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Loss-making Toll Group sells hard assets to rein in cash

Here comes our usual pay-to-play (A$52 per file!), mid-summer update regarding Toll Group after the Australian 3PL lodged its annual results (to the end of March) with the Australian Securities and Investments Commission a couple of weeks ago. The good news? Well, pass. Or? Delve into the financials and "assets held for sale" on the left side of the balance sheet provide some relief. The bad news? Rising interest payments to serve (rising) debt obligations was a major highlight, unfortunately. More broadly, the financial picture doesn't ...

Industry stalwart Krems to retire as United Cargo president

United Cargo president Jan Krems will retire from the role at the end of September to be replaced by Chris Busch. Industry stalwart Krems has worked in aviation and cargo for more than four decades and has been president of cargo at United Airlines for more than 12 years. Prior to his role at United, Krems spent around 20 years in various roles at KLM and Air France KLM Martinair, including vice president for the Americas region. In a note to industry colleagues, Krems said he had been proud of what the United Cargo team had achieved during his time at the company. "We strengthened United Cargo's commercial performance, expanded our global reach, advanced innovation, and deepened our commitment to customers around the world. "During the Covid pandemic, we were the first carrier to operate cargo-only flights on passenger aircraft and flew over 17,000 cargo-only flights that helped United endure during an unprecedented time in history. "We have positioned United Cargo as a leader in the industry, with revenue performance two times our nearest US competitor. "I want to sincerely express my thanks for all that we have shared over the years. I could not have had this incredible career in air cargo without your partnership, support, and friendship." In 2025, Krems was inducted into the TIACA Hall of Fame as he was recognised for his "outstanding leadership", "unwavering focus" on the customer experience, and "continuous drive for innovation". "Under his direction, United Cargo has emerged as the largest U.S. combination carrier by air cargo volume -- a testament to his strategic vision and relentless pursuit of excellence," TIACA said. Meanwhile, Busch is currently vice president at United Cargo - a role he has held for the past seven years. He joined United Cargo in 2007 and has held roles covering operations and revenue management before taking on the vice president role in 2019. In his new role, Busch will lead United Cargo's global organisation, overseeing sales and marketing, revenue management, customer service, operational performance, product development and technology initiatives worldwide. "Chris is a highly regarded leader with deep knowledge of our business, strong industry relationships, and a proven track record of delivering results," said Krems. "Over the past 19 years at United, he has led commercial growth across the Americas region while helping strengthen operational performance and customer partnerships. "I am confident that Chris is the right leader to build on the strong foundation we have created and that he will successfully guide United Cargo through its next chapter."

Rush to get cargo out of China keeps transpac peak going, says Freightos

Transpacific container shipping rates remain high after the unusually early start to peak season, with tariff uncertainty and a rush to move cargo out of China helping sustain demand. Judah Levine, head of research at Freightos, told The Loadstar Podcast that transpacific rates had risen by around $4,000 per 40ft since late May, reaching approximately $7,600 to the US west coast and $9,000 to the east coast. "That's early for peak season," Mr Levine said, noting that rates had begun climbing in late May and accelerated in early June. He attributed the initial increase partly to external factors following the outbreak of war, including higher bunker costs after the closure of the Strait of Hormuz, but said demand had subsequently become the dominant driver. "Some of the timing of those demand swings are triggered by external events, and we have some supply issues thrown in for good measure," he explained. A key factor on the transpacific has been tariff-related front-loading, said Mr Levine, pointing to the deadline for the US Section 122 tariff regime, under which a 10% global tariff was due to expire at the end of July, prompting importers to bring forward shipments amid fears of higher duties. He noted that the subsequent replacement tariffs had largely maintained the same duty level, potentially encouraging shippers to continue ordering while uncertainty persists over further tariff changes and ongoing Section 301 investigations. And the transpacific had proved more resilient than expected, he added, US west coast rates dipped by around $1,000 before rebounding, while east coast rates had remained close to their peak. Mr Levine said US ocean import projections from the National Retail Federation suggested September volumes could remain broadly level with August before declining in October. That could mean peak-season conditions persist into early September. "In terms of bookings, in terms of spot rates, that would mean we're probably still in that peak," he said. Container Trades Statistics CEO Nigel Pusey told The Loadstar that H1 volume data supported the view that tariff concerns had triggered a significant rush of cargo, particularly from China. Transpacific volumes ex-Far East fell 3% in Q1 but rebounded 11% in Q2 - the first quarterly growth in the trade for at least six quarters. Mr Pusey explained that the increase was concentrated in April and May, with June broadly flat. Greater China-US volumes were down 12% in Q1, but surged 22% in Q2. "Interestingly enough, if you dig slightly deeper, it was all in April and May, because June was pretty flat. But when you drill down underneath that, what's probably more interesting is that Greater China to the US - not Canada and Mexico - was down 12% in the first quarter, but up a massive 22% in Q2. So that just shows you how whatever was going on, there was a big rush to get cargo out of China." He said restocking had been taking place for more than a year amid tariff concerns, but the scale of the latest increase was more notable. "And just to reflect that, the price index is up 42% for the whole of North America for the first six months, just off the basis of those two boom months," he added. Mr Levine highlighted that supply disruption was also supporting rates, with congestion following successive typhoons in the Far East affecting ports including Shanghai and Shenzhen.