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Cargolux improves with a net profit of $8.4 million in 2013

Cargolux Airlines International (Luxembourg) at its annual general meeting, the shareholders of Cargolux Airlines International S.A. approved the audited financial statements for the financial year ended on December 31, 2013.

2013 Highlights

Cargolux earned a full year net profit of US$ 8.4 million compared to US$ 35.1 million net loss in 2012;

Total revenues rose 14.4% to US$ 1,988.5 million from US$ 1,738.9 million in 2012.
Key Performance Indicators:

Tons sold increased 16.7% to 753,848 from 645,759 in 2012;

Average load factor softened 0.9 percentage points to 67.7%;

FTK strengthened to 5.7 million compared to 4.8 million in 2012;

Daily aircraft utilization stood at 14:57 block hours versus 15:07 in 2012.

In spite of a moderate recovery in the last quarter, the airfreight industry continued to operate in a difficult environment for the most part of 2013. Capacity growth still outstripped demand, which resulted in an industry-wide decline in yields and load factors. Despite difficult trading conditions, Cargolux grew its activities and increased volumes in a bid to maximize contribution to fixed costs. This was achieved quite successfully, as the company recorded a tonnage growth of 16.7% over 2012 to 753,848 tons – exceeding the 2013 budget by 13.5%. Total revenues grew by 14.4% to $1,988.5 million (US) while tons-kilometers flown increased from 4.8 million in 2012 to 5.7 million in 2013.

Cargolux operated 95,022 block hours, 13,364 hours more than planned for 2013. The high amount of operational activity contributed towards achieving a net consolidated gain of $8.4 million (US), a noteworthy improvement over the originally budgeted loss for 2013 of $27.1 million (US).

Cargolux expanded its fleet with three new Boeing 747-8Fs and retained, on a power-by-the-hour basis, a Boeing 747-400F that was initially planned to exit the fleet during 2013. It also added a Boeing 747-400ERF on the same basis, which brought the fleet to 20 aircraft at the end of the year. In contrast, the budget for 2013 foresaw a fleet of 16 aircraft only.

With a bigger fleet and more operational activity than planned, Cargolux recorded an average daily aircraft utilization of 14:57 hours. The company’s market share reached 3.5% and it ranked at number 8 among the world’s dedicated freighter and combination carriers in terms of FTKs.

“We don’t expect market conditions to improve significantly in 2014,” said Cargolux President and CEO Dirk Reich. “Our priority is to grow and expand our global network with the continued support and valuable contribution of our hard working employees while focusing on efficiency and performance improvements. I am also confident in our ability to reap the first tangible rewards from the cooperation with our new shareholder HNCA”, Reich added.

Copyright Photo: Karl Cornil/AirlinersGallery.com. Boeing 747-8R7F LX-VCG (msn 35812) taxies past the camera at Amsterdam.

Cargolux Aircraft Slide Show: CLICK HERE

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Cargolux orders an additional Boeing 747-8 Freighter

Cargolux Airlines International (Luxembourg) and Boeing (Chicago and Seattle) have announced an order for an additional 747-8 Freighter. The order, valued at $357.5 million at list prices, is the 14th 747-8 Freighter the cargo carrier has ordered from Boeing.

“The Cargolux Board of Directors approved the order of our 14th 747-8 Freighter almost 35 years to the day that the airline took delivery of its first 747 Freighter ever,” said Richard Forson, interim president and CEO of Cargolux. “This shows how pleased we, as an all-747 cargo operator, are with the performance and economics of this new generation aircraft and underlines the importance of the role of the 747 overall in the success of our company.”

Cargolux was the world’s first operator of the 747-8 Freighter, taking its first delivery of the airplane type in October 2011. Since then, the airline has taken a total of nine 747-8 Freighters, providing the carrier with increased cargo capacity coupled with excellent economic performance. With today’s announcement, Cargolux has a total of five unfilled orders for 747-8 Freighters.

As well as being one of the launch customers for the 747-8 Freighter, Cargolux also took delivery of the first ever 747-400 Freighter in November 1993. The all-Boeing carrier has a fleet comprised entirely of 747-400 Freighters and 747-8 Freighters.

Copyright Photo: Arnd Wolf/AirlinersGallery.com. Boeing 747-8R7F LX-VCD (msn 35809) taxies at Munich.

Cargolux: AG Slide Show

Boeing delivers 648 new airplanes in 2013, a new company record and 1,355 net commercial orders

Boeing (Chicago) set a company record in 2013 for the most commercial airplanes delivered in a single year with 648. The company’s unfilled commercial orders stood at 5,080 at the end of the year – also a new Boeing record.

Boeing also booked 1,531 gross commercial orders in 2013, a new company record and 1,355 net commercial orders in 2013, the second-largest number in company history.

In 2013, three programs set records for deliveries in single year:

  • The 737 program delivered 440 Next-Generation 737s
  • The 777 program delivered 98 airplanes
  • The 787 program delivered 65 Dreamliners, now flying with 16 customers around the world

With the higher production rates achieved in 2013, all three Boeing Commercial Airplanes production sites in Everett and Renton, Washington and North Charleston, South Carolina also delivered a record number of airplanes.

Boeing’s leadership position in the twin-aisle market continued in 2013 with the launch of two new airplane programs. The 777X launched in November at the Dubai Air Show with 259 orders and commitments worth more than $95 billion at list prices. Boeing also launched the 787-10 Dreamliner, the most fuel-efficient jetliner in history, at the Paris Air Show in June.

Orders, deliveries and unfilled orders as of December 31, 2013, by program were as follows:

Family Gross Orders Net Orders Deliveries Unfilled Orders
737 1,208 1,046 440 3,680
747 17 12 24 55
767 2 2 21 49
777 121 113 98 380
787 183 182 65 916
Total 1,531 1,355 648 5,080

Boeing Commercial Airplanes highlights in 2013 included:

  • Boeing Delivers 7,500th 737
  • Boeing, Southwest Airlines Announce Launch of 737 MAX 7
  • Boeing Opens New Everett Delivery Center
  • Boeing Delivers 1,000th Airplane to China
  • Boeing Launches 787-10 Dreamliner
  • Boeing Begins Assembly of 1st KC-46A Tanker Aircraft
  • Boeing Flies First 787-9 Dreamliner
  • Boeing Completes 737 MAX 8 Firm Configuration
  • Boeing to Increase 737 Production Rate in 2017
  • Boeing, GOL Airlines Announce Collaboration to Increase Sustainable Aviation Biofuel Supply in Brazil
  • Boeing 787 Dreamliner Reaches 1,000th Order with Etihad Airways
  • Boeing Launches 777X with Record-Breaking Orders and Commitments
  • Boeing Delivers First 747-8 with Performance-Improved Engines

Copyright Photo: Nick Dean/AirlinersGallery.com. Boeing 747-8R7F N747EX (msn 35808) lands at Paine Field near Renton.

Boeing delays the delivery of the first Boeing 747-8F

Boeing (Chicago, Seattle, Wichita and Charleston) today announced a schedule change for the 747-8 Freighter with the first delivery now expected to be in mid-year 2011. The company also announced steps it is taking to support the new schedule, including adding a fifth airplane to the flight-test fleet.

Boeing previously indicated that, following recent flight-test discoveries, there was a high probability the first 747-8 Freighter delivery would move into 2011. According to Boeing the new delivery schedule follows a thorough assessment of the expected cumulative impact of these discoveries, which include a low-frequency vibration in certain flight conditions and an underperforming aileron actuator. While neither issue requires structural changes to the airplane, they have led to disruptions to certification testing, which the program was unable to offset within the prior schedule.

Copyright Photo: Nick Dean. Boeing 747-8R7F N5573S will become LX-VCC (msn 35807) for launch customer Cargolux Airlines International.

Cargolux to introduce a new livery with the first Boeing 747-8F

Copyright Photo: Boeing. Boeing 747-8R7F N55725 (msn 35806) will become LX-VCB on delivery.

Cargolux Airlines International (Luxembourg) is introducing a new livery with the delivery of the first new Boeing 747-8F. The cargo airline is the launch customer for the new type. The first Boeing 747-8 Freighter painted in Cargolux’s livery emerged from the Boeing paint hangar in Everett, WA on June 7.  The cargo operator has a total of 13 Boeing 747-8 Freighters on order.

Boeing delivered the last Cargolux 747-400 Freighter with a unique transition paint scheme featuring fading stripes. The new livery on Cargolux’s 747-8 Freighter is an evolution from the current design and marks the start into a new era for the company.

“The design stands for continuity and commitment while confirming the fundamental principles that made Cargolux successful. The red, white and blue stripes symbolize the company’s roots in Luxembourg, its hub and home base,” said Ulrich Ogiermann, CEO of Cargolux. The new livery features a distinctive new red tail and an additional logo on the belly further promotes the brand.

Boeing will deliver the first 747-8 Freighter to Cargolux in the fourth quarter of this year.

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