I Bytes Travel & Transportation industry

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I-Bytes
Travel & Transportation
December Edition 2020
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Table of Contents
1. Financial, M & A Updates....................................................................................................................................1
2. Solution Updates..................................................................................................................................................19
3. Rewards and Recognition Updates....................................................................................................................33
4. Customer Success Updates.................................................................................................................................56
5. Partnership Ecosystem Updates........................................................................................................................61
6. Environmental & Social Updates......................................................................................................................76
7. Miscellaneous Updates........................................................................................................................................84

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Financial, M & A Updates
Travel & Transportation Industry

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Financial, M&A Updates
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Elizabeth River Crossings acquisition marks Abertis’ (Spain) breakthrough into
US
Abertis, a global leader in toll road concessions, and Manulife Investment Management have signed
an agreement with Macquarie Infrastructure Partners II, a fund managed by Macquarie Infrastructure
and Real Assets, and a subsidiary of Skanska AB, for the acquisition of the 100% stake in the
Elizabeth River Crossings concession, located in the Hampton Roads region (Virginia, United States).
The acquisition will be carried out through a consortium in which Abertis will hold a maximum of
68%, which may be reduced to a minimum of 51%. The sale agreement, closed for a total equity
amount of ca. €1bn, is subject to regulatory and other closing conditions and the parties are working
expeditiously toward closing. Manulife Investment Management, a long-term institutional
infrastructure investor, reached the agreement on behalf of John Hancock Life Insurance Company.
John Hancock is a US subsidiary of Manulife and is the consortium member with Abertis. The new
financial policy of Abertis announced this week has provided, amongst others, the required financial
flexibility for this deal. Abertis will finance the deal with a combination of committed bank facilities
and cash. The acquisition of this new asset in Virginia is a further important step in Abertis’ growth
strategy in the key target market of the United States, one of the most important markets for
infrastructure investment in the world. It also represents Abertis’ second major acquisition in less than
a year, following the purchase in June of the control of RCO in Mexico for ca. €5bn, demonstrating
the ability of Abertis to effectively manage its concession portfolio, replacing concessions that are
nearing end with new assets with strong future prospects.
Executive Commentary
Abertis’ CEO expressed his satisfaction with this announcement and said: “This acquisition is a
further step in the ambitious growth strategy of the Abertis Group, with the acquisition of a solid
platform in the United States, a country that offers a strong commitment to public-private
partnerships and to the concession framework. We are also very happy to initiate a new
partnership with John Hancock. The deal has been possible thanks to the active support of our
shareholders, Atlantia, ACS and Hochtief”.
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Abertis (Spain) successfully issues €1.25Bn hybrid bonds
Abertis Infraestructuras successfully sold €1.25Bn hybrid bonds. This new issuance, that has been sold among international
qualified investors, has a perpetual maturity and a 3.25% interest rate. It is Abertis' first issue of hybrid debt instruments. The funds
will be used to refinance existing debt maturities. This issue is part of the new financial policy recently announced by the company,
which includes a program to issue hybrid bonds in the medium term for a total of €2Bn. This new financial policy is designed to
provide additional headroom for Abertis to protect current rating levels and continue the process of growing the perimeter of the
company, with deals such as the recent acquisition of Elizabeth River Crossings (United States). This is Abertis Infraestructuras'
third issue in the capital markets and the Group's fifth this year. Abertis Infraestructuras issued a €900 Mn 9-year bond last June and
a €600 Mn 8-year bond in February. In total, the Abertis Group has carried out refinancing deals for €3.95Bn in 2020. Abertis
Infraestructuras has a solid liquidity position of more than €5 Bn and does not have significant debt maturities until 2023. Abertis
has also announced a repurchase offer for a maximum of €1Bn of bonds issued by the company maturing between 2024 and 2027.
The period of acceptance rswill be closed on November 23rd.
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AerCap Holdings N.V. (Ireland) Reports Financial Results for the Third
Quarter 2020
• Net loss for the third quarter of 2020, which includes special items, was $850 million, or $6.66 per share.
This compares to net income of $270 million, or earnings per share of $2.01, for the same period in 2019.
• Excluding special items, net income for the third quarter of 2020 was $158 million, or $1.24 per share.
• Special items in the third quarter of 2020 included a non-cash write-down of $973 million of flight
equipment and goodwill, a non-cash charge of $128 million related to mark-to-market on investment, and $43
million of debt extinguishment costs.
Cash Flow Recovery:
• Cash flow from operating activities was $541 million, an increase of 76% from the second quarter of 2020.
• New deferral requests in the third quarter were lower than in the second quarter, with deferral notes
receivable increasing by only $56 million during the third quarter.
Strong Balance Sheet:
• AerCap ended the third quarter with over $11 billion in total sources of liquidity, representing a record next
12 months’ sources-to-uses coverage ratio of 2.9x.
• Adjusted debt/equity ratio of 2.67 to 1, below the company’s target of 2.7x to 1.
• Secured debt-to-total assets ratio of 24%.
• Approximately $26 billion of unencumbered assets, providing a high degree of flexibility.
Attractive Aircraft Fleet:
• AerCap is the world’s largest owner of new technology aircraft, which comprise 62% of the company’s fleet,
compared with approximately 12% of the global in-service passenger fleet as of January 2020.
• AerCap’s average current lease expires in 2028, and only 7% of the company’s aircraft by book value are
scheduled to come off lease through the end of 2022.
Chief Executive Officer of AerCap, said “While the aviation industry continues to face challenges, we are
seeing a steady recovery in air travel and in AerCap’s cash flows from the lows of April. The positive
developments announced yesterday regarding the near-term availability for a Covid-19 vaccine, as well as
the planned roll-out of rapid pre-departure testing, should provide a further boost to the industry.
Throughout this pandemic, AerCap has taken numerous proactive steps to manage through this
environment, including executing over $12 billion of liquidity initiatives, which resulted in the company
ending the quarter with our strongest ever liquidity position. As we look forward, we are confident that there
will be significant attractive opportunities for AerCap to deploy its capital as the recovery continues. We are
seeing an acceleration of the pre-pandemic trend of airlines transitioning into new technology aircraft, of
which AerCap is the largest owner in the world. “We have reviewed each aircraft in our portfolio to ensure
that our assumptions are reflective not only of conditions, but, importantly, of those we believe are likely to
prevail for the remaining useful life of each aircraft. After this comprehensive review of our entire fleet, in
the third quarter we have taken a non-cash impairment charge that is focused primarily on current
technology widebody aircraft.”
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Key Financial Highlights

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Aeroflot Group (Russia) Announces Operating Results for October
2020
• In 10M 2020, Aeroflot Group carried 25.8 million passengers, 50.3% down year-on-year. Aeroflot airline carried 12.7 million passengers, a year-on-year decrease of
59.8%.
• Group and Company RPKs decreased by 55.6% and 63.7% year-on-year, respectively. ASKs decreased by 50.2% year-on-year for the Group and by 56.6% year-on-year
for the Company.
• The passenger load factor decreased by 9.0 p.p. year-on-year to 73.8% for Aeroflot Group and decreased by 13.1 p.p. to 67.1% for Aeroflot airline.
October 2020 Operating Highlights
• In October 2020, Aeroflot Group carried 2.7 million passengers, a year-on-year decrease of 47.1%. Aeroflot airline carried 1.1 million passengers, a year-on-year decrease
of 65.8%.
• Group and Company RPKs were down 58.2% and 72.6% year-on-year, respectively. ASKs decreased by 55.6% for Aeroflot Group and by 68.8% for Aeroflot airline.
• Aeroflot Group’s passenger load factor was 78.0%, representing a 4.7 percentage point decrease versus the same period a year earlier. The passenger load factor at
Aeroflot – Russian Airlines decreased by 9.7 percentage points year-on-year to 70.2%.
Impact of coronavirus pandemic
• In 10M and October 2020, operating results were affected by the dynamics of demand and significant flight restrictions imposed amid the spread of the novel coronavirus
infection. Suspension of scheduled international flights and quarantine restrictions in Russia affected the decline in traffic indicators.
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Aeroflot (Russia) announces 9M 2020 IFRS financial results
• In 9M 2020, Aeroflot Group’s revenue decreased by 55.3% year-on-year to RUB 234,213 million.
• Revenue from scheduled passenger flights decreased by 58.4% year-on-year to RUB 179,355 million, due
to a decrease in passenger traffic as a result of the COVID-19 pandemic.
• Cargo revenue rose by 25.9%, to RUB 17,133 million year-on-year as the Company reoriented some of its
wide-body aircraft to carry cargo and mail in the baggage compartment as well as in the cabin.
• Other revenue decreased by 51.4% year-on-year to RUB 23,505 million.
• In 9M 2020, operating costs decreased by 37.1% to RUB 290,968 million, primarily due to a reduction in
operational volumes (capacities decreased by 49.6% year-on-year), as well as due to the implementation of
measures aimed at reducing fixed and quasi-fixed costs.
• Aircraft fuel costs decreased by 57.4% year-on-year to RUB 62,006 million as flight volumes and flying
time decreased.
• Selling, general and administrative expenses decreased by 32.6% year-on-year to RUB 15,155 million, due
to additional measures to optimise general business, consulting and marketing expenses.
• Other expenses (net) decreased by 75.8% year-on-year to RUB 6,431 million, due to a decrease in expenses
associated with the booking system and flight catering amid lower flight volumes. This item also includes a RUB
7.9 billion subsidy from the Russian government that partially offsets the costs.
• Amortisation and customs tariffs, the largest expense item that is generally independent from operating
volumes, increased by 9.9% year-on-year to RUB 87,935 million, primarily due to revaluation of reserves for
aircraft maintenance required before return to the lessor following the year-on-year appreciation of the US dollar
in 9M 2020.
• As a result of these factors, EBITDA totalled RUB 31,180 million.
PJSC Aeroflot Deputy CEO for Commerce and Finance, said: “In the third quarter of 2020 Aeroflot Group
carried 10.1 million passengers, 9.5 million of whom flew on domestic routes, compared to 1.7 million
passengers in the second quarter 2020, at the height of the lockdown and when flight restrictions were at a
peak. Given the many operational and economic challenges currently facing the aviation sector, our gradual
restoration of passenger traffic, driven primarily by the domestic segment, is being achieved in a financially
prudent manner. Although the loss for the reporting period was to be expected due to the unprecedented
impact of the pandemic and continued suspension of most of our international operations, it is lower on a
quarter-on-quarter basis, at RUB 21.1 billion in the third quarter compared to RUB 35.8 billion in the second
quarter. Though all key business segment posted improved performance in the third quarter, Pobeda’s results
deserve particular attention as virtually the first airline and the only major carrier anywhere in the world to
grow passenger numbers in Q3 2020, with traffic up by 12.0% year-on-year, and the load factor recovering
to 95%. On the back of these strong operational results, the LCC segment delivered robust financial
performance, reporting a net profit in both the third quarter and the first nine months of 2020, thereby
underscoring its strength and the resilience of its business model.”
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Air Canada Reports Third Quarter 2020 Results
• Air Canada recorded a net loss of $685 million or $2.31 per diluted share compared to net income of $636 million
or $2.35 per diluted share in the third quarter of 2019.
• At September 30, 2020, net debt of $4.973 billion increased $2.132 billion from December 31, 2019, reflecting the
impact of net cash used for operating and investing activities in the first nine months of 2020. The unfavourable impact
of a weaker Canadian dollar, at September 30, 2020 compared to December 31, 2019, increased foreign currency
denominated debt (mainly U.S. dollars) by $141 million.
• In the third quarter of 2020, net cash flows used in operating activities of $286 million deteriorated by $1.120
billion from the same quarter in 2019 on lower operating results, reflecting the impact of the COVID-19 pandemic.
• In the third quarter of 2020, net cash used in financing activities amounted to $332 million, an improvement of $33
million from the third quarter of 2019. Net proceeds from debt financings amounted to $1.101 billion. Reduction of
long-term debt and lease liabilities of $1.433 billion in the third quarter of 2020 included lump-sum repayments of
$1.177 billion.
• In the third quarter of 2020, net cash flows used in investing activities of $644 million reflected an increase of $554
million from the third quarter of 2019, mainly due to movements between cash and short and long-term investments.
• In the third quarter of 2020, net cash burn(1) of $818 million (or approximately $9 million per day, on average)
was significantly better than management's net cash burn expectations of between $1.35 billion and $1.6 billion (or
between $15 million and $17 million per day, on average). This was due to a number of factors, including the deferral
of certain capital expenditures, higher cash receipts related to the CEWS program, and additional working capital
benefits resulting from both a deferral of supplier payments into future periods and from income and sales tax recoveries
which had been forecast to occur in later periods.
"The results reflect COVID-19's unprecedented impact on our industry globally and on Air Canada in what has
historically been our most productive and profitable quarter. From the outset, we have made the health and safety
of our customers and employees our chief concern. Our airline has been a leader in introducing progressive layers
of protection, such as our comprehensive suite of biosafety measures, Air Canada CleanCare+, and we continue to
explore new technologies and processes to further assure travellers and regulators. Amongst the various
science-based measures we have been advocating, testing at airports is by far the most significant, as demonstrated
by the McMaster HealthLabs' study of international travellers arriving at Toronto-Pearson. It was reported to be
the largest-ever study of its kind and preliminary results clearly confirm safe alternatives exist to a mandatory
14-day quarantine, which is both stifling demand and frustrating travellers who are willing to be tested," said
President and Chief Executive Officer of Air Canada. In parallel, we acted decisively to implement our COVID-19
Mitigation and Recovery Plan. Since March, we have raised almost $6 billion in additional liquidity, leveraging
what was one of the industry's strongest balance sheets as we entered the pandemic. We took the painful steps of
eliminating 20,000 jobs, after having created 10,000 over the previous five years, and of reversing 10 years of
profitable network expansion by reducing capacity by more than 80 per cent in the third quarter.”
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CSX (USA) To Acquire Pan Am Railways In New England
CSX Corp. announced that it has signed a definitive agreement to acquire New
England’s Pan Am Railways, Inc. (“Pan Am”), whose rail carrier subsidiaries
comprise North America’s largest regional railroad. Headquartered in North
Billerica, Massachusetts, Pan Am owns and operates a highly integrated,
nearly 1,200-mile rail network and has a partial interest in the more than
600-mile Pan Am Southern system. Pan Am’s network across New England
has access to multiple ports and large-scale commodity producers. The
transaction will expand CSX’s reach in Connecticut, New York and
Massachusetts while adding Vermont, New Hampshire and Maine to its
existing 23-state network. The transaction will provide significant benefits to
shippers and local communities as CSX integrates Pan Am into its
best-in-class network. CSX made nearly $1.5 billion in infrastructure capital
expenditures in its network in 2019, supporting economic growth and ensuring
the safety and efficiency of the supply chain.
President and chief executive officer of CSX, said: “In Pan Am, CSX gains
a strong regional rail network in one of the most densely populated markets
in the U.S., creating new efficiencies and market opportunities for
customers as we continue to grow. We intend to bring CSX’s
customer-centric focus and industry-leading operating model to shippers
and industries served by Pan Am. We look forward to integrating Pan Am
into CSX, with substantial benefits to the rail-served industries of the
Northeast, and to working in partnership with connecting railroads to
provide exceptional supply chain solutions to New England and beyond.”
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Lufthansa (Germany) issues convertible bond in the amount of 600 million euros
Deutsche Lufthansa AG successfully placed senior unsecured convertible bonds in
an aggregate principal amount of EUR 600 million. The Bonds have a denomination
of EUR 100,000 per Bond, and a coupon of 2.0 percent per annum. The transaction
was more than 6 times oversubscribed. The Company thereby further strengthens its
liquidity. As of 30 September the Company had EUR 10.1 billion of cash at its
disposal (including stabilization measures in Germany, Switzerland, Austria and
Belgium which have not yet been utilized). Unless previously converted, redeemed
or repurchased and cancelled, the Bonds will be redeemed at their principal amount
on 17 November 2025. Investors also have the possibility to convert the bonds into
new and/or existing no-par value ordinary registered shares of the Company. The
initial conversion price was set at EUR 12.96, representing a conversion premium of
40 percent above the reference share price of EUR 9.2545. The Company has agreed
not to offer any Shares or equity-linked securities within a period of 90 calendar days
after the settlement of the Offering, and not to enter into any transaction having a
similar economic effect, subject to customary exemptions.
“The transaction proves that Lufthansa still has access to attractive financing
despite the Corona pandemic and highlights the trust in Lufthansa as a borrower
and the Group's good international reputation. It is another successful step
towards refinancing existing liabilities and government stabilization measures“,
says Executive Vice President Group Finance Lufthansa Group.
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Lufthansa (Germany) again successful in the capital market
Deutsche Lufthansa AG successfully issued an unsecured Eurobond with a total
volume of 1 billion euros. The bond with a term of 5.5 years was oversubscribed by
about 4 times after successful investor meetings the day before. The bonds with a
denomination of 100,000 euros bear interest of 3.0 percent per year and mature on 29
May 2026. The transaction followed the successful issue of a convertible bond of 600
million euros by Deutsche Lufthansa AG on November 10. Both issues further
strengthen the company's liquidity position. As of September 30, the company had
liquidity of EUR 10.1 billion at its disposal (including the largely unused
stabilization measures in Germany, Switzerland, Austria and Belgium). Deutsche
Lufthansa AG has also decided not to exercise the first call right of its 500 million
euro hybrid bond, which matures on 12 August 2075 and carries 5.125 percent
interest. The right to call the bond can therefore be exercised again on February 12,
2026. Furthermore, the coupon will be reset on February 12, 2021 (to the then
applicable 5-year market interest rate plus a margin of 4.783 percent, as detailed in
the hybrid bond prospectus).
"The great success of both transactions underlines the confidence of the capital
market in our company and our restructuring measures. This allows us to
continue to use a wide variety of advantageous financing instruments. We have
already successfully refinanced the majority of our financial maturities of EUR
3.2 billion in 2021," said Executive Vice President Group Finance of Lufthansa
Group.
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Strong position in E-commerce fuels a successful third quarter for
Deutsche Post DHL Group (Germany)
• Against the backdrop of its successful third-quarter earnings performance, the Group raised its full-year earnings
forecast in October. Deutsche Post DHL Group now expects operating profit to reach between EUR 4.1 and EUR 4.4
billion in 2020. That figure includes non-recurring effects of approximately EUR -610 million.
• In October, the Group raised its forecast for free cash flow in 2020 from around EUR 1.4 billion to more than EUR
1.8 billion and has raised this expectation to more than EUR 2.0 billion. Furthermore, Deutsche Post DHL Group
continues to expect to invest around EUR 2.9 billion for the full year.
• The medium-term earnings guidance updated in July, which projects Group EBIT of between approximately EUR
4.7 billion and more than EUR 5.3 billion in 2022, depending on the shape of the macroeconomic recovery, remains
unchanged.
Free cash flow remains strong while investment activities continue
• In line with earnings, the Group's free cash flow rose to EUR 1.26 billion in the third quarter (2019: EUR 507
million). After the first nine months, free cash flow thus amounts to EUR 1.46 billion (2019: EUR -296 million).
Post & Parcel Germany: Parcel business volumes up by 11.6% thanks to sustained boom in e-commerce
• Revenue in the Post & Parcel Germany division rose by 3.4% year-on-year to more than EUR 3.8 billion.
Operating profit improved to EUR 320 million (2019: EUR 304 million) despite the special bonus and an additional
non-recurring payment granted to employees in a total amount of EUR 93 million. In addition to the strong parcel
growth, earnings were positively impacted by the cost and pricing adjustments made in both the letter mail and parcel
business.
• In the third quarter, the pandemic significantly accelerated the long-term trend of rising parcel volumes and
decreasing mail volumes. Dialogue Marketing business remained restrained, whereas the e-commerce boom in the
German parcel business enabled volume growth of 11.6%. This was considerably above the growth forecast of 0% to
5% given at the beginning of the year.
"We have not only significantly increased our profitability, but also our cash flow. This is particularly important in
the current uncertain economic environment. We are thus very well positioned to continue to invest consistently in
profitable growth and the implementation of our Strategy 2025," commented CFO.
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DSV Panalpina (Denmark) acquires Globeflight
DSV Panalpina will acquire Globeflight Worldwide Express, a South
African based courier company. The acquisition includes all Globeflight’s
operations in South Africa and Swaziland and boosts DSV Panalpina’s
presence in the small express parcel courier sector. After the acquisition,
Globeflight’s customers will benefit from access to the full range of
services offered by all three of DSV’s divisions: Air & Sea, Road and
Solutions, all of who will be moving into the flagship DSV Park | Gauteng
near O.R. Tambo International Airport in South Africa in the new year.
Globeflight has more than 8,000 clients and delivers a wide range of items
from educational supplies to IT and medical equipment. A fleet of 420
vehicles runs every day of the year, shipping nearly 330,000 deliveries in
any given month. The transaction is expected to close in about three months
subject to regulatory approvals. Until then Globeflight and DSV will
conduct their businesses as usual and independently.
Founder and CEO of Globeflight says: "We are extremely pleased that
DSV Panalpina recognizes our strengths and abilities in the small parcel
and express freight forwarding sector. The envisioned synergy between
DSV Panalpina and our award-winning team will create a dynamic
bouquet of service offerings to logistics consumers. We feel the
acquisition provides a unique opportunity to link our express focus and
mindset with DSV’s impressive global network and diverse services,
hereby creating a solution that clients have been looking for."
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FedEx (USA) to Acquire ShopRunner to Expand E-Commerce Capabilities
FedEx Corp. announced that it has agreed to acquire ShopRunner, the
e-commerce platform that directly connects brands and merchants with
online shoppers. ShopRunner’s capabilities will complement and expand
the FedEx e-commerce portfolio and are expected to create increased value
for brands, merchants, and consumers. The parties anticipate the acquisition
to close by the end of the calendar year, and it is subject to customary
closing conditions, including regulatory approval. ShopRunner connects
more than 100 brands and merchants to millions of consumers and offers a
seamless shopping experience from inspiration through delivery. Members
enjoy benefits including free two-day shipping, free returns,
member-exclusive discounts, and seamless checkout. ShopRunner’s
data-driven marketing and omnichannel enablement capabilities also help
brands and merchants acquire high-value customers and accelerate their
digital innovation by using ShopRunner’s e-commerce platform.
“The acquisition, once closed, aligns with our continued efforts to create
an open, collaborative e- commerce ecosystem that helps brands and
merchants deliver seamless experiences for their customers,” said
president and chief operating officer, FedEx Corporation. “We are
committed to growing the ShopRunner platform and combining it with
our global digital and logistics intelligence to create new possibilities in
e-commerce.”
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Ferrovial (Spain) increases its majority stake in the North Carolina I-77
Managed Lanes project
Ferrovial, through its highway subsidiary Cintra, has agreed with one of the existing shareholders to acquire an additional 15 percent of I-77 Mobility Partners
(I-77MP), the company developing and operating the I-77 Express Lanes project, increasing its stake in the venture located in North Carolina in the United States.
The operation is valued at $77.7 million dollars (about 65.7 million euros) plus a deferred payment based on the asset’s performance in June 2024 estimated at
$2.7 million dollars (about 2.3 million euros). The move increases Ferrovial’s share of the partnership from 50.1 percent to 65.1 percent. The transaction is
expected to close by the end of 2020. Designed to alleviate congestion and enable faster, more reliable journeys, the I-77 Express is a public-private partnership
between North Carolina Department of Transportation (NCDOT) and I-77MP which has rebuilt the existing road and increased capacity on a 26-mile stretch of
highway in the northern part of the Charlotte metropolitan area. The Express Lanes were opened to traffic at the end of last year and significantly reduce travel
times in one of the fastest growing areas in the country. The concession contract between I-77MP and NCDOT runs until 2069. The transaction highlights the
company’s confidence in this asset while reinforcing its commitment to North America, its main market by revenue. Ferrovial has six Managed Lanes in its
portfolio located in Texas (LBJ, NTE, NTE 35W and NTE 3C), Virginia (I-66) and North Carolina (I-77). In September, Ferrovial, through the LBJ Infrastructure
Group consortium led by its subsidiary Cintra, closed the refinancing of the Private Activity Bonds (PABs) of the Lyndon B. Johnson Highway (LBJ Expressway)
with a bond issuance totaling $622 million (equivalent to about 557 million euros). The transaction was well-received by investors.
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KWE Singapore Acquired GDPMDS (Good Distribution Practice for
Medical Devices) Certificate
KWE-Kintetsu World Express (S) Pte Ltd. acquired GDPMDS which is a certification for logistics for medical
devices, on 23rd Oct, 2020. This certificate covers our two sites, the Air Freight FTZ Terminal in Changi Airport and
the Bulim Warehouse. GDPMDS is proven to be a reliable representation of the high quality of medical device
handling in Singapore, where the global medical technology industry is concentrated and actively promotes the latest
technology initiatives such as digitalization and AI in this field. The certification obtained allows us to provide
customers with high quality services that meet the requirement of GDPMDS standard and to play a role in maintaining
a safe, qualified supply chain. Also, with this certificate, we strive to expand our business of the international freight
forwarding from/to Singapore as well as 3PL service furthermore.
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A.P. Moller – Maersk(Denmark) further improves profitability in Q3
due to strong Ocean performance and growth in Logistics & Services
• The main performance driver this quarter was Ocean which, despite decreasing volumes of 3.6 pct. improved
profitability by USD 511m to USD 1.8bn, reaching an EBITDA margin of 25.4 pct. on the back of a continued agile
capacity deployment, lower costs and a temporary spike in short-term freight rates due to a sudden demand pick-up on
some routes.
• Cash return on invested capital (CROIC), last twelve months, increased from 9.9 pct. to 13.9 pct. due to stronger
cash flow from operating activities and lower gross CAPEX. Return on invested capital (ROIC), last twelve months,
from 3 pct. to 5.9 pct. as earnings improved and invested capital declined slightly.
• The free cash flow generation of USD 3.0bn in the first nine months of 2020, allowed the company to return cash
to shareholders, finance acquisitions and reduce debt with net interest-bearing debt decreasing further to USD 10.8bn
by the end of Q3 compared to USD 11.7bn by the end of 2019.
Guidance for 2020 and CAPEX
• Given the current momentum across the business, A.P. Moller - Maersk expects, as announced on 17 November
2020, EBITDA before restructuring and integration costs in the range of USD 8bn to USD 8.5bn from previously
between USD 7.5bn to USD 8bn as announced on 13 October 2020.
• The global demand growth for containers is expected to contract by 4-5 pct. in 2020 due to COVID-19.
• Organic volume growth in Ocean is now expected to be slightly below the average market growth from previously
in line with or slightly below the market.
• For 2020, the guidance on capital expenditures (CAPEX) is expected to be USD 1.5bn, and with the expectation
of a high cash conversion (cash flow from operations compared to EBITDA).
• For 2021-2022, the accumulated guidance on capital expenditures is expected to be between USD 4.5bn and USD
5.5bn with the expectation of a high cash conversion.
“Despite COVID-19 negatively affecting activities in most of our businesses, our disciplined execution of the
strategy led to solid earnings and cash flow growth in Q3. At the same time, we managed to further integrate and
simplify the organisation in Ocean & Logistics, we closed the acquisition of KGH Customs Services and
continued the integration of Performance Team, supporting our strong financial performance in Logistics &
Services,” says, CEO of A.P. Moller - Maersk.
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Royal Mail (UK) Half Year Results 2020-21
H1 2020-21 Summary:
• Group revenue up 9.8%, driven by strong parcel growth at both Royal Mail and GLS. Group reported operating
loss of £20 million; Group adjusted operating profit2 of £37 million, growth in GLS profit more than offset by loss in
Royal Mail.
Royal Mail performance reflects opportunity from change in business mix:
• Revenue up 4.9% with parcels up 33.2% partly offset by letters decline of 20.5%;
• Adjusted operating loss2 of £129 million (H1 2019-20: profit of £75 million) with costs of mix change (£95
million), COVID-19 (£85 million), voluntary redundancy (£147 million) and international conveyance (£32 million);
• Adjusted operating loss in regulated business4 of £180 million, (H1 2019-20: £25 million profit) reflecting the
decline in letter revenue;
• Addressed letter volumes (ex. elections) down 28% and total letter volume down 33%. Parcel volume up 31%;
• Government COVID-19 support not utilised during the pandemic.
GLS performance boosted by exceptional volumes and short-term price initiatives in some countries:
• Revenue up 21.7% and adjusted operating margin 8.9%;
• Improved performance in focus countries (France, Spain and the US);
• Operating profit up 84.4% to £166 million.
Scenario update for FY2020-21:
• Royal Mail revenue now projected to be £380 to £580 million higher year on year. Mix change costs increased to
£210 million, cost of COVID-19 £155 million;
• Royal Mail would be better than break even at adjusted operating profit level if revenues outturn at higher end of
scenario;
• GLS now projected as 21% to 23% revenue growth year on year, with c. 8% adjusted operating margin.
Interim Executive Chair, commented: "The growth in online shopping and parcels during the pandemic, combined
with our increased focus on delivering more of what customers want, has led to revenue growth of nearly 10% for
the Group in the first half, with Royal Mail revenue up nearly 5%. For the first time, parcels revenue at Royal Mail
is now larger than letters revenue, representing 60% of total revenue, compared with 47% in the prior period. GLS
delivered strong revenue growth of 21.7%, with adjusted operating margin up by 300 basis points. B2C accounted
for 56% of GLS volume in the first half. Across the Group, our people have worked incredibly hard to keep
delivering for our customers during these unprecedented times, and I want to thank them for their dedication and
commitment. We have been pushing forward with our transformation in Royal Mail and delivering more new
innovations, products and services for our customers. Whilst we have done exceptionally well in terms of revenue
and have seen real growth for the first time since privatisation, we have recorded a first half adjusted operating loss
of £129 million after restructuring charges of £147 million, and a reported operating loss of £176 million. As
anticipated the reduction in letter volumes has had a significant impact on the regulated business which lost £180
million in the first half, and demonstrates the need for change in the Universal Service.”
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Ryanair (Ireland) Announces New Base At Venice Treviso, 2 Based Aircraft,
$200m Investment And 18 New Routes
Ryanair, Italy’s No.1 airline, (4th December) launched its new base at Venice Treviso, which will open on the 30th March 2021, with 2
based aircraft – an investment of $200m – and 45 routes connecting Venice Treviso both domestically & internationally to over 20
countries across Europe. Ryanair will deliver increased connectivity with the Veneto region across its 3 airports of Venice Marco Polo,
Verona and Venice Treviso, with 60 routes in total, that will deliver over 3m customers p.a. and support over 2,000 jobs.
Ryanair’s Veneto Region S21 will deliver:
• New Venice Treviso base from the 30th March 2021
• 2 airports – Venice Marco Polo and Verona, with improved service
• Tot. 60 routes -15 domestic / 45 international
• Tot. 18 new routes
• Over 20 countries connected
• 60 new direct jobs
• Over 2,000 indirect jobs
S21 in Venice Treviso:
• 2 based aircraft ($200m investment) from 30th March 2021
• 45 routes S21 (6 domestic / 39 international),
• 18 new (3 domestic, 15 international), including leisure and business routes such as Alghero, Alicante, Frankfurt-Hahn, Paphos,
Pescara, Riga, Tel Aviv, Thessaloniki, Trapani.
S21 in Venice Marco Polo:
• Tot. 6 routes S21 (4 domestic / 2 international),
• Increased frequencies on 3 routes, including Barcelona (up to 10pw), London Stansted (up to 19pw) and Palermo (up to 12pw).
S21 in Verona:
• Tot. 9 routes S21 (5 domestic / 4 international),
• Increased frequencies on 2 routes, including Birmingham (up to 2pw) and Cagliari (up to 4pw).
CEO, Ryanair said: “We are delighted to launch our 15th Italian base which represents a $200 million investment at Ryanair’s
Venice Treviso Airport. We have a strong affiliation to Venice Treviso, since Ryanair’s first ever flight to Italy in 1998 was from
London Stansted to Venice Treviso. Italy is one of Ryanair’s biggest markets and we want to continue to support the economic
recovery as well as regional & international connectivity across the country. We are delighted to conclude this long-term
investment with SAVE Group in developing connections to the Veneto Region based on efficient operations and competitive
airport charges, paving the way for traffic growth and new routes at Ryanair’s 15th Italian base. With the recent encouraging news
that vaccines will soon be available, we are pleased to continue delivering growth to the region despite the current challenges of
the Covid-19 pandemic but we need to start now on the road to recovery. To celebrate the launch of our new Venice Treviso base,
we are launching an unmissable seat sale, with prices starting at €24.99 for travel to / from Venice Treviso, Venice Marco Polo
and Verona, from April to October 2021, available until midnight Monday (7th December). Having just extended the waiving of
our flight change fee, any customers that have to change their December or January flights, can make changes to their booking
without incurring a flight change fee, up to 30th September 2021. A much-deserved getaway is only a click away so to avoid
disappointment, we advise customers to act fast and book directly on www.ryanair.com before these amazing low fares are
snapped up!”
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Singapore Airlines Raises S$850 Million Through Convertible Bond Issue With
Strong Investor Support
Singapore Airlines (SIA) has successfully raised S$850 million via a
convertible bond issue that has been placed with a variety of institutional
investors. The offer was more than four times oversubscribed with strong
investor interest. As a result, the issuance was upsized from the initial
S$750 million to S$850 million with more attractive terms for SIA. The
five-year bonds will carry a competitive coupon of 1.625%, and can be
converted into ordinary shares at a price of S$5.743 - a significant premium
of 45.8% over the 12 November 2020 closing price of S$3.94. The
Company appointed The Hong Kong and Shanghai Banking Corporation
(HSBC) as the sole bookrunner and lead manager of the issue. This
issuance further strengthens the Company’s liquidity position, and bolsters
its ability to navigate the challenges posed by the impact of the Covid-19
pandemic on the business. Proceeds from the bonds will be used to fund
operating and capital expenditure, and debt servicing.
“We would like to thank investors for the strong support. The placement
was successfully executed with a highly competitive coupon and
substantial conversion premium. Such attractive terms for the Company
underscore the strong confidence that investors have in Singapore
Airlines, as well as our ability to successfully overcome the near-term
challenges and emerge as a leader in the airline industry,” said Chief
Executive Officer, Singapore Airlines.
Description
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Lufthansa Group (Germany) To Be First To Implement Star Alliance Biometrics
And Usher In A Touchless Customer Experience At Airports
19
Solution Description
Star Alliance, the world’s largest airline alliance, has completed development of an interoperable biometric identity and identification platform that will
significantly improve the travel experience for frequent flyer programme customers of Star Alliance member airlines. The Star Alliance Biometrics
platform advances the vision of Star Alliance member airlines of delivering a seamless customer journey, while strengthening loyalty value proposition
within its travel ecosystem. Lufthansa Group (LHG) airlines, Lufthansa (a founding member of Star Alliance) and SWISS will be the first to use Star
Alliance Biometrics for selected flights starting in November. Specific infrastructure is being installed at hub airports Frankfurt and Munich, reaping
operational benefits at both locations. Members of the Lufthansa and SWISS Miles & More Frequent Flyer Program who opt-in to biometrics will be
able to pass through both security access and boarding gates in a touchless manner, an important health and hygiene safety measure in times of
COVID-19. In keeping with the requirement to wear masks in the airport terminal, it is not required to remove the mask for the biometric identity check.
The identification process works for passengers wearing masks. The Star Alliance Biometrics service is built upon NEC Corporation’s NEC I:Delight
biometric and identity management platform software. The secure service is available at no cost to customers of the Miles & More program who have
consented to share their biometric data with stakeholders of their choice during travel.

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American Airlines Trials App to Make International Travel Readiness
Easier for Customers
20
American Airlines will begin offering customers a mobile app to make travel to international destinations easier. The mobile wellness wallet solution called VeriFLY, from the
identity assurance leader Daon, will help travelers easily understand coronavirus (COVID-19) testing and documentation requirements for their destination and streamline
airport check-in through a digital verification to ensure that customers have completed the requirements. American is partnering with Daon to launch the VeriFLY mobile
wellness wallet solution to help make testing verification more convenient. Customers traveling to Montego Bay (MBJ) and Kingston (KIN), Jamaica, from or connecting
through Miami (MIA) will have the opportunity to test the new solution at no cost by creating a secure profile and confirming details for their trip beginning Nov. 18.
Prior to travel:
After creating a secure profile on their mobile device, customers will be prompted to confirm details for their trip including:
• Their flight information.
• A negative COVID-19 test that fulfills their destination’s requirements.
• Any required documentation for travel to their destination based upon requirements published at that time.
As travelers verify each required element for travel, the app verifies that the customer’s data matches a country’s requirements and displays a simple pass or fail message. This
simple message will streamline the check-in and documentation verification process at the airport before departure. The app also provides travelers with reminders when their
travel window is coming to a close or once their credential has expired.

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American Airlines, British Airways and oneworld Launch Transatlantic
COVID-19 Testing Trial
21
American Airlines, British Airways and oneworld® have launched an optional coronavirus (COVID-19) medical-based testing trial on select flights from cities in the
United States to London Heathrow (LHR), in a combined effort to scientifically demonstrate how COVID-19 testing can reopen international travel and remove the need
for passengers to quarantine on arrival. The free tests will initially be offered to eligible customers booked on American Airlines Flight AA50 departing Dallas Fort Worth
International Airport (DFW) to LHR; British Airways Flight BA114 departing New York’s John F. Kennedy International Airport (JFK) to LHR; and British Airways
Flight BA268 from Los Angeles (LAX) to LHR, beginning Nov. 25. The test will be expanded to American Airlines Flight AA106 from JFK to LHR, with a launch date
to be communicated. Eligible customers booked on flights that are part of the trial will be contacted by American Airlines and British Airways with instructions on how
to volunteer. Each customer participating in the trial will take three tests in conjunction with the journey. If a customer tests positive, they should reschedule or cancel
their travel. The first test, to be taken 72 hours before departure from the U.S., is a convenient at-home RT-PCR test provided by LetsGetChecked. Customers will
self-collect a nasal sample, under the supervision of medical professionals via a virtual visit. After landing at LHR, participating customers will proceed to their second
test at the airport. The LAMP test, provided by Collinson, involves the collection of a nasal sample by a medical professional. After the test is completed, a test kit for
the third test will be provided to the customer. The third test kit offers an at-home testing option through the self-collection of a saliva sample which is taken three days
after arrival in to the United Kingdom. The three-test approach aims to validate a customer’s negative status for COVID-19 throughout the travel journey and will provide
insight into the most effective and practical testing interval. The third test is intended to further confirm the results of the first two tests, to demonstrate that one or two
tests will be sufficient to allow travel to safely restart.

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Delta (USA) launches interactive travel requirements map to take more
stress out of planning your next trip
22
Navigating ever-changing travel requirements can be tricky, but Delta is making it easier to plan and book your next trip by bringing detailed travel requirement information, an updated look at where we fly,
and a seamless connection to booking into a single easy-to-use tool on Delta.com. A new interactive map gives you the power to search, view and click-to-book their desired destination all in one place, giving
them full control and a better understanding of current requirements and what to expect upon arrival. This new functionality, powered by Smartvel, allows Delta teams to deliver the best experience possible
even before customers return to travel. The tool gives insight into quarantine and testing requirements, travel forms and paperwork, local health information, local COVID-19 guidelines, and links to necessary
forms and applications needed prior to travel. Customers can have confidence in Delta’s industry-leading connectivity to take them where they want to go, and know the airline will prioritize their health and
safety throughout the journey. The data is carefully curated from national and local government agencies and the International Air Transport Association (IATA) to give customers a comprehensive picture of
what they need to know. And several enhancements are already in the works, as we’re currently evaluating how we can provide:
• Detailed information on negative COVID-19 test result requirements – effortlessly giving insight into what is needed and where you can go to get a COVID test prior to travel
• Different ways to access to the new travel restrictions map using the Fly Delta App on your phone or tablet in addition to Delta.com – giving you all the critical information you need at your fingertips
• Personalized pre-flight emails that keep you up to date on the information you need to know about your destination
• Technology to take the stress out of travel
At CES, the airline laid out a vision to bring technology front and center in the customer experience to reduce stress and offer a more personalized experience. Since the onset of the pandemic, Delta has used
digital solutions to quickly and intelligently address customer pain points brought on by COVID-19, including:
• Implementing dynamic technology to automatically unblock middle seats for parties of three or more, so customers traveling as a group can sit together, even as we continue to block the sale of middle seats
on our aircraft. 
• Expanded self-service technologies like Apple Business Chat – a tool aimed at reducing customer wait times to address issues with their reservation.

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Delta (USA) launches first domestic digital identity test in U.S., providing
touchless curb-to-gate experience
23
Delta customers at Detroit Metropolitan Wayne County Airport will soon have the option to move through the airport faster and more easily. In partnership with
Transportation Security Administration, Delta is launching the first facial recognition option for domestic travelers using a digital ID made up of a customer’s passport
number and TSA PreCheck® membership. Beginning next month, customers traveling in the U.S. will be able to use that digital ID – verified by facial recognition
technology – to move through the Edward H. McNamara Terminal’s dedicated TSA PreCheck domestic checkpoint. This will expand to bag drop and boarding in early
2021, making Detroit the first airport to have a facial recognition option from curb to gate for TSA PreCheck customers traveling domestically – an important step on the
path to an easier and more touchless airport experience. This builds on Delta’s existing facial recognition option for any customer traveling to an international destination.
To be eligible to participate in the Detroit test, customers need a passport number and a TSA PreCheck membership. Facial recognition technology uses this information
as a digital ID to confirm a traveler’s identity at airport touchpoints. If a customer does not want to use facial recognition, they can simply not opt in at check-in and
proceed through the airport as they always have - as participation is completely voluntary. Delta does not save or store any biometric data, nor does it plan to. Participating
customers can look forward to an easier and less stressful airport experience. Here’s how it will work:
• Store your passport information and TSA PreCheck Known Traveler Number securely in your SkyMiles profile in the Fly Delta app
• Opt into the program at check-in using the Fly Delta app
• At the airport, you can look into the camera at bag drop, the security checkpoint and the boarding gate to use your digital identity in place of a physical ID and
boarding pass

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Delta (USA) launches onboard service changes with guidance from Mayo
Clinic
24
Delta is launching service changes to further streamline our onboard procedures and minimize the already-low risk of exposure to COVID-19 in flight.
Starting this week:
• Customers traveling in International Delta One and International Main Cabin will receive additional disinfecting wipes during their meal service.
• Delta One pre-meal beverage service will be consolidated into the main meal service to reduce touchpoints.
• Flight crews will make more space for each other by distancing during boarding and meal service.
• Flight attendants will continue sanitizing, washing hands and changing gloves frequently. Flight attendants will have access to two colors of gloves,
one for all service duties and another for refreshing the lavatories and other spaces in the cabin.
This fall, a team of experts from Mayo Clinic boarded a Delta A330-300 at Minneapolis-St. Paul International Airport to observe a simulation of the
in-flight service our flight attendants deliver to customers and to share their views on key safety considerations as Delta continues to refine our
processes during the pandemic. The resulting recommendations were based on that experience. The Mayo Clinic team observed meal, snack and
beverage service in all cabins, flight attendant announcements, interactions and other in-flight responsibilities, and facilitated Q&A sessions with Delta
leaders and participants.

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Lufthansa Group (Germany) to be first to implement Star Alliance Biometrics
and usher in a touchless customer experience at airports
25
Star Alliance, the world’s largest airline alliance, has completed development of an interoperable biometric identity and identification platform that
will significantly improve the travel experience for frequent flyer programme customers of Star Alliance member airlines. The Star Alliance
Biometrics platform advances the vision of Star Alliance member airlines of delivering a seamless customer journey, while strengthening loyalty
value proposition within its travel ecosystem. Lufthansa Group (LHG) airlines, Lufthansa (a founding member of Star Alliance) and SWISS will
be the first to use Star Alliance Biometrics for selected flights starting in November. Specific infrastructure is being installed at hub airports
Frankfurt and Munich, reaping operational benefits at both locations. Members of the Lufthansa and SWISS Miles & More Frequent Flyer
Program who opt-in to biometrics will be able to pass through both security access and boarding gates in a touchless manner, an important health
and hygiene safety measure in times of COVID-19. In keeping with the requirement to wear masks in the airport terminal, it is not required to
remove the mask for the biometric identity check. The identification process works for passengers wearing masks. The Star Alliance Biometrics
service is built upon NEC Corporation’s NEC I:Delight biometric and identity management platform software. The secure service is available at
no cost to customers of the Miles & More program who have consented to share their biometric data with stakeholders of their choice during travel.

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Saloodo! launches digital freight platform globally
26
The logistics start-up Saloodo! remains on course for expansion. The digital platform is now ready to be used globally for road freight transports. A
milestone in the still young company history, which has been sustainably and strategical well prepared. The intuitive and user-friendly digital road
freight platform was launched in Germany in 2017 and has grown continuously since then. Initially Saloodo! was available in several other European
countries, while expanding rapidly into emerging markets outside Europe like Middle East and Africa. The global platform not only extends the range
of functions, but also links the individual markets together. It is now possible, for example, to arrange international transports from the EU to Turkey
or to Middle East & Africa (MEA) and vice versa. Saloodo! thus ensures seamless cross-border and cross-market transport processing - and becomes
even more attractive for large, globally active companies. Conversely, European shippers will be able to order truck transports in convoy for the first
time. This option has been extensively tested in the MEA regions in advance, and shippers of high-value goods in particular appreciate the security
benefits of convoy transports. A new feature that will also be introduced for the European road freight market in the near future is the possibility to
submit transport offers via WhatsApp. Transport service providers can be informed about new transport requests via WhatsApp and then enter their
offer. If the shipper agrees to the offer, the service provider will be informed and all transport-relevant information and documents will be sent
automatically to him.

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JetBlue’s (USA) Refreshed Mint® Experience Takes Premium Travel to New Heights
with Thoughtfully Curated Dining and Hospitality, Sleep and Wellness Offerings
27
JetBlue announced the first major refresh of its JetBlue Mint® service, the airline’s premium travel experience that disrupted
the industry with its category redefining fares and award-winning product. The airline, which made highly curated partners
central to the Mint experience, is introducing a completely new lineup for Mint, including Delicious Hospitality Group, Tuft
& Needle, Wanderfuel and Master & Dynamic. The new partners will transition into all Mint flights over the next six weeks,
appearing on flights as early as November 18. When it was introduced in 2014, JetBlue Mint disrupted the domestic “business
class” category, making premium travel more accessible for a fraction of the cost that legacy carriers were charging. Now, the
refresh of JetBlue’s Mint partnerships sets the stage for the biggest shake-up yet of the premium category when, next year,
JetBlue unveils its fully reimagined version of Mint for its London service in 2021. JetBlue’s newest Mint partners will
encourage discovery with high quality food, expertly curated premium amenities and purposeful, custom-for-JetBlue
products that will make travelers forget they are in the sky.

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MOL's (Japan) New App Boosts Efficiency with Real-time Processing of
Ship Operational Data
28
Mitsui O.S.K. Lines, Ltd. announced that, along with MOL Group company MOL Information Systems, Ltd., it has developed and introduced the Online ABLOG(Note 1) web
application(Note 2), which processes and utilizes abstract log (ablog) data, improving operational efficiency both onboard and on shore. Conventionally, crewmembers have
recorded ablog data using dedicated onboard software, and emailed it to those involved, but this required time to download the data on the shore side, making it difficult to
analyze data immediately. In addition, not all systems onboard and on shore can be linked, requiring duplicate input of the same data. To solve that issue, MOL and MOLIS
built an application that can be used from a web browser via satellite without dedicated software. At the early stages of development, it took time to connect to the server from
the vessel due to the limitations of satellite communications onboard, and the discrepancy in speed compared to shoreside systems made the app impractical to use. However,
in cooperation with Microsoft Japan Co., Ltd. (Headquarters: Minato-ku, Tokyo) (Note 3), the development team successfully achieved superior performance of the app,
improving operational efficiency and connectivity with other systems.
Specific improvements in efficiency include the following:
• Eliminating the need for email transmission of ship operational data, system management, and upgrades of dedicated software (about 880 hours/year/vessel)
• Reducing data input workload by linkage with other systems both onboard and on shore (about 270 hours/year/vessel)
• Simpler analysis of ship operational status and enhanced monitoring functions from shore side, by making ship operational data available in real time
• Improving searchability by database of bunker fuel reports (Note 4)
• Simplifying changes in system configuration

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Nippon Express (Japan) launches BCP-compatible Truck & Sea transport
services from Thailand to Japan
29
Nippon Express (South Asia & Oceania) Pte. Ltd. (Shinjiro Takezoe, President), a local subsidiary of Nippon Express Co., Ltd. (Mitsuru Saito,
President), on Tuesday, November 17 began sales of "NEX OCEAN-SOLUTION XROSS BORDER Direct" BCP-compatible transport services
that combine truck transport with maritime transport.
Service features
• These services provide high-quality seamless transport by the Nippon Express Group from origin to destination.
• House waybills issued by Nippon Express help assure customers by clearly stipulating Nippon Express's responsibility for door-to-door
transport.
• These multi-modal transport services combine truck transport with maritime transport instead of relying on maritime transport alone.
Ocean cargo shipments from Southeast Asia continue to be plagued by shortages of vessel space and available containers, resulting in transport
being delayed and forwarders being unable to accept cargo consignments. With cargo from Thailand being particularly impacted, these transport
services were developed using cross-border trucking to secure transport routes to Japan and other countries by diversifying traffic to Port Klang
and Singapore.

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United Airlines Now Using New Clorox® Electrostatic Sprayers to
Disinfect Airport Terminals
30
As part of the United CleanPlus commitment to enhancing safety for travelers both onboard and at the airport, United Airlines is now using the Clorox®
Total 360® System to disinfect terminals at 35 of the airline's busiest airports. This electrostatic spraying system is similar to the electrostatic spraying
technology used onboard aircraft and will be used to spray surfaces in ticketing lobbies, terminals, gate rooms, employee spaces and United Club
locations. The disinfecting solution is EPA-approved to kill SARS-CoV-2, the virus that causes COVID-19. Through its United CleanPlus program,
United has been working closely with Clorox and the Cleveland Clinic since early May to consult on all its cleaning and disinfection protocols. The
airline currently uses Clorox Disinfection Wipes on all mainline aircraft and in United Club locations. The Clorox® Total 360® System charges and
atomizes the Clorox disinfecting solutions to deliver a powerful flow of charged particles that attract to surfaces with a force stronger than gravity. This
allows the product to reach and uniformly coat germ-prone surfaces, including areas that conventional trigger sprays may easily miss. United expects
all 35 airports will be using the systems every night beginning in early December and plans to expand to additional airports in early 2021. Using Clorox
products is only one of the ways United is working to enhance customer safety in its airports. The carrier is also providing antimicrobial gloves to Ramp
and Baggage Service employees to offer an additional protection layer against SARS-CoV-2, the virus that causes COVID-19. Every ramp and baggage
service employee will receive a pair of washable, reusable gloves that are effective for up to six months.

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UPS Healthcare (USA) Enhances Dry Ice Production Capabilities,
Launches Mobile Freezer Storage Units
31
UPS announced service enhancements to aid in the massive distribution efforts for COVID-19 vaccines in the coming months. As part of
these enhancements, UPS Healthcare now can produce up to 1,200 lbs. of dry ice per hour in its U.S. facilities to support the storage and
transportation of cold chain products, such as frozen vaccines, in accordance with manufacturer storage requirements. The increased
production also allows UPS to make dry ice available for U.S. and Canadian hospitals, clinics and other points of care requiring dry ice
to store vaccines locally. Dry ice will be sourced at UPS Worldport® and can be available next day. A major spike in demand is causing
logistics providers to plan for what some analysts fear may be a dry ice shortage, as pharmaceutical companies strategize getting hundreds
of millions of their vaccine doses safely to communities around the U.S. and internationally. In addition to dry ice production, UPS will
also launch, in collaboration with Stirling Ultracold, a joint effort to provide portable ultra-low temperature (ULT) freezers. These
portable freezers will be distributed and used in smaller point of care facilities requiring a more permanent solution for longer term freezer
storage. UPS will be working with Stirling to offer the Stirling ULT25 and Undercounter Model SU105 to thermally protect critical
vaccines requiring ultra-low temperatures ranging anywhere from -20°C to -80°C.

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UPS Capital (USA) Insurance Agency, Inc. Expands Shipment Insurance
Options for Logistics Businesses through AscendTMS Software
32
UPS Capital Insurance Agency, Inc., a subsidiary of UPS announced that it will make additional shipping insurance coverage options available to small
and mid-size companies using AscendTMS, a product of InMotion Global. This enhancement to the already popular shipping platform will provide
shipping protection to AscendTMS® users allowing them to tailor coverage based on their needs. This customized approach is achieved by giving users
four different options based on their preferred deductible. The options mimic “gap coverage” where the user tailors coverage so they only buy what they
need. In return, they get a best-in-class claims experience that has been highly rated in customer reviews.
Benefits include:
• Coverage that pays on the occurrence of a loss regardless of carrier fault
• Limits and coverages tailored for SMBs
• A best-in-class claims settlement process, highly rated by other SMBs
The typical AscendTMS user is booking large loads, with a big percentage of transactions moving via full truck load at higher total values. Until now
the only option was to purchase excess liability from the carrier, which can often be more expensive, or from their insurance agent which can take time.

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APSEZ Ranks 14th In The Transportation And Transportation Infrastructure
Sector Of Dow Jones Sustainability Emerging Markets Index, 2020
33
The latest scorecard of the highly anticipated Dow Jones Sustainability Emerging Markets Index has ranked Adani Ports and Special
Economic Zone (APSEZ) at number 14 in the highly competitive global transportation and transportation infrastructure sector and the is only
company from India to have been included in this sector. This initiates the presence of APSEZ on the DJSI Emerging Markets Index, one of
the most sought-after Sustainability indices in the world that represents the very top 10% of the largest 800 companies within the world’s 20
emerging markets and is based on long-term Environment, Social and Economic, and Governance criteria As part of a stringent DJSI rating
process all responses by APSEZ were substantiated with internal documentation and real-life examples and audited by an independent third
party to verify the accuracy of the information provided. APSEZ was ranked in the top 20 of every single dimension of the three criteria. In
all, just 11 Indian companies made it to the DJSI Emerging Markets Index this year. DJSI is referred to by most institutional investors to create
their portfolios and seen as objective, professional criteria assessed by neutral parties. Good performance in this rating raises visibility among
investors and allows better access to the capital markets, thereby creating higher return for the investors. This year, the SAM Corporate
Sustainability Assessment reports saw a record climb with 1,386 companies actively participating in the Corporate Sustainability Assessment.
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Aeroflot (Russia) wins three prizes at European stage of World Travel Awards
34
Aeroflot has won three categories at the European stage of the prestigious World Travel Awards 2020. Aeroflot retained
its titles as Europe’s Leading Airline Brand, Europe’s Leading Airline – Business Class, and Europe’s Leading Airline
to Asia. The World Travel Awards were established in 1993 in the UK. Every year they are awarded to leading names
in the global travel, hospitality and civil aviation industry. Winners are decided by an online vote that attracts hundreds
of thousands of travel professionals and consumers. This year awards in other categories were given to industry leaders
including Lufthansa, Turkish Airlines, Swiss and Virgin Atlantic. Aeroflot traditionally receives high praise from both
the professional community and travellers. The carrier was recently named the best airline in Eastern Europe by
Business Traveller, a popular British magazine for corporate flyers.
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Aeroflot (Russia) wins two top prizes at global stage of World Travel
Awards
35
Aeroflot has won at the Grand Final of the prestigious World Travel Awards 2020. Aeroflot retained its titles as World’s
Leading Airline Brand and World's Leading Airline - Business Class. The World Travel Awards were established in
1993 in the UK. Every year they are awarded to leading names in the global travel, hospitality and civil aviation
industry. Winners are decided by an online vote that attracts hundreds of thousands of travel professionals and
consumers. A record number of travellers and industry experts took part in the voting this year as the organizers of the
award noted. Aeroflot traditionally receives high praise from both the professional community and travellers. The
carrier has recently confirmed its titles as Europe’s Leading Airline Brand, Europe’s Leading Airline – Business Class,
and Europe’s Leading Airline to Asia at the European stage of World Travel Awards.
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AOT (Thailand) listed as top DJSI World Index for 6 consecutive years
36
AOT has been selected as members of Dow Jones Sustainability Indices 2020 (DJSI 2020) at the level of DJSI World for
2 consecutive years and the Emerging Markets Group for 6 consecutive years in Transportation and Transportation
Infrastructure (TRA) sector. AOT was ranked 8th among 102 top global companies, from the same sector, participating in
the survey. The total of 104 companies worldwide were invited to conduct the survey, including 3 Thai companies. DJSI
is internationally recognized as one of the indices evaluating the sustainability performance of companies in terms of
economic, social and environmental dimensions.Listed as members of DJSI, AOT has proven its determination to improve
its sustainability from inside-out. In addition, AOT also aims to create corporate social responsibility as well as
contributing long-term profit for stakeholders, which leads to the continual and sustainable growth of its business. AOT
has been listed as one of the DJSI’s members in Emerging Markets since 2015 and in DJSI World Index, TRA sector, since
2019.
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ANA HOLDINGS (Japan) Included in Dow Jones Sustainability World
Index for Fourth Consecutive Year
37
ANA HOLDINGS INC. has been selected as a member of the Dow Jones Sustainability World Index list for the Fourth consecutive year and the
Dow Jones Sustainability Asia Pacific Index list for the fifth consecutive year. ANA HD was praised by Dow Jones for its corporate sustainability
efforts including its climate strategy, operational eco-efficiency and environmental reporting. The airline also received recognition for its human
rights efforts and corporate citizenship and philanthropy, commitment to the protection of privacy, talent recruitment and retention, risk and crisis
management, and information security practices. The DJSIblank is a prestigious global Socially Responsible Investment (SRI) index developed by
US-based S&P Dow Jones Indices and RobecoSAM, a Swiss investment specialist. RobecoSAM focuses on SRI, which tracks the stock
performance of the world's leading companies according to economic, environmental and social criteria. A total of 323 companies were included
in the Dow Jones Sustainability World Index in 2020 out of nearly 2,500 global corporations that were appraised by the committee. ANA HD was
also one of only 158 companies that were selected for the Asia-Pacific region for the Dow Jones Sustainability Asia Pacific Index. ANA HD has a
legacy of taking meaningful steps to advance its commitmentblank to achieving a sustainable world. The consistent inclusion of ANA HD in the
Dow Jones Indices and other sustainability rankings is proof that ANA HD is serious about its efforts to lead the airline industry in sustainable
growth and creating social value.
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ANA (Japan) Presented with Prestigious Decade of Airline Excellence
Award by Flight Global
38
All Nippon Airways (ANA), Japan's largest and 5-Star airline for eight consecutive years was presented with FlightGlobal's
prestigious Decade of Airline Excellence Award for the Asia-Pacific region. The award comes after a decade of strong growth and
recognizes ANA for its continued focus on maximizing comfort and convenience for each passenger. Over the past ten years, ANA
has expanded its global network, increased the size of its fleet, and launched Peach Air and Vanilla Air, Japan's first low-cost carriers.
In addition, ANA was the launch customer for the Boeing 787 Dreamliner. The recognition from FlightGlobal is the latest in a long
line of awards that ANA has earned in a range of categories including passenger serviceblank and design innovationblank. ANA has
strongly revived through the past decade, overcoming the turmoil following the global financial crisis and devastating Great East
Japan earthquake. As the global community again faces new challenges from an unprecedented crisis, ANA remains focused on doing
all it can to continue connecting travelers to locations across the globe and embarking on new pursuits to transform its business
model. Through the next decade, ANA will continue working to raise its standards and overcome any new challenges to improve the
travel experience for all passengers.
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Recognized for Loyalty Innovation, AAdvantage Program Wins the First
Editors’ Choice Award in 2020 The Points Guy Awards
39
Earlier, travel website and lifestyle media brand The Points Guy chose American’s AAdvantage® loyalty program for its first Editors’
Choice award, acknowledging the customer-friendly initiatives announced by the program this year. Last week, American announced
that AAdvantage members can book an award ticket through all American Airlines channels without an award service charge. If their
travel plans change, members no longer pay a reinstatement fee to have miles redeposited in their account when they cancel an
eligible award ticket. American also hit the pause button on AAdvantage mileage expiration through June 30, 2021. Looking forward
to next year, AAdvantage members have a head start on earning elite status for 2021 with an extra three months to earn towards elite
qualification. Additionally, members who use AAdvantage credit cards have an additional path to earning status. Elite members are
also now enjoying their earned benefits regardless of what ticket type they purchase. “We’re humbled and honored to have been
selected by The Points Guy editors for its inaugural Editors’ Choice award,” said President of the AAdvantage program.
“AAdvantage values its relationship with our members, many of whom are TPG readers, and is committed to providing the best
loyalty program in the industry.”
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CN Named one of Canada’s Top 100 Employers
40
CN proudly announced that it has once again been recognized as one of Canada’s Top 100 Employers (2021) by
Mediacorp Canada Inc. This award recognizes CN’s commitment to provide exceptional employee programs and
workplace policies. In particular, its commitment to supporting communities through its pioneering employee and
pensioner-run Community Fund, which has raised more than $18.5 million since 2010 for Canadian charities, was highly
regarded. CN’s focus on employee health through the Employee and Family Assistance Program and access to
Telemedicine was also acknowledged. This award follows being named one of Montreal’s Top 100 employers and one of
Canada’s best diversity employers for four years in a row. “I am very proud and honoured that CN has, once again, been
ranked as one of Canada’s Top employers. This recognition belongs to every CN railroader who delivers excellent service
safely and with great passion. I want to thank them for the important part they play in CN’s continuing success.” - Senior
Vice-President and Chief Human Resources Officer at CN
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DJSI Recognizes CN as Sustainability Leader
41
CN is pleased to announce that it has again earned a place on the Dow Jones Sustainability World Index (DJSI). This marks the ninth consecutive year that CN has been listed on the
DJSI World Index and the 12th consecutive year that CN has been listed on the DJSI North America Index. The DJSI follows a best-in-class approach, surveying sustainability leaders
from each industry on a global and regional level. The annual review of the DJSI family is based on a thorough analysis of economic, environmental and social performance, assessing
issues such as corporate governance, risk management, climate change mitigation, supply chain management, stakeholder engagement and labour practices. CN’s ESG goals include:
• Achieve its climate change science-based target of 29% GHG intensity improvement by 2030, and an interim 6% intensity-based reduction in GHG emissions by 2022
• Reduce its Criteria Air Contaminants intensity by 6% by 2022
• Attain by 2022 and thereafter, maintain an executive management team in which at least thirty percent are women
• Maintain a Board composition in which at least forty percent of the Board are members of the Designated Groups
• Continuously drive improvements towards safety, with a vision to be the safest railroad in North America by establishing an uncompromising safety culture
The Dow Jones Sustainability™ North America Index comprises North American sustainability leaders that represent the top 20% of the largest 600 North American companies in the
S&P Global Broad Market Index (BMI). The Dow Jones Sustainability™ World Index comprises global sustainability leaders that represent the top 10% of the largest 2,500 companies
in the S&P Global BMI. Launched in 1999, the DJSI World Index represents the gold standard for corporate sustainability and is the first global index to track the leading
sustainability-driven companies based on RobecoSAM’s analysis of financially material Environmental, Social, and Governance (ESG) factors and S&P Dow Jones Indices robust
index methodology.
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CP(Hong Kong) recognized for leadership in sustainability, named to
2020 Dow Jones Sustainability Index North America
42
Canadian Pacific Railway Limited is proud to announce that it has been added to the 2020 Dow Jones Sustainability Index (DJSI)
North America. The index measures corporate sustainability leaders' performance through a comprehensive assessment of economic,
environmental and social criteria. The top companies were selected this year from a record number of participants in the 2020
Corporate Sustainability Assessment. In July 2020, CP released its first public statement on climate change. The statement
acknowledges the effects of rising global temperatures and lays out CP’s commitment to ongoing efforts to mitigate the impacts. The
statement supports the goals of the Paris Agreement and the Pan-Canadian Framework on Clean Growth and Climate Change, which
seek to limit global temperature rise to well below 2°C above pre-industrial levels. CP has long focused on energy-saving initiatives
as a core component of its sustainability practices. Since 1990, CP has improved its locomotive fuel efficiency by more than 40
percent through many different initiatives and programs designed to improve fuel economy and reduce air emissions. The application
of leading practices, emerging tools and relationship building across the value chain and industrial sector will remain critical as CP
addresses climate change challenges.
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CSX (USA) Recognized By Dow Jones Sustainability Index
43
CSX continues to build its reputation in sustainability, earning a place on the Dow Jones Sustainability Index (DJSI) North
America for the 10th consecutive year with across-the-board improvement in environmental, social, governance and
economic scores. In addition to being the only U.S. railroad to make the DJSI, CSX is ranked among the top 15
transportation and transportation infrastructure companies worldwide. A record 102 companies were assessed for this
year’s global index. The company’s efficiency improvements as well as high scores in key areas of business conduct,
environmental policy and management systems, and operational eco efficiency contributed to driving improvement across
DJSI’s assessment areas: governance and economic, environmental, and social dimensions. CSX continues to drive
innovation across these important ESG themes. The DJSI North America index is a partnership between the Dow Jones
Indices and RobecoSAM Sustainability Assessments, which tracks the leading sustainability-driven companies based on
an analysis of financially material economic, environmental and governance criteria.
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Delta (USA) wins record 10th Business Travel News award on strength of
pandemic response, people-first approach
44
For the 10th year in a row, corporate travel professionals have named Delta the No. 1 airline in the annual Business Travel News Airline Survey, with significant improvements
over the airline’s already-leading 2019 scores. The survey asks corporate travel professionals to rank airlines on a number of important attributes, from customer service to
distribution. This year, the survey also asked participants to rank how well each airline responded to the COVID-19 pandemic, including overall response, effective
communication and flexibility. Delta earned its top marks for pandemic response, customer service and communication, while also improving its score substantively in all other
categories. Again this year, Delta led in all categories, and is the only airline to sweep all categories for seven consecutive years. Delta is the only airline in survey history to
win 10 consecutive times, thanks to its industry-leading employees. Based on survey feedback, some of the actions Delta customers have most valued in 2020 include:
• Blocking middle seats through Jan. 6, 2021 to provide space for safer travel
• Unparalleled service from Delta’s corporate sales team and employees throughout the operation
• Providing constant communication to corporate customers, including personalized airport tours and Corporate Customer Town Halls so attendees could hear directly from
Delta leaders and partner medical experts
• Rigorous mask compliance and implementing more than 100 layers of safety via the Delta CareStandard
• Flexibility, from offering industry-leading flexibility to plan, re-book and travel to eliminating change fees to being the first airline to extend Medallion status and offer
extensions for Delta Sky Club Memberships
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MOL (Japan) Wins Crew Change Champion Award from Maritime and
Port Authority of Singapore
45
Mitsui O.S.K. Lines, Ltd. announced that it has received the Crew Change Champion Award at the Singapore Registry of
Ships Forum 2020 (Note) hosted online by the Maritime and Port Authority (MPA) of Singapore on November 3. The
award recognizes MOL's successful efforts in implementing crew changes while taking thorough measures to prevent the
spread of COVID-19 infection. Owing to COVID-19, many countries have restricted entry and travel which severely
affecting crew changes. Under this situation, MOL and its group manning company, Magsaysay MOL Marine Inc.
implemented enhanced measures to prevent infection in seafarers' home countries before they entered Singapore, in
cooperation with MPA, and implemented crew changes in Singapore while taking strict safety measures. The MOL Group
strives to ensure continual and stable crew changes with MPA in Singapore, which is one of its major calling ports. The
MOL Group implements appropriate crew changes while making COVID-19 prevention among seafarers as its top
priority, while helping to maintain and expand global economic activity through safe and stable transport services.
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MOL Group (Japan) Companies Win '2019 High Performing Operators'
Award
46
Mitsui O.S.K. Lines, Ltd. announced that three group companies have received "2019 High Performing Operators" Awards from the
Australian Maritime Safety Administration. The award, introduced in 2019, targets ship management companies that received AMSA
ship inspections more than 10 times per year, and recognizes vessels that scored above a designated level on the inspections. This time,
21 ship management companies whose vessels calling in Australia received the award, including the three above-mentioned MOL Group
ship management companies. The awards recognize the companies' efforts to appropriately maintain and manage vessels, ensure that
crewmembers master equipment and facilities, and appropriately meet requirements for certificates of operations. As MOL forges ahead
to become the world leader in safe operation, it continually strives to contribute to marine safety and global environmental protection as
a synergistic, sustainable company that grows in harmony with society. The Australian Maritime Safety Administration (AMSA) is an
Australian statutory authority, responsible mainly for safety at sea, protection of the marine environment, and search and rescue activities
at sea and in the air. AMSA visits foreign-registry vessels calling in Australia, ensuring vessel safety by ordering mandatory corrective
measures if the vessels do not meet the standards established by international treaties.
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NYK Group (Japan) Owned and Managed Vessels Recognized by Maritime
and Port Authority of Singapore's Green Ship Programme
47
Three ships comprising two LNG carriers and a tanker owned by NYK and NYK Group company NYK Bulkship (Asia) Pte. Ltd.
(NBAsia; headquarters: Singapore) have been recognized by the Maritime and Port Authority of Singapore’s (MPA) Green Ship
Programme* for attaining Energy Efficiency Design Index (EEDI) certification. All three certified vessels are Singapore-flag vessels
managed by NYK Group company NYK Shipmanagement Pte Ltd., namely Tangguh Batur, an LNG carrier owned by NYK; and
Tangguh Towuti and Takaroa Sun, an LNG carrier and an oil/chemical tanker, respectively, owned by NBAsia. In a webinar hosted
by MPA on November 3, these three vessels were announced to be recognized by the program. NYK recognizes environmental issues
to be a significant company challenge and participates in programs such as this to contribute to the achievement of environmental
requirements. In accordance with its medium-term management plan “Staying Ahead 2022 with Digitalization and Green,” the NYK
Group has incorporated environmental, social, and governance (ESG) criteria in the company’s business strategies, and seeks to
enhance the company’s corporate value, as well as contribute to the sustainable development of society, through business activities.
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NYK (Japan) Selected for the World’s Leading ESG Index for 18th
Consecutive Year
48
NYK has been selected for the Dow Jones Sustainability Indices (DJSI),* the world's leading investment indexes for ESG
(environmental, social, and governance) criteria, for an 18th straight year. The DJSI, which is a major global index for companies
engaging in ESG initiatives, is composed of selected sustainability-driven companies from over 3,500 worldwide companies invited to
participate in a selection process consisting of an in-depth analysis of economic, environmental, and social criteria, such as corporate
governance, risk management, climate change, and stakeholder relations. In addition to the FTSE4Good Index for which NYK was
selected for an 18th straight year and the FTSE Blossom Japan Index for which NYK was selected for a fourth straight year in July, the
DJSI is an important selection standard for investors who value corporate social responsibility and sustainability. NYK continues to fuse
the Group’s growth strategy with ESG and promote various initiatives to solve social issues in order to achieve sustainable growth. Dow
Jones Sustainability Indices (DJSI): The results of the annual DJSI review are announced by S&P Dow Jones Indices LLC, the world's
largest global resource for index-based concepts and data, in cooperation with SAM, which is part of S&P Global and a specialist in ESG
research and data.
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Nippon Express (Japan) Indonesia acquires GDP certification for facility
near Soekarno-Hatta International Airport
49
PT. Nippon Express Indonesia a local subsidiary of Nippon Express Co., Ltd. acquired Good Distribution Practice (GDP) certification,
indicating compliance with quality standards established for the proper distribution of pharmaceuticals, effective Sunday, October 4 for
the air transport services offered by its facility in Soewarna Business Park. Given Indonesia's notable population growth, the
pharmaceuticals industry there is expected to see increasing growth. While the share of pharmaceutical products manufactured within the
country is still high, both imports and exports are likely to rise due to the expansion of markets and the diversification of needs, and this
in turn should push up demand for air transport services offering proper handling of pharmaceuticals. The recent acquisition of GDP
certification means that NE Indonesia has in place a system capable of providing safe and high-quality GDP-compliant air transport
services, enabling it to meet the logistics needs of customers in Indonesia's pharmaceuticals industry by utilizing Nippon Express's global
network and transport solutions. Going forward, Nippon Express will continue enhancing its services to satisfy the increasingly
sophisticated and diverse needs of the pharmaceuticals industry and stepping up its efforts on behalf of the industry, which has been
positioned as a priority industry in the Nippon Express Group's Medium-term Management Plan.
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