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Cargolux cash arrives but departure delayed

LUXEMBOURG G.D: Two days after getting a US$175 million capital injection, Cargolux has announced a five week delay in the launch of its Luxembourg - Zhengzhou service.

Scheduled to have begun on April 24, the planned four times a week operation will not start until May 29 because of a delay in the way flight notifications are filed.

Cargolux 748 1The company said in a statement: "This delay is to enable the airline to finalize all regulatory requirements relating to the commencement of scheduled flights to Zhengzhou, which arose due to unforeseen procedural changes in the manner in which information has to be submitted to and approved by the relevant aviation authorities in China."

Cargo bookings, described as "robust" will now be re-routed on other CV flights to China while the airline waits for its paperwork to be processed. This follows a meeting between representatives of the Henan provincial government, the Luxembourg government, Henan Civil Aviation and Investment (HNCA) and Cargolux that saw ratification of the airline's new share structure.

Without saying who is going to buy the new airline stock, Dirk Reich, Cargolux president and CEO commented: "The share capital increase is another important milestone in securing our growth plans and the expansion of the Cargolux fleet. It significantly improves our resilience against any future industry downturns and strengthens our balance sheet." 

The new share split is Luxair, 35.10 percent; HNCA, 35.00 percent; Banque et Caisse d'Epargne de l'Etat (BCEE), 10.91 percent; Société Nationale de Crédit et d'Investissement (SNCI), 10.67 percent; and the Grand-Duchy of Luxembourg, 8.32 percent.

Cargolux says it plans to take delivery of five more B747-8 freighters to replace its B747-400 fleet. By 2017, the airline will operate 14 B747-8s.


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