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GXO Logistics - it's all about margins, stupid!

Three months after a beat-and-hold quarter tested the market's patience, GXO delivered what it called its fastest organic growth in more than three years, largely finished integrating Wincanton and stepped up buybacks. Premium y'day wondered ahead of trade: 'Where is the joy?' - well, the shares rose 9.5% on the day of the call, even though: the margin step-up is still ahead: start-up costs and investment kept adjusted Ebitda margin at 7%, below last year's 7.4%; and the fourth ...

Labour protests in Bangladesh garment sector threaten export deadlines

Bangladesh's garment shippers face missed sailings and mounting pressure on delivery schedules as labour protests halt production and disrupt cargo movements to Chittagong port. Production was suspended at around 690 garment factories today, according to the latest information from Bangladesh, while roadblocks hampered the movement of export cargo from Dhaka factories to the port. The disruption threatens shipment schedules on two fronts: factories may struggle to complete orders on time; and finished garments face delays reaching their booked vessels. For forwarders, prolonged unrest could mean rearranging collections and bookings as cargo readiness dates slip. Shipments missing sailing cut-offs could face longer delays, while buyers seeking to protect delivery deadlines may have to consider more-expensive airfreight. However, there was no confirmed estimate of cargo delays, missed sailings, or additional demand for air transport as yet. Workers continued demonstrations on Monday in Dhaka's Mirpur area, Ashulia, Gazipur, and Tongi, demanding a new minimum wage and improved working conditions. Police and Border Guard Bangladesh personnel were deployed, with clashes reported with protesters. Factory owners have threatened indefinite closures if the protests continue, raising the prospect of further disruption to production and exports. Fazlee Shamim Ehsan, president of the Bangladesh Knitwear Manufacturers and Exporters Association, said the unrest was already affecting overseas trade, and added: "Moreover, the ongoing labour movement is hampering production and exports. Buyers are worried." He warned that the disruption coincided with uncertainty already present in Bangladesh's largest apparel market. "Our largest market, Europe, is going through severe instability. As a result, European buyers will obviously purchase less now then in the past." Gazipur Industrial Police superintendent Amjad Hossain said more than 150 factories in his area had closed today because of the protests, and the nationwide closure figure rose during the day, the latest tally putting suspended production at around 690 factories. At least 500 factories had closed on Sunday amid fears of vandalism. The government had formed a new wage board yesterday, headed by a district judge and included representatives of factory owners and workers, to determine a new minimum wage. Workers are seeking a minimum monthly wage of Tk30,000, approximately $250. Their other demands include food rationing in garment factories, implementation of trade union rights, a judicial investigation into workers' deaths, and an end to unjustified lay-offs. The formation of the board brought no immediate end to the demonstrations, with roadblocks and factory closures forming. For garment buyers and their logistics providers, the immediate uncertainty is when factories can resume production and whether completed orders can reach the port in time. Any extended shutdown would leave less room to recover lost production and transport time before contractual delivery deadlines.

PACTL gains Cargo iQ Certification

Shanghai Pudong International Airport Cargo Terminal Co., Ltd. (PACTL) has become the first air cargo terminal operator from the Chinese mainland to achieve Cargo iQ Certification. PACTL, together with its subsidiary PACTL WEST, has successfully completed the Cargo iQ audit process and the resulting certification recognises the implementation of Cargo iQ's quality standards for ground handling operations at both facilities. Cargo iQ, an industry initiative supported by IATA, promotes common quality standards and performance measurements across the air cargo supply chain. Its framework focuses on defining and monitoring key shipment milestones, helping industry participants improve process transparency, data quality and operational performance. PACTL, which became a member of Cargo iQ in June last year, said the certification marks an important step in its ongoing efforts to strengthen shipment visibility, support consistent performance measurement and enhance service quality through data-driven management. Working closely with IATA, PACTL integrated Cargo iQ requirements into its operational processes and established a dedicated database for daily data analysis and performance monitoring. These efforts complement wider digital initiatives, including Easy Cargo 2.0, Hermes 5 upgrade and ONE Record pilots, which support the continued development of connected data exchange and digital cargo handling processes. "Achieving Cargo iQ certification reflects our commitment to operational quality through consistent processes, data-driven management and continuous improvement," said Carsten Hernig, deputy general manager of PACTL. "It represents the collective efforts of our colleagues at PACTL and PACTL WEST and provides a foundation for further strengthening operational transparency and service quality for our airline customers and logistics partners." "Congratulations to PACTL for its swift and rigorous implementation. Achieving this milestone reflects strong leadership and a clear commitment to quality standards and operational excellence in ground handling," added Marie Seco-Köppen, executive director of Cargo iQ. "PACTL's active engagement within Cargo iQ demonstrates how collaboration drives continuous improvement and ensures regional perspectives are and will be reflected in the evolution of our global standard." Following the certification, PACTL said it will continue to strengthen its quality management practices through performance monitoring, digital innovation and collaboration with industry partners, supporting the ongoing improvement of its cargo handling operations. PACTL operates operates three terminals at Shanghai Pudong International Airport and one terminal at Shanghai Hongqiao International Airport. The company's shareholders include SAA Logistics Development Co., Ltd. (51%), Lufthansa Cargo AG (29%), and JHJ Logistics Management Co., Ltd. (20%).