Earnings at United Parcel Service dropped 19 per cent in the third quarter, hurt by the slowing US economy and the shutdown of its air operations during the week of the September11 terrorist attacks
Read MoreUPS is to pour more than US$100m (E117m) into expanding its Cologne hub, despite protests from environmentalists.
The US integrator will start construction at Konrad Adenauer airport in the third
quarter of next year, with completion expected in 2005.
A UPS spokesman said: ‘The building is being expanded to position us for the future. We are more than doubling the sort capacity from 60,000 to 135,000 packages an hour.”
United Parcel Service’s (UPS) less-than-container-load service for Asia-US shipments Gemini Shippers Association – ceased operating at the end of last month, according to spokesmen. (10/15/2001)
Read MoreEuropean all-cargo carriers will keep a close watch on the Dollars 500m compensation fund available to their US counterparts in the wake of the terrorists attacks on New York and Washington.
Mixed with sympathy for their US colleagues is the privately expressed fear that Congressional funds will bolster a weakened US all-cargo industry while European airlines receive nothing from Brussels.
‘We are keeping a low profile at the moment,’ said one European air freight industry observer who asked not to be named. ‘This is a sensitive time and we don’t want to be labelled anti-American. It would not help matters.
Read MoreUnited Parcel Service Inc. has cut its third-quarter earnings estimates because of a sharp drop in shipping activity immediately after the Sept. 11 attacks on the World Trade Center and Pentagon. UPS said in a statement it now expects to earn 45 to 48 cents per share, down from earlier, reduced guidance of 52 to 55 cents per share. The company had already lowered earnings expectations in July.
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