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IAG Cargo acknowledges World Immunisation Week
LONDON/MADRID: April 24, 2018. IAG Cargo is markin...

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Liverpool provides Scottish shortbread US access
PORT OF LIVERPOOL, UK: April 23, 2018. Peel Ports ...

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Nor Lines adds Rotterdam to LNG-powered Norway service
ROTTERDAM: April 22, 2018. Nor Lines, a subsidiary...

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AAL adds to its European agency network
SINGAPORE: April 19, 2018. Breakbulk and project c...

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DFDS to acquire Turkey's U.N. Ro-Ro
COPENHAGEN: April 18, 2018. European short-sea RoR...

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Etihad Cargo supports bustard relocation
ABU DHABI: April 18, 2018. In the past three years...

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New CMA CGM rail link between UK and China
LONDON GATEWAY: April 18, 2018. GB Railfreight, ow...

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Dutch add more short-sea capacity to London
LONDON: April 18, 2018. Dutch-based A2B-online Con...

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IAG Cargo acknowledges World Immunisation Week
Liverpool provides Scottish shortbread US access
West Atlantic to operate Boeing's first converted 737-800...
Nor Lines adds Rotterdam to LNG-powered Norway service...
AAL adds to its European agency network
DFDS to acquire Turkey's U.N. Ro-Ro
Etihad Cargo supports bustard relocation
New CMA CGM rail link between UK and...
Dutch add more short-sea capacity to London

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PRESS RELEASE

August 05, 2014 – CEVA Holdings LLC, one of the world's leading non‐asset based supply chain management companies, today reported results for the three months ended 30 June 2014.

Xavier Urbain, CEO of CEVA, said, "Our performance improvement coupled with the strong increase in our new business pipeline points to the company being on the right track for growth. Since joining CEVA in January, I have focused on strengthening the executive management team, expanding our current talent base with additional industry experience to drive forward our strategy, building revenue and improving operational efficiency for the benefit of our customers. The numbers show we are gaining traction and are positioned well to make further progress in the future.

"I am especially pleased with the progress made in rebuilding the leadership team, particularly the new additions. They know the industry and our customers. This allowed them to hit the ground running and make immediate contributions. Volume trends as we exited the quarter were encouraging and I am looking for even more from the entire team in the near future."

Revenue of $1,978 million declined 4.2% in the second quarter compared to $2,064 million for the same period a year earlier, driven by the prior year's successful recapitalization, and termination of lower margin business.

Second quarter revenues were up 6.1% sequentially compared to the first quarter. Airfreight and Oceanfreight reported export volumes up both sequentially and year-on-year. Oceanfreight volumes were up 7% from the prior year, evidencing the company's early success in the 2014 tender season and well above industry growth. Airfreight volumes increased 1% from the prior year, strengthening as we exited the quarter, with three week rolling volumes up 4% in June.

For the second quarter, adjusted EBITDA of $60 million was 40% ahead of the previous quarter, and adjusted EBITDA as a percentage of revenue improved from 2.3% to 3.0%, reflecting continuing strength in Contract Logistics and the termination of lower margin business. EBITDA came in 25% lower than in the same period a year earlier as Freight Management revenues were impacted by lower rates in the market. CEVA, however, was able to maintain net revenue margins versus the prior year.

The company's new business wins were up 31% over the prior year, increasing to $763 million, compared to $582 million for the same period in 2013. CEVA's investment in its tender management, trade lane management and field sales force each contributed to the improved level of wins in the quarter. CEVA is accelerating plans to improve productivity and on a like-for-like basis, and expects more than 5% cost reductions in the second half of the year.

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