Bosnia and Herzegovina Freight Forwarding Services
Air, Sea & Road Freight Between Bosnia and Herzegovina and the UK

TAP Air Portugal eyes cargo demand for Orlando flight

TAP Air Portugal and sales agent America Cargo GSA are hoping that the airline's new direct flight to Orlando will prove valuable for their cargo customers. The service is due to launch on 29 October and is the only direct connection between Lisbon and Orlando. The service will operate three times per week using an Airbus A330 aircraft. Flights will depart on Monday, Thursday and Sunday and the service will offer between 45 and 60 tons of capacity each week. One of the main selling points of the service is the two-hour time saving it offers comapred with non-direct flights. "TAP Air Portugal is making history this winter by becoming the first airline ever to offer a direct connection between Orlando, home to leading American aerospace, tech and industrial manufacturers, and Lisbon, a well-situated, less crowded gateway into Europe and an excellent bridge to South America," said Jean Ceccaldi, chief executive of ECS Group. "TAP's new service shaves hours off existing two-leg connections and is therefore a highly attractive alternative, particularly for shippers of high-value, time-sensitive goods such as aerospace parts, electronics, medical technology and industrial machinery, alongside other specialised exports such as seafood and vegetables. "America Cargo GSA is working in close collaboration with major forwarders and reports keen interest in TAP Air Portugal's latest routing." Rúben da Silva Jorge, head of sales North America at TAP Air Cargo, added: "Market feedback has been extremely encouraging. Customers have responded positively to the new non-stop service, and we are optimistic about developing Orlando as both a strong local market and an important gateway within our network. "Together with our GSSA partner, America Cargo GSA, we look forward to serving our freight forwarding customers." The new service launch comes shortly after the Portuguese government selected Lufthansa's bid for a stake in TAP Air Portugal ahead of the Air France-KLM Group. The deal will allow Lufthansa Cargo to expand its offering between Europe and South America - in particular Brazil - and Africa from TAP's Lisbon and Porto hubs. Meanwhile, TAP will gain access to Lufthansa's strong network heading east and its fleet of freighters, allowing it to expand the types of cargo it can carry.

Dover named as CAA's legislative affairs MD

The Cargo Airline Association (CAA) has named Josh Dover as its new managing director of legislative affairs. Washington DC-based CAA promotes and advocates for the air cargo industry and serves to support and encourage policy that ensures the safety, security, efficiency and resiliency of the sector. Dover joined CAA from Avis Budget Group, where he acted as vice president of government affairs. Prior to that, for eight years he was director of government affairs at JetBlue Airways, while he began his career as a legislative aide on Capitol Hill. In his new role, Dover will head CAA's legislative and government affairs efforts, representing the interests of the US air cargo industry before Congress, the presidential administration and federal agencies. CAA president Lauren Beyer said that Dover brings aviation industry experience and relationships across Washington to the association.

Investors bid up 'golden goose' DSV - bar set high for Kuehne

DSV's third-quarter (Q3 26) update out today unequivocally proves that the Danes are the freight forwarding benchmark where it matters, making top dollar in air and sea. Enjoying a Q3 conversion rate (CR: Ebit/gross profit = 45.8%) at its highest level since the start of the Schenker integration, Air & Sea's operating margin was equally outstanding, reaching... (Click to expand the table below and all others) ... 9.4% in the three months to the end of September. For comparable purposes, look backwards from Q3 24, full focus on core Air & Sea operations, just as the Schenker deal was secured... through Q4 24 and then Q1 25 - that's the last quarter without 100% of Schenker (deal closed on 30 Apr '25). The CR read, respectively: 50.5% (Q3 24); 48.3% (Q4 24); and 46.3% at last reading in the first quarter of 2025, right before two months worth of Schenker business was partly consolidated in Q2 25. Ebit margin over those three quarters rose sequentially quarter on quarter from 10.8% to 11.3% in Q4 24, and then dropped to 10% as the first Schenker hit was taken. We are at 9.4% now, getting to over 10% soon enough too, base case. Indeed. Positive earnings momentum in Q3 this year led to Ebit growth of +18.9% year on year in Q3, driven by a reduced cost base, as DSV points out - thank headcount management in the Air & Sea unit, outperforming the fall in volumes on the downslope. More freight is not necessarily the answer, anyway, to paraphrase CEO Jens Lund's remarks in the call with analysts - but high-yielding freight is, while regarding volumes, expected to plateau, DSV is at an inflection point. That said. Both air and ocean freight yields - as gauged by: gross profit per unit - climbed, yet unlikely summited if recent trends are anything to go by, reaching Dkr8,936 ($1,341.8) and Dkr4,142 ($622), respectively, their top readings since Schenker started being consolidated. Both readings are a bit soft compared to ex-Schenker data from Q3 25 (more here: pages 8 & 9, drawing from Q3 25 results), yet they were definitely satisfactory. Equally solid was the performance in Contract Logistics, with Q3 26 Ebit soaring +50% year on year - there are some adjustments to be made there as well as in Air & Sea, but all good. Looking forward, also bear in mind the contract logistics market is expected to grow at mid-single-digit rates, DSV's crystal ball says. As flagged by DeskOne earlier today, reinstating stock buybacks* is a small step in the right direction (also recall DeskOne's 8 October take: 'Investors scream: BRING BACK THE BUYBACKS'). (*However small in size, only $225m, the authorisation was welcome, and needed... given "obligations for share options", DSV CFO told the analysts; share count will marginally shrink, about 1%, starting today to 1 Feb 27.) 'Golden goose' DSV in sub-Dkr1,200/share value territory, as we argued a week ago, in early trade delivered +9% capital appreciation on the stock market today, trading as high as Dkr1,300 from around Dkr1,150 last week. +13% or so: not a bad Premium call, after all, it seemed at that point in time, with 12-month trailing (diluted and adjusted earnings per share) just above Dkr56. Then Master Lund decided to lead the show, and the stock traded as high as Dkr1.363.5, +13.5%. Which leads us to two considerations: the Dkr1,301 (early-trade) level highlighted below... ... is bang in line with the pre-hammering level of exactly a month ago; then, thanks to that and additional daily gains, DSV has recouped nearly $5.8bn of lost value in just a few hours - as much as CH Robinson valued RXO at takeover enterprise value, just saying. (By comparison: 'Dead wood' at Sfr230/share Kuehne + Nagel: +0.2% in early trade then in negative territory, -0.2% at last check, just what it deserves at the moment, given its rich trading multiples... while new US leadership caught our attention overnight ahead of DSV's release.) Also worth noting: DSV's net leverage is still high but free cash flow looks good, implying the group's share repurchase programme is conservative in size. To the bad news now. Volumes in air and sea were just ok-ish (more here: pages 7 & 8), almost unsatisfactory. On top of that, DSV assumes the addressable global air and sea freight markets will grow "around mid-single digits" this year, while in the current quarter (Q4 26), it predicts volume growth for Air & Sea "below the market and with slightly lower average gross profit yields compared to Q3 2026". Elsewhere where it remains troubled - the asset-heavy road business sucks: coveted synergies delayed to next year, as widely expected - it also expects "flat to low-single-digit growth for the road freight market for the remainder of the year". What else not to like? Total workforce is on its way up for the first time sequentially by nearly 1,200 (FTE) heads to 148,405 versus 159,490 (73,402 pre-Schenker deal) since the same quarter last year. But that may end up being a blessing in disguise if business with the hyperscalers keeps rolling in. There are signs it will, based on Lund's thoughtful remarks. Still, please bear with the bear: 2027-2030 tech/AI/whatever-related synergies are not worth the paper they are written on, although there's faith in those targets. DSV also narrowed its full-year Ebit guidance, yet the Dkr24.5bn mid-point is unchanged. Bernstein today - noting DSV is "capable of repurchasing c.Dkr6bn [stock] per quarter once it hits run-rate earnings power with a balance sheet at target leverage (<2x, we expect trends to c.1.5x)" - painted a neat picture of a business that is still healing, where Road will get better soon, if you trust management. Today's update was, overall, a good exercise aimed at building confidence, restoring trust in a 0.5%-yielding stock that anyway, lest you forget, still trades just +8% higher than at closing on Lund's Day One as group CEO, 1 Feb 2024. Classic relief rally, for now, but one that was very much needed.