UPS-Worldwide Services (UPS Airlines) Boeing 747-45E (BCF) N578UP (msn 27154) ANC (Michael B. Ing), originally uploaded by Airliners Gallery.
UPS (United Parcel Service) (UPS Airlines) (Atlanta) reported second quarter net income of $845 million.
Read the full press release:
Copyright Photo: Michael B. Ing. A beautiful climb out at Anchorage of UPS Airlines’ Boeing 747-45E (BCF) N578UP (msn 27154).
Asiana Airlines Cargo Boeing 747-48EF HL7636 (msn 29170) ANC (Michael B. Ing), originally uploaded by Airliners Gallery.
Asiana Airlines (Seoul-Incheon) will extend its cargo network to Atlanta, starting on September 13. The new route will be operated four times a week with Boeing 747-400F freighters.
On the financial side, the second quarter profit slipped to slightly over $12 million.
Read the full report in ATW:
Copyright Photo: Michael B. Ing. Asiana Cargo’s Boeing 747-48EF HL7636 (msn 29170) climbs into the sky at Anchorage.
Cathay Pacific Airways Cargo Boeing 747-412 (BCF) B-HKH (msn 24227) JFK (Jay Selman) (starts around-the-world cargo flight), originally uploaded by Airliners Gallery.
Cathay Pacific Airways (Hong Kong) yesterday (July 9) launched its new around-the-world cargo service.
Please click on the photo for the full story.
Copyright Photo: Jay Selman. Boeing 747-412 (BCF) B-HKH (msn 24227) arrives at New York (JFK).
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National Airlines (5th) (formerly Murray Air) (National Air Cargo Group) (Ypsilanti) is planning to operate ex-Air France Boeing 747-428 (BCF) freighter as N952CA (msn 25238, ex F-GISA). This will be the first Boeing 747 for the company. The new addition was registered on June 30, 2010.
World Airways Boeing 747-4H6 (SF) N741WA (msn 25702) NUE (Gunter Mayer), originally uploaded by Airliners Gallery.
World Airways (Atlanta), a subsidiary of Global Aviation Holdings, Inc., has signed an agreement with Cargolux Airlines International (Luxembourg) to operate one Boeing 747-400 freighter on a full-time basis for air cargo service beginning October 2010 through June 2011.
Cargolux currently operates 15 747-400Fs.
Copyright Photo: Gunter Mayer. Boeing 747-4H6 (SF) N741WA (msn 25702) stops at Nuremberg.
Polar Air Cargo Boeing 747-46NF N453PA (msn 30811) MIA (Bruce Drum), originally uploaded by Airliners Gallery.
Atlas Air Worldwide Holdings, Inc. (New York) today (May 5) announced record first-quarter earnings that sharply exceeded previous record first-quarter earnings achieved in 2009.
For the three months ended March 31, 2010, AAWWโs net income increased 44.5% to $33.8 million, or $1.30 per diluted share, on revenues of $295.2 million and pretax earnings of $53.9 million. Record earnings for the quarter compared with previous record first-quarter net income of $23.4 million, or $1.12 per share, on revenues of $244.5 million and pretax earnings of $38.5 million for the three months ended March 31, 2009.
Excluding one-time items, adjusted net income in the first quarter of 2010 increased 86.2% to $27.5 million, or $1.06 per diluted share, compared with $14.8 million, or $0.71 per diluted share, in the first quarter of 2009.
The holding company expects to manage and operate a fleet of 22 747-400 freighters and six 747-200s (Atlas Air and Polar Air Cargo) through the remainder of this year. In addition, the Titan Aviation Leasing business acquired a Boeing 757-200 freighter in March that it has leased to a Chinese airline for a five-year term.
The holding company also plans to start outsourced CMI service using two customer-owned 747-400 passenger aircraft later this quarter, and to begin CMI flying for Boeing using four 747-400 Dreamlifter aircraft later this year. Additional fleet and earnings growth is expected with the delivery of 12 next-generation 747-8 freighters beginning in early 2011.
Copyright Photo: Bruce Drum. Polar Air Cargo’s Boeing 747-46NF N453PA (msn 30811) taxies to the runway at Miami.
Cargolux Airlines International Boeing 747-4R7F LX-VCV (msn 34235) MSE (Keith Burton), originally uploaded by Airliners Gallery.
Cargolux Airlines International (Luxembourg) saw a reduction in tons sold and the decline in yields which resulted in a drop in revenue of 34 percent to $1.3 billion (US) as the weak economy hit cargo operators very hard. Cargolux recorded an overall loss of $153 million (US) for 2009.
Cargolux kept its fleet of 16 Boeing 747-400Fs in operation. However, a lower utilization of each aircraft meant that, in practice, the company had the equivalent of two aircraft on the ground during the months of June and July, 2009.
In September and October, Cargolux delivered two Boeing 747-400F aircraft to UPS in a deal that had been concluded before the financial crisis hit and was intended to facilitate the planned delivery of the new Boeing 747-8F freighters in 2009. However, by the time those two aircraft left the fleet, Cargolux actually found a need for more capacity, as the cargo markets began to rebound.
To cover the demand, Cargolux leased-in up to three Boeing 747-200Fs for the peak season in the last three months of the 2009.
As a result of the losses incurred and to ensure the survival of the company, a re-capitalization of Cargolux became necessary. In November 2009, the company implemented a restructuring of its capital structure in a two step transaction. First, shareholder SAirlines (part of the defunct Swissair Group) sold its 33.7 percent stake to Luxair, BCEE, SNCI (all current shareholders of Cargolux) and, as a new shareholder, the Luxembourg State.
The production delay of the new Boeing 747-8F has pushed the first delivery to Cargolux from 2009 to late 2010.
Copyright Photo: Keith Burton. Cargolux’s Boeing 747-4R7F LX-VCV (msn 34235) turns on the runway at Manston.
JAL Cargo (JAL-Japan Airlines) Boeing 747-446 (BCF) JA8909 (msn 26353) LHR (Antony J. Best) (JAL to exit cargo business), originally uploaded by Airliners Gallery.
JAL-Japan Airlines (Tokyo) due to reorganization in bankruptcy has decided to exit the cargo business by the end of October 2010.
Business Week news link:
Copyright Photo: Antony J. Best. Boeing 747-446 (BCF) JA8909 (msn 26353) of JAL Cargo climbs away from London (Heathrow).
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World Airways (Atlanta), a subsidiary of Global Aviation Holdings, Inc., ย has signed an agreement with Asiana Airlines (Seoul) to operate one Boeing 747-400 freighter aircraft on a full-time basis for air cargo service beginningย February 23ย through the remainder of 2010.
Copyright Photo: Antony J. Best. Please click on photo for full view, information and other photos.
JAL-Japan Airlines’ (Tokyo-Haneda) today (October 14) received the government-ledย task force proposal. ย The plan proposes the followingย restructuring plan. It includes the following:
– replace all current executives
– cut over 9,000 employees
– cut pension payments by 50 percent
– ask banks to forget JPY300 billion of debt
– raise JPY150 billion through debt-equity swaps
– spin off subsidiaries
– cut all unprofitable routes
The plan still not has been ratified, and thingsย like pensions need to be approved by the retiree’sย union. ย The debt also needs to be renegotiated with the banks. ย Either way JAL will be a much smaller airline and group.
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