Tag: DHL

DHL completes strategic partnership transaction with Polar Air Cargo

Posted by | Jun 29, 2007 | |

DHL announced that it has successfully completed the transaction to form a strategic partnership with Polar Air Cargo Worldwide, Inc., a wholly owned unit of Atlas Air Worldwide Holdings, Inc. (AAWW), a leading provider of global air cargo services. As part of this transaction, DHL Express will invest USD 150 million for a 49 pct stake and 25 pct of voting rights in Polar Air Cargo Worldwide.

The transaction includes a commercial arrangement that gives DHL Express guaranteed access to Polar Air Cargo’s aircraft capacity in key global markets over a period of 20 years, with a potential revenue stream to the AAWW companies of US$3.5 billion. In addition, DHL Express will have access to additional available aircraft capacity from Atlas Air, Inc., another subsidiary of AAWW, as agreed between the parties. The long-term access and greater capacity will significantly improve service to DHL Express’ customers who ship goods between Asia Pacific and the US – reducing transit times and increasing reliability of delivery on the trans-Pacific air routes. The investment in Polar signals another major commitment to the US market and represents a major milestone in DHL’s strategy to provide a compelling alternative in the US domestic express delivery market.

Asia Pacific is going through a period of intense growth, fuelled by several growth drivers including the burgeoning economies of China and India. The trade flow for the trans-Pacific routes has been growing steadily in recent years. According to Boeing’s World Air Cargo Forecast 2006/2007, Asia-US trade is forecasted to expand at an annual average of 7.1 percent, compared to 6.9 percent for Asia-Europe. The overall share of world air trade connected to Asia’s markets, including the domestic markets of China and Japan and the international markets, is expected to increase from 50.8 percent in 2005 to 63.3 percent in 2025.

Polar Air Cargo will continue to operate as an independent company and there will be no integration with DHL or any of its business units.

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ABX Air Inc. Receives Unsolicited Indication of Interest from ASTAR Air Cargo Holdings

Posted by | Jun 28, 2007 | |

ABX Air, Inc. today acknowledged the receipt of an unsolicited indication of interest from ASTAR Air Cargo Holdings, LLC to acquire all of the outstanding shares of ABX Air for $7.75 per share in cash. No formal offer has yet been made.
The ABX Air Board of Directors, consistent with its fiduciary duties and commitment to enhancing value for shareholders, will evaluate this indication of interest as well as any formal offer actually made. The Company will respond in due course and neither the Board nor ABX Air management will make any other comment on the indication of interest until then.
Goldman, Sachs & Co. is acting as financial advisor to the Company. O’Melveny & Myers is serving as legal counsel.
ABX Air is a cargo airline that operates out of Wilmington, Ohio, and 17 hubs throughout the United States. In addition to providing airlift capacity and sort facility staffing to DHL, ABX Air provides charter, maintenance and package handling services to a diverse group of customers. ABX is the largest employer in a several-county area in southwestern Ohio.

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UPS selling Sinotrans stake for HKD 462.5m

Posted by | Jun 28, 2007 | |

United Parcel Service has offered to sell its entire stake in Sinotrans for as much as HKD 462.48 million, further cutting its ties with the mainland courier service provider after buying out their express delivery joint venture in 2005.

UPS was selling 124.65 million Sinotrans shares at between HKD 3.56 and HKD 3.71 each, a 2 per cent to 6 per cent discount to the stock’s closing price of HKD 3.79 yesterday, according to a term sheet sent to fund managers.

The shares represent 7 per cent of the Beijing company’s issued H shares or 2.9 per cent of its total issued share capital. Citigroup was the sale arranger.

UPS, one of the world’s leading package delivery companies, bought the stake when Sinotrans went public in February 2003.

The two companies parted ways in 2005 when UPS paid USD 100 million to buy Sinotrans’ 50 per cent stake in their venture after Beijing opened the market to foreign firms under its World Trade Organisation accession commitments.

Sinotrans also has a venture with Deutsche Post, the parent company of DHL, which raised its stake in the mainland firm to 13.3 per cent from 11.3 per cent in December 2005.

The company formed an express airline joint venture this year with Korean Air Lines, the world’s largest international air cargo carrier, to tap the mainland’s growing exports.

Sinotrans, the listed flagship of state-owned China National Foreign Trade Transportation (Group), saw its net profit drop 28 per cent to 618.8 million yuan last year due to declining freight rates.

Shares of Sinotrans fell 3.81 per cent yesterday, closing at HKD 3.79. The stock had surged 22 per cent over the past three months on speculation its parent would inject more assets into the firm and eventually list the entire group.

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Precision Conversions Receives 757-200PCF Order from DHL

Posted by | Jun 28, 2007 | |

Precision Conversions, LLC (Precision) is pleased to announce that the company has received an award to provide DHL with their first full 15-pallet position 757-200PCF. The Rolls-Royce powered, ex-VIM Airlines aircraft (MSN 27598) will commence modification at the Flightstar Aircraft Services facility in Jacksonville, Florida this week and will be re-delivered in October, 2007. The aircraft is owned by DHL’s European Air Transport, but is expected to be operated by Blue Dart Aviation based in Chennai, India.

DHL’s Airline Director, Gordon Olafson, said that, “The Precision Conversions 757-200PCF, with its weight enhancements, is the right product at the right time to support our expanding global operations, especially in India.”

Precision Conversions has re-delivered 12 conversions to date and currently has 2 aircraft in work. The company holds 6 firm orders and contracts on more than 47 options for its 757-200PCF conversion.

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