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Cargojet's Q2 revenues and profits rise while pilot deal reached

Freighter operator Cargojet saw both its revenues and profits grow in the second quarter of the year as higher fuel prices, contractual price increases and new charter opportunities affected performance. The company saw second-quarter revenues increase 15.8% year on year to C$275.8M, adjusted ebitda was up 8.9% to C$87.3m and net earnings reached C$7m compared with a C$3.2m loss a year earlier. The increase in revenues was driven by a 45.9% increase in fuel costs year on year, which are passed through to customers through a fuel charge mechanism, albeit with a small time lag. Looking at divisional performance, the second-quarter revenue improvement was led by its all-in charter business, which registered an increase of 37.4% on last year to C$57.4m. "The increase in [charter] revenue was primarily due to new charter opportunities, partially offset by the reductions in year-over-year frequency of scheduled charter services between China and Canada," the company said. It also supported a customer, which previously operated MD-11F aircraft, which were last year temporarily grounded following the fatal UPS accident. Domestic network revenues for the period, meanwhile, increased by 8.1% on last year to C$110.6m as a result of consumer price index increases for contractual customers and higher fuel prices. Meanwhile, ACMI revenues for the quarter fell 12.6% against last year to $54.6m, a decrease primarily driven by redeployment of aircraft from long-distance routes of Asia and Europe to certain South American routes. "Our strong second quarter results reflect the resilience of our business model, the strength of our longterm customer partnerships, and our team's disciplined execution", said Pauline Dhillon, chief executive. "Our One Fleet strategy continues to differentiate Cargojet by enabling us to dynamically deploy our assets to the highest-return opportunities while improving fleet and flight-level asset utilisation. "Combined with our focus on revenue quality, disciplined cost management and operational excellence, we delivered another strong quarter while maintaining our industry-leading 99.2% on-time performance." The company also benefited from a new service from Liège to Tel Aviv, following the launch of operations to Liege last year. Meanwhile, the airline also confirmed it had reached an agreement with the Air Line Pilots Association (ALPA) on a new deal. Pilots will get a wage increase of 26%, followed by annual increases of 5% over each of the subsequent four years through June 30, 2031. Meanwhile, pilots will move from a baseline of 15 working days per month to 16 and the deal continues to inclued a no-strike, no-lockout provision.

Sinolines and Antong combination a formidable rival for forwarders in Asia

Freight forwarders could face a changing competitive landscape in China and intra-Asia shipping: Sinotrans Container Lines (Sinolines) has moved to take control of Antong Holdings, combining one of China's major domestic container logistics networks with an international liner. On Wednesday, China Merchants Energy Shipping (CMES) informed the Shanghai Stock Exchange that its subsidiary Sinolines now held 14.94% of the shares of Antong, the holding company of Quanzhou Ansheng Shipping, making it the Shanghai-listed company's largest individual shareholder. Together with its affiliates, China Merchants Group holds 24.84% of Antong's shares. In 2020, Antong, founded by the Guo family, came under state control after financial mismanagement resulted in a state-sponsored bailout involving the China Merchants group. A previous attempt by CMES to take over Antong in May 2025 failed, as market conditions shifted. Now Sinolines has proposed an early re-election of Antong's board and amendments to its articles of association. Its nominees, together with those put forward by China Merchants Port, account for more than half of the proposed board. If shareholders approve the proposals and the nominees take office, Sinolines will replace Fujian Zhaohang Logistics Management Partnership as Antong's controlling shareholder, while China Merchants Group will become the ultimate controller. The transaction is expected to unify Sinotrans' international container shipping network and Antong's domestic container and multimodal logistics operations. CMES said the group intended to integrate domestic and international businesses to build an end-to-end logistics network. Antong's core business is container multimodal transport, with a network spanning waterway, road, and rail services. Sinolines, by contrast, is primarily a liner operator focused on intra-Asia services. Sinolines has an owned fleet of 30,553 teu, which could more than double, as Antong owns 53,994 teu. Ship numbers apart, the combination could allow China Merchants to offer a more integrated product and, for shippers that need separate providers for domestic positioning, port handling, and ocean transport, such a model could be attractive. For freight forwarders, this creates a potential new competitor, and one with greater control over the underlying transport assets. The impact is likely to be most pronounced for forwarders handling China-origin cargo, particularly where domestic transport and ocean freight are bundled into a single service. One forwarder told The Loadstar: "Sinotrans' logistics and forwarding activities already compete for some of the same shipper accounts served by independent forwarders. Greater control over Antong could give the group additional tools with which to compete." Another added: "A more integrated operation could potentially offer aggressive end-to-end rates to major shippers. That could put pressure on forwarders whose value proposition is largely based on combining ocean freight with inland transportation." And the effect could extend beyond China. Sinotrans has been expanding its international container network, while Antong has also been exploring ways to link its domestic and international operations. The two complementary asset bases therefore provide a foundation for a broader intra-Asia logistics proposition.

DHL Group: 'Smart industrial growth' at Express is all that matters

In a nutshell: DHL's Express turnaround is being built on a multi-year pivot away from parcels and toward heavier, AI-linked (smart) industrial cargo, data-centre logistics, semiconductors, batteries, backed by a new run of division-by-division investor briefings rather than one company-wide event. The complication: a real chunk of second quarter's (Q2 26) strength came from temporary airfreight capacity tightness that was already easing in the data tracked through the end of July. DHL Express has spent the past several quarters ...