Cargolux to invest in new joint-venture airline

The cargo-dedicated airline will invest $77 million in “Cargolux China,” a new joint venture Chinese cargo airline expected to commence operations in 2017.    Cargolux, a Luxembourg, Germany-based cargo-dedicated airline, will invest $77 million in “Cargolux China,” a new joint venture Chinese cargo airline, Cargolux said.
   Cargolux China will be based at Zhengzhou, Cargolux’s new hub in China, and is expected to commence operations in 2017 to serve transpacific and intra-Asian routes.
   Within the first three years of operation, Cargolux China’s fleet is expected to grow to five 747 freighters.
   The joint venture’s shareholders include Henan Civil Aviation Development and Investment Co. (49 percent), Cargolux (35 percent), Xin Gang Investment & Development Co., Ltd of Zhengzhou Airport Comprehensive Economic Experimental Zone (8 percent) and Henan Airport Group Co., Ltd. (8 percent).
   Looking back at 2015, Cargolux saw tonnage increase 7.4 percent year-over-year to 889,746 tons. In addition, the airline flew 114,792 block hours during the year, an 8.8 percent increase from 2014. However, Cargolux’s load factor remained largely unchanged at 66 percent, which the airline attributed to the increase in fleet size.
   Cargolux currently operates with a fleet of 25 747-freighters, which includes the four freighters that operate for Cargolux Italia.
   The airline’s current shareholders include Luxair (35.1 percent), Henan Civil Aviation Development and Investment Co. (35 percent), Banque et Caisse d’Epargne de l’Etat (10.91%), Société Nationale de Crédit et d’Investissement (10.67 percent) and the Luxembourg State (8.32 percent).