Jade Cargo International (Shenzhen) has been reorganized with local Chinese interests. The cargo airline issued the following statement:
“Jade Cargo International is very pleased to announce that a Letter of Intent covering the restructuring has been signed between our shareholders and the UniTop Group.
The UniTop Group, based in Shenzhen, is a fast growing and dynamic logistics and transportation company who is looking to strengthen their position in the international air cargo market. With this step, the restructuring of Jade Cargo has taken a positive step forward, benefiting all stakeholders.”
The airline, which suspended operations on December 31, 2011 due to financial issues, is currently owned by Shenzhen Airlines (51%), Lufthansa Cargo (25%) and DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH, a subsidiary of German state-owned bank KfW (24%). It is unclear how the other owners’ percentages will change in the restructuring.
Jade Cargo International (Shenzhen) has suspended all cargo operations.
On December 31, 2011 the company issued the following short statement:
“The temporary suspension of Jade Cargo services is due to overall weak air cargo demand. It will also provide the shareholders with an opportunity to coordinate with stakeholders to continue with the restructuring of the company’s financial structure.”
Jade Cargo International was established in October 2004 and is co-owned by Shenzhen Airlines, which has a 51% stake, Lufthansa Cargo with 25% and DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH, a subsidiary of the German state-owned bank KfW with 24% of the stock. Cargo operations commenced on August 5, 2006.
World Airways (Atlanta) has signed a one-year agreement with Jade Cargo International (Shenzhen) to operate one Boeing 747-400 freighter aircraft on a full-time basis for air cargo service beginning in October 2010. Subject to final government approvals, the aircraft will connect Shanghai and Yantai with Chicago (O’Hare). The three weekly flights will then continue to Amsterdam and return to Shanghai on a “round-the-world” flight pattern.
World recently announced the addition of two Boeing 747-400 freighters, which will bring World’s 747-400 fleet to four aircraft, in addition to nine McDonnell Douglas MD-11 freighters.
Jade Cargo International Company Ltd. was founded in October 2004 as a joint venture between Shenzhen Airlines (51%), Lufthansa Cargo AG (25%) and the German development finance institute DEG-Deutsche Investitions- und Entwicklungsgesellschaft mbH (24%). Jade started flight operations on August 5, 2006 and operates six Boeing 747-400s.
Copyright Photo: Gunter Mayer. Jade Cargo’s Boeing 747-4EV ERF B-2422 (msn 35173) stops at Nuremberg.