Forwarder and logistics services provider Topocean Group-Singapore has recently signed a Memorandum of Agreement with Swift Global Logistics to become an authorised sales agent of its Sea Air Model (SAM), Swift's multimodal combined transport service.
"With inflation rates hitting all-time high, businesses are required to look for an efficient multimodal combined transport that offers a cost-effective way to move cargo and SAM answers this concern," said Topocean Group-Singapore chief executive Thomas Sim.
Swift Global Logistics is a subsidiary of Swift Freight International, a Dubai-based freight logistics solutions provider that initiated SAM. SAM moves goods from the Far East to various destinations in Africa via transhipment in Dubai, a statement from the Swift group said.
Said Swift's Far East regional director Behram Baluch: "Now that Topocean Group-Singapore is part of the roster that is authorised to sell SAM, we are confident that a wider coverage of significant clientele is ensured. We are hoping that this would be the catalyst to encourage more to become an authorised SAM sales agent."
Profits to be hit by rocketing fuel prices, Cathay warns investors
CATHAY Pacific expects disappointing results in 2008 because of rocketing fuel costs, warned Hong Kong's biggest airline.
"Cathay Pacific's financial performance is being materially and adversely affected by the high price of jet fuel, with the average price paid by Cathay Pacific in the first half of 2008 60 per cent above that paid in the first half of 2007," said the Cathay statement.
"The financial results of Cathay Pacific Airways Ltd for 2008, including those for the first half, are expected to be disappointing," the airline said, warning investors to treat the stock with care.
"The most recent spot price for jet fuel is 93 per cent higher than the average price paid by Cathay Pacific in 2007. In view of the volatility of the jet fuel price and the limited and uncertain extent to which this rapidly rising cost can be offset by fuel surcharges, it is not possible to estimate accurately the effect of high jet fuel prices on the 2008 financial results," the airline said.
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