On the Fly - October 2022
Good afternoon from On the Fly with Air Cargo World, your monthly digest of airfreight stories you may have flown over.
This past month, money talks, with FedEx reporting a less-than-ideal quarter, Canada investing millions into cargo infrastructure across the nation, and Lufthansa's pilot strike affecting flights out of Frankfurt and Munich airports.
Air Cargo World columnist Cathy Robinson reviewed FedEx's Q2 earnings.
Total company revenue?increased 4.5% quarter over quarter to $23 billion, but total operating income declined 15% QoQ to $1.19 billion on an as-reported basis, and was down 17.4% QoQ to $1.49 billion on an adjusted basis, according to the earnings report.
Canada saw a cargo boom in 2021 and has spent much of 2022 trying to keep that momentum going.?
Canada’s airfreight market moved 2.7 billion freight tonne-kilometers and reached?$1.52 billion in revenue?in 2021, a compound annual growth rate of 2.7% since 2016, according to MarketLine reports. This year, government agencies and airfreight stakeholders have invested in infrastructure to accommodate and grow Canada’s airfreight market, as Air Canada Cargo readies to add capacity with widebody flights this winter.??
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Lufthansa and Lufthansa Cargo at Munich (MUC) and Frankfurt (FRA) cancelled flights on Sept. 2 due to labor strikes from Lufthansa’s pilots.
The 24-hour strike — called by the German pilots’ union Vereinigung Cockpit (VC) — was set to begin at midnight Sept. 2 through 11:59 p.m., according to a Aug. 31 release from Lufthansa. Roughly 894 Lufthansa flights had been canceled at FRA and MUC through Sept. 3, according to flight-tracking software.
The third installment in?Air Cargo World’s 2022 webinar series, “Dangerous goods in focus: Shoring up air cargo logistics,” is scheduled for Tuesday, Nov. 15, at 11 a.m. ET.
The webinar will include a live panel discussion from industry leaders, including Flexport, Geodis and dnata, on how visibility and compliance are making dangerous goods (DG) shipments safer and more efficient, challenges in DG transport and new technologies to be implemented. The discussion will be followed by a question-and-answer session with the panelists.
(Photos courtesy of FedEx, Air Canada and Fraport)