Economic crash landing of Jade Cargo airline

Jade Cargo: Chinese joint venture with equity holding of Lufthansa Cargo files for insolvency
 
The market for air freight liner services between China and Europe, which is severely marked by over capacities, claims its first victim. The Jade Cargo airline has filed for bankruptcy last week. The airline’s Boeing 747 freighters have been on the ground since the start of this year. The owners’ search for a purchaser of the economically hit company came to nothing. Renovation of the company was not possible due to the continued weak demand for freight flights from/to China, the management states.
 
Jade Cargo was formed some years ago by the Chinese Shenzhen Airlines (51%), Lufthansa Cargo (25%) and a subsidiary of Deutsche Förderbank KfW (24%). Through this joint venture Lufthansa Cargo wanted to gain a strong foothold in China’s air freight market, which was booming at that time.

Quelle: LogEastics

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