Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

AIRCRAFT CHARTER FIRM BOOKS $25M OF CHARTER FLIGHTS IN 3 WEEKS TO OVERFLY PORT SLOWDOWN

travel-card

Leading aircraft charter specialist, Air Charter Service, has reported that its North American and Asian offices have been extremely busy booking cargo aircraft charters to ease the pressure caused by the port strike on the USA’s west coast, amounting to more than $25 million of business.

Richard Thompson, President of ACS’s US operation

Richard Thompson, President of ACS’s US operation

Richard Thompson, President of ACS’s US operation, explains: “The port strikes here have affected 29 ports on the west coast, which account for around 70% of all exports and imports to and from Asia, and many of these goods aren’t able to wait or production lines will be forced to shut down, costing tens of millions of dollars.

“Since the first week of February we have been busy booking aircraft charters for our clients from Japan and China to the US and Canada. We have flown into California as well as further east to the Midwest in the States and Toronto as well. A lot of charters have also been going the other way, to Japan from the Midwest and a few to Australia too from LAX. So far we have arranged more than 40 large charter flights on aircraft, mainly on Boeing 747 Freighters, carrying almost 5,000 tons of automotive parts, perishables and other urgent cargo.”

Stephen Fernandez, Managing Director of ACS’s Asian offices said: “The main obstacle that we’ve had to overcome is the aircraft availability, which changes from minute to minute. An aircraft that was available five minutes ago is suddenly not available for the next week. Not only that, but the prices that airlines are quoting have tripled due to the demand and the fact that tight schedules often mean that the aircraft cannot wait for the cargo for the return trip. There just haven’t been enough aircraft to cope with demand.”

Stephen Fernandez, Managing Director of ACS

Stephen Fernandez, Managing Director of ACS

He concluded: “To cope with the huge surge in enquiries, we have even had to fly in some of our charter experts from our European offices, to aid the Hong Kong team here. As to how long demand will last: this will depend on how long it takes for the backlog of cargo, on both sides of the Pacific, to be cleared, now that the strike has finally come to an end.”

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post