Air China, Cathay start cargo JV
By Winny Wang |
May 7, 2011, Saturday
|
Print Edition
Print Edition
AIR China and Cathay Pacific Airways inaugurated a joint cargo venture yesterday, targeting the lion's share of the Shanghai market, where air cargo turnover accounted for 32 percent of the country's total in 2010.
Air China, the country's flagship international carrier, will hold a 51 percent stake in Air China Cargo, which is registered in Beijing and based in Shanghai. Hong Kong-based Cathay Pacific will invest 1.7 billion yuan (US$261 million) to take the balance.
The joint venture's fleet size will soon grow to 12 Boeing 747-400 jets from the current nine aircraft, according to Beijing-based Air China.
The new venture chose Shanghai as its major base in a bid to enhance its presence in the city and the Yangtze River Delta region due to booming cargo demand in the region, the carrier said. Its flights will be able to reach 14 overseas destinations from Shanghai.
Shanghai is a key cargo market for domestic airlines as the city's air cargo volume accounted for 32 percent of the country's total last year, according to a report by the Civil Aviation Administration of China.
Cargo turnover at Pudong International Airport totaled 3.23 million tons last year, ranking first among the country's airports.
Air China, the country's flagship international carrier, will hold a 51 percent stake in Air China Cargo, which is registered in Beijing and based in Shanghai. Hong Kong-based Cathay Pacific will invest 1.7 billion yuan (US$261 million) to take the balance.
The joint venture's fleet size will soon grow to 12 Boeing 747-400 jets from the current nine aircraft, according to Beijing-based Air China.
The new venture chose Shanghai as its major base in a bid to enhance its presence in the city and the Yangtze River Delta region due to booming cargo demand in the region, the carrier said. Its flights will be able to reach 14 overseas destinations from Shanghai.
Shanghai is a key cargo market for domestic airlines as the city's air cargo volume accounted for 32 percent of the country's total last year, according to a report by the Civil Aviation Administration of China.
Cargo turnover at Pudong International Airport totaled 3.23 million tons last year, ranking first among the country's airports.
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