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Ancora Holdings and ISS proxy advisors support each other in the fight against Forward Air
Institutional Shareholder Services has lent their support to Ancora Holdings in its campaign to remove three long-serving Forward Air directors. The proxy advisory firm has urged investors to refrain from voting on the reappointment of the trio. Ancora's activist investor campaign, which has lasted for nearly a year, to sell Forward Air, is given a major boost by the recommendation of a report issued by ISS. This will influence how money managers, such as BlackRock, Vanguard, and others, vote at Forward Air’s annual shareholder meeting on June 11. The ISS report reviewed by Sunday comes less than a month after Ancora (which owns approximately 4% of Forward Air) launched a campaign to "withhold votes" to force Chairman George Mayes out and two other for their roles in a unpopular acquisition and accelerate a sales. This month, eleven directors will be voting. ISS advised shareholders to vote for the other nominees of the company and not Mayes (Javier Polit) and Tucker (Laurie). A company policy may require a director's resignation if he or she receives less than 50% support from shareholders in a vote. Forward Air's representative did not respond immediately to a comment request. Ancora targets the trio because they supported Forward Air's purchase of Omni Logistics by Forward Air in January 2024. This acquisition was made without shareholder consent. The ISS report stated that "in light of the urgent need for a well run strategic review process coupled with governance failures relating to the value-destructive Omni purchase, there is a strong case for change." Withholding votes "should send a clear message to the board about the expectations of shareholders for a timely and thorough process". Ancora, Irenic Capital, and Alta Fox Capital Management investors have all urged Forward Air conduct a review of its strategic direction and to consider selling to a strategic buyer. The freight forwarder announced in January 2025 that it would be conducting a strategic review. In a joint statement, Ancora CEO Fred DiSanto, and Ancora Alternatives president James Chadwick stated that the ISS report should "serve as a warning to the Board" about the importance of completing a thorough yet expeditious process to maximize the value of a sale to any one or more interested parties in acquiring Forward Air. Forward Air's stock price has fallen from $121 at the end of 2021, to $16.78 today, largely due to the Omni purchase bringing with it increased debt and no promised cost savings, as well as investor loss of confidence. (Reporting and editing by Christopher Cushing; Svea Herbst Bayliss)
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Air India is in negotiations for a major new narrow-body aircraft order, according to sources
Air India, a Tata Group company, is in negotiations with Airbus or Boeing to place a large order for new aircraft, including 200 additional single-aisle jets. This deal will be a massive one in 2023, as the former national carrier pursues an ambitious multi-billion dollar revamp. Two sources told us that the order discussions could include hundreds of aircraft in various sizes. They said this was an expansion of previously reported discussions about a new batch of large wide body aircraft. Air India, Boeing, and Airbus have all declined to comment. As global airline chiefs gathered for a summit on the fastest-growing aviation industry in the world, Narendra Modi, Indian Prime Minister, was scheduled to address them on Monday. Air India ordered 470 aircraft from both suppliers by 2023, a record order. It also purchased another 100 Airbus planes in the same year. The simultaneous orders for two planes come at a moment when aircraft manufacturers are scrambling to resolve supply chain problems, which have led to delays in aircraft deliveries and an upcoming jet shortage. Air India needs new planes to regain market share that has been lost due to rivals. The airline, owned by the government for years, is embarking on an ambitious modernisation program to reclaim this market share. It was not immediately known how many narrowbody jets were included in the new order, but two sources said that it would be hundreds. Another source stated that it would include 200 narrow-body aircrafts which are the backbone of the aviation fleets around the world. Reporting by Tim Hepher; Editing by Elaine Hardcastle, Sophie Walker and Aditi Singh.
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IATA anticipates that sustainable aviation fuel production will double by 2025
The International Air Transport Association announced on Sunday that it expects sustainable aviation fuel production to double by 2025, reaching 2 million tonnes. This represents 0.7% of airline fuel consumption. IATA, a powerful industry group, has warned that airlines may struggle to achieve their sustainability goals and described the production rate of SAF (which is more expensive than conventional Jet Fuel) as disappointingly slow. Willie Walsh, Director general of IATA, said that although the increase in production was encouraging it would add $4.4 billion to the global aviation fuel bill. Walsh stated in a press release that "the pace of progress must accelerate" in terms of ramping up production, and improving efficiencies in order to reduce costs. In 2021, the aviation industry as a whole agreed to aim for net-zero emission in 2050. This was based on a gradual shift to SAF (which is made of waste oil and biomass). The airlines are in conflict with the energy companies about SAF shortages, and also point fingers at Airbus and Boeing for delays delivering fuel-efficient aircraft. (Reporting and editing by Elaine Hardcastle, Sophie Walker, and Lisa Barrington from Seoul)
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IndiGo to expand network with Virgin Atlantic, Air France-KLM and Delta deals
The airlines announced on Sunday that IndiGo, India's largest carrier, had reached an agreement with Air France KLM, Virgin Atlantic, and Delta in order to expand long-haul flights to North America, Europe, and Britain. IndiGo is expanding internationally and has a large domestic network within India, which is the third largest air passenger market in the world. IndiGo, once the partnership is completed, will be able sell flights operated by partners outside of India under its name, as well as select flights from Amsterdam or Manchester to Europe and North America. IndiGo is hosting the International Air Transport Association (IATA) Annual Meeting in New Delhi starting Sunday. It already has relationships with Air France-KLM, Virgin Atlantic and Delta, while its Delta partnership is a new one. Since the pandemic, Delta Airlines has not flown into India. Ed Bastian, CEO of Delta Airlines, told the media in New Delhi at an airline summit that Delta would resume direct flights from the United States into India within the next two years. A joint statement stated that Delta plans nonstop flights from Atlanta to Delhi, subjected to approval by the government. IndiGo aims to expand its fleet from 400 aircraft today to 600 by 2030. It has been leasing planes to cover the delays in aircraft deliveries and to expand internationally. Norse Atlantic Airways has announced that it will lease six Boeing wide-body 787 jets to the airline by early next year. The Indian aviation regulator announced this week that it will only extend the existing leasing agreement IndiGo has with Turkish Airlines until August. India has publicly criticised the arrangement after Turkey supported Pakistan in the recent conflict between two South Asian neighbours. Reporting by Abhijith, Writing by Lisa Barrington, Editing by Kirby Donovan
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IndiGo to expand network with Virgin Atlantic, Air France-KLM and Delta deals
The airlines announced on Sunday that IndiGo, India's largest airline, had reached an agreement with Air France KLM, Virgin Atlantic, and Delta in order to expand long-haul flights to North America, Europe, and Britain. Indigo is expanding internationally and has a large domestic network. IndiGo, once the partnership has been completed, will be able sell flights operated by partners outside of India under its name. It will also be able offer select flights from Amsterdam and Manchester to Europe and North America. IndiGo's partnership with Delta is new. It already has relationships with Air France-KLM, Virgin Atlantic and Air France. Since the pandemic, Delta Airlines has not flown into India. Ed Bastian, CEO of Delta Airlines, told the media in New Delhi at a summit on airline services that Delta would resume direct flights from the United States into India within the next two years. A joint statement stated that Delta plans nonstop flights from Atlanta to Delhi, subjected to government approval. India has the third largest air passenger market in the world and is expanding its aviation sector rapidly.
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Emirates boss criticises "hand-wringing", over supply chain problems, by planemaker
On Sunday, the head of Dubai's Emirates Airlines, the largest international airline in the world, expressed frustration over persistent aerospace supply problems. He challenged planemakers to accept responsibility for late suppliers. Boeing and Airbus, the two largest plane manufacturers, are behind in delivering new planes by months and even years. This frustrates airlines who want to launch new services and upgrade to fuel-efficient aircraft or introduce new services. Emirates President Tim Clark stated at a press briefing held on the sidelines an airline industry summit, "I'm tired of hearing the finger-pointing about the supply chains: you (manufacturers), are the supply chains." Emirates has ordered 205 Boeing 777X jets that have not been certified by the U.S. Federal Aviation Administration. The 777X is set to begin deliveries in 2026. This is six years late. Clark said that he saw "a glimmer" of hope in the certification of new aircraft, and that Boeing had expressed cautious optimism about its recovery during top-level meetings. Airbus warned airlines last week that it would take another three years to clear up the backlog in supply-chain issues. Clark said that Emirates hasn't yet noticed a change in demand as a consequence of President Donald Trump’s recent tariffs. (Reporting and writing by Tim Hepher, Editing by Kirsten Doovan and Clarence Fernandez).
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Seven killed after bridge collapse, train derailment in Russia's Bryansk region bordering Ukraine
Russian authorities announced early Sunday that at least seven people had died and 30 others were hospitalized after "illegal intervention" caused a collapsed bridge and train derailment in the Bryansk region of Russia, which borders Ukraine. Russian Railways announced on Telegram that the train's locomotive, along with several cars, had derailed due to "the collapse of a span-structure of the road bridge in response to an illegal interference with the operation of transportation." Alexander Bogomaz said that two children, including one in a critical condition, were hospitalized. The state-run Russian news agencies cited medics to report that the driver of the locomotive was among those who died. The Russian ministry for emergency situations announced on Telegram that the main focus of its efforts was to find and rescue victims. Around 180 people were involved in this operation. Baza Telegram, a Russian channel that often publishes news from law enforcement and security sources, claimed, without any evidence, preliminary information had indicated the bridge was destroyed. The Baza report could not be independently verified. Ukraine has not yet commented. Since the beginning of the war, which Russia started more than three year ago, there has been continued cross border shelling, drone attacks, and covert operations from Ukraine in the Bryansk region, Kursk region, and Belgorod region that borders Ukraine. Russian Railways reported that the train was heading from Klimovo towards Moscow. Bogomaz reported that the train collided with a collapsed bridge near a federal highway, in the Vygonichskyi District of the Bryansk Region. The district is located about 100 km (62miles) from the Ukrainian border. U.S. president Donald Trump has urged Moscow to work with Kyiv on an agreement to end the conflict, and Russia proposed a second face-to-face round of talks with Ukrainian officials in Istanbul next week. Ukraine has not yet committed to attend the Monday talks, stating that it must first see Russian proposals. A leading U.S. Senator warned Moscow it will be "hit heavily" by new U.S. Sanctions. (Reporting and editing by Daniel Wallis in Melbourne)
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Hamas insists that Witkoff’s Gaza ceasefire plan must lead to an end to the war
Hamas announced on Saturday that it had responded in kind to a ceasefire offer made by Steve Witkoff, the Middle East envoy for U.S. president Donald Trump. The proposal included a call for an end to war which was previously a redline for Israel. In a press release, the Palestinian group stated that it would release 10 living hostages in exchange for Israel releasing a number Palestinian prisoners. This is in line with Witkoff’s proposal. Hamas' statement continued: "This proposal is aimed at achieving a permanent ceasefire and a complete withdrawal from Gaza Strip. It also aims to ensure that aid reaches our people and families in Gaza Strip." The response was given "after a series of national consultations". Hamas did not make any mention of its desire to amend the proposal in the statement, but an official Palestinian familiar with the discussions said that Hamas requested some changes while responding positively. The office of the Israeli Prime Minister did not respond immediately to a comment request. Israeli media reported that Benjamin Netanyahu had told the families held hostage in Gaza by Israel that Israel accepted the Witkoff deal. The office of the prime minister declined to comment. Previous attempts to restore the ceasefire, which broke down in March, have been stymied by Hamas's deep differences with Israel. Israel demanded that Hamas completely disarm, dismantle itself as a military force and governement and release all 58 of the hostages who are still in Gaza. Hamas rejects the demand that Israel give up its arms and insists on pulling its troops out from Gaza to end the war. Israel's campaign in Gaza was launched in response to Hamas' attack on its southern border in October 2023 that resulted in the death of 1,200 people, and 251 Israelis being taken as hostages in Gaza. Gaza's health officials claim that the subsequent Israeli military operation has resulted in more than 54,000 Palestinian deaths and left Gaza in ruin. (Reporting and editing by Nidal al-Mughrabi, Menna Alaa el-Din)
Ocean shipping firm welcomes China-US tariff reprieve
Hapag-Lloyd, a German container shipping company, welcomed the agreement reached between the United States of America and China on Monday to temporarily reduce reciprocal tariffs. The firm said it expects to benefit from an increase in bookings made by Chinese customers for the United States.
Both sides announced on Monday that the United States would reduce the extra tariffs they imposed in April on Chinese imports to 30%, from 145%. Chinese duties on U.S. imported goods will also fall to 10%, from 125%.
The trade between the two world's largest economies plunged in the middle of the standoff. Container shipping companies such as MSC and Cosco were forced to cancel specific voyages or suspend their regular routes. Some companies considered using smaller vessels.
The reprieve may have sparked a rush in shipments to America, for which some Chinese factories had been preparing, and sent spot prices higher.
The company stated in an email that it expected bookings to rise from China into the U.S., which would help them... enter peak season.
Ocean shipping peak season is usually the period between August and October, when U.S. retail stores stock up for the winter holidays, which are dominated by Thanksgiving, Christmas, and Halloween.
Hapag-Lloyd sailed during the recession, but with plans to reduce the size of ships. This could give the carrier an edge over competitors who have slashed sailings if customers rush goods in during the 90-day respite.
Hapag-Lloyd stated that they had originally planned to use smaller vessels for transports between China and the U.S. Coasts, but this may change if demand is high.
Maersk CEO Vincent Clerc announced on Thursday that the Danish company had transferred 20% of its capacity from the China-US route to other routes in just two weeks.
Clerc stated that Maersk would be able to switch this back as soon as the customers request it.
Peter Sand, a chief analyst with pricing platform Xeneta, stated that the average transit time for Transpacific trade was 22 days. Customers will therefore take advantage of the 90-day window to send as many goods into the United States as possible.
This will increase freight rates. Reporting by Rachel More and Lisa Baertlein, both in Berlin; Additional reporting by Jacob GronholtPedersen. Editing by Matthias Williams and Bill Berkrot.
(source: Reuters)