenses, and fuel hedging is not enough to offset rising fuel expenses. Cathay CEO John Slosar said the company had previously warned Othat 2012 is looking even more challenging than 2011 and we were therefore cautious about prospects for this year. In response to the challenging environment we face, we are reducing costs where possible, including through a reduction of capacity.O On the passenger side, the Cathay Pacific Group will see its capacity growth reduced to 3.2% from the targeted 7% this year. The carrier will reduce its flight frequencies on some long-haul routes to North America and Europe. Cathay Pacific Cargo will now target 4% growth instead of 7%. Cathay operates 25 freighters, including five Boeing 747-8Fs. The carrier is also expected to deploy more fuel-efficient 777-300ERs on more routes, including flights to San Francisco and Paris, as well as speed up the retirement of its older 747-400s. The airline operates 21 747-400 passenger aircraft and will retire three this year. CX will retire five more in 2013 and one more in early 2014, bringing the fleet down to 12 aircraft. In addition, the company will offer voluntary unpaid leave for cabin crew from June, will cancel non-essential business travel for staff, and will reduce its marketing and IT spending. May 22, 2012

Grandstar Cargo International Airlines Grandstar Cargo to be liquidated. Grandstar Cargo International Airlines, the joint venture launched by Sinotrans Air Transportation Development Co. and Korean Air, is expected to be liquidated due to continuous operating losses. According to a company insider, the cargo carrier has a total debt of CNY380 million ($59.5 million). Early this year, Grandstar Cargo suspended operations while Sinotrans and Korean Air looked for investors to takeover, to no avail. Other Chinese cargo carriers are also facing troubles due to a cargo recession in the domestic market. Jade Cargo InternationalNa Lufthansa Cargo (LHC)/Shenzhen Airlines (ZH) joint venture that temporarily suspended operations in MarchNhas signed a letter of intent with ChinaOs UniTop Group to restructure the troubled carrier. According to the Civil Aviation Administration of China (CAAC), Chinese airlinesO cargo traffic volume dipped 7.3% to 1.6 million tonnes in the first four months of this year. May 24, 2012

Westcon Group, Virgin Atlantic Cargo Westcon Group, IJS Global and Virgin Atlantic Cargo Make the Trek for Charity. Westcon Group, a value-added distributor of category-leading unified communications, network infrastructure, data center, and security solutions with a global network of specialty resellers, today joined forces with IJS Global and Virgin Atlantic Cargo to make a major bicycle trek for charity. Kicking off yesterday, the team is set to conquer 1,200 km from Paris to Barcelona in support of Help for Heroes and Kidney Health Australia. Team Ride2Give consists of non-professional cyclists from the United Kingdom and Australia training each year for several charity riding events. In 2010, the team partnered with colleagues from around the world to undertake the journey from Sydney to Melbourne across the Australian mountain range. Today, the group is set to ride 1,200 km over a nine-day period. This year, members are raising money for Help for Heroes (H4H) and Kidney Health Australia. H4H is an independent British charity aiding armed forces veterans injured during the course of duty. Kidney Health Australia focuses on improving kidney health outcomes, leading to substantial improvements in quality of life for people with kidney and urinary tract diseases, their families and careers. "The one thing that brings us together is a love for cycling. Ride2Give helps put this passion to good use and lend a hand to those who really need it," said Alyson Kent, Virgin Atlantic Cargo. "While we're all amateur riders, the combination of talent across Virgin Atlantic Cargo, IJS and Westcon is truly amazing. I am honored to be part of this team." Beginning at the center of France, riders are traveling through the French regions of lle-deFrance, Centre, Auvergne and Midi-Pyrenees before crossing into Spain via the Aragon and Catalonia regions. The journey is challenging due to its mountainous terrain and trip duration -- requiring members to cover up to 160 km per day for nine days without a rest day. "The Ride2Give team is a fantastic, caring group of individuals -- all of whom just happen to have a passion for cycling," said Donna Bain, European Human Resources Director, Westcon Group. "After spending a few years on the sidelines, I decided to jump in and use my love of riding to do something good. I'm proud to be working alongside my friends at IJS Global and Virgin Atlantic Cargo to make a difference." May 23, 2012 2154-2260

ZZ USAsianNetwork 120528

ISSN 2154-2260 - Copyright [c] 2012 USAsianNetwork / GMMI & Pyramid Media Group, Inc. All rights reserved.
COPYRIGHT 2012 Pyramid Media Group, Inc
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2012 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:USAsian Network News & Business & Industry News
Date:May 28, 2012
Previous Article:Science & Technology News.
Next Article:Airline Finance News - Asia / Pacific.

Terms of use | Privacy policy | Copyright © 2022 Farlex, Inc. | Feedback | For webmasters |