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Cargolux’s board adopts a new business plan

Cargolux Airlines International‘s (Luxembourg) board of directors, minus Qatar Airways, has adopted a new business plan. The company issued the following statement:

The Board of Directors of Cargolux Airlines International S.A. has approved the airline’s business plan for the period from 2013 to 2017. The plan is designed to achieve profitable growth, enhance shareholder value and ensure the long-term sustainability of Cargolux. In the same context, the Board of Directors further resolved to request the shareholders of Cargolux to commit additional liquidity to the airline, with a first tranche of $100 million (US) requested for the first quarter of 2013 in the form of a convertible loan. Both decisions enhance the government’s position in the ongoing discussions with potential new shareholders.

‘This is an important milestone for Cargolux in securing its sustainability. Going forward, all stakeholders will need to contribute their part to ensure this plan’s success. I am confident in the leadership team’s ability to execute it together with the airline’s highly skilled and dedicated employees,’ said Paul Helminger, Chairman of the Board of Directors.

Commenting on the business plan, Richard Forson, Interim President and CEO, said: ‘We have a clear vision for the future which is founded on the strengths of the Cargolux business model. By continuing to put customers first while further improving our flexibility and resilience, this business plan will help us meet the challenges ahead and ensure that Cargolux remains a relevant player in the long run’.

The business plan optimizes and builds on the proven Cargolux business model with the aim to:

– retain the single fleet philosophy and leverage the improved efficiency of the Boeing 747-8 freighter
– pursue profitable, moderate fleet growth and optimize daily fleet utilization
– achieve permanent efficiency gains and increased levels of flexibility in terms of cost and capacity; involving a range of measures including amendments to the Collective Work Agreement
– enhance growth and cost competitiveness and return to profitability in 2014

The 2013-2017 business plan is the result of an extensive evaluation by management of the airline’s business model, fleet structure, route network, customer base and future growth opportunities and takes account of different air freight market scenarios and macroeconomic developments.

Copyright Photo: Stephen Tornblom. Boeing 747-8R7F LX-VCD (msn 35809) taxies to the runway at New York’s JFK International Airport.

Cargolux logo

Cargolux Airlines International: AG Slide Show

Atlas Air to operate two new Boeing 747-800F freighters for DHL Express

Atlas Air Worldwide Holdings, Inc. (New York-JFK) has announced that it has reached an agreement with DHL Express for placement of its sixth and seventh Boeing 747-8 Freighter aircraft.

These aircraft will be operated by Atlas Air Worldwide’s unit, Atlas Air, Inc., (New York-JFK) in the Polar Air Cargo Worldwide express network under an ACMI arrangement for the benefit of DHL Express commencing in the fourth quarter of 2012. These aircraft will be the first of their type to be flown for DHL Express and will operate in DHL’s Asian and trans-Pacific markets. These aircraft will replace two Boeing 747-400F Freighters that are currently in service for DHL Express and currently operated by Polar Air Cargo (above).

Atlas Air expects to receive an additional two 747-8Fs in the first half of 2013, for a total of nine aircraft, completing the delivery of its order program.

Atlas Air issues a statement concerning its General Electric GEnc-2B engines

Atlas Air Worldwide Holdings, Inc. (Atlas Air) (New York) today issued the following statement in response to inquiries about the General Electric GEnx-2B engines serving the company’s Boeing 747-8 Freighter fleet:

“Atlas Air Worldwide’s industry leadership and our operations are based on a deep commitment to and a track record of safety, compliance and security.

Reflecting our commitment and track record, we have worked closely and continually with General Electric regarding the GEnx-2B engines serving our new Boeing 747-8 Freighters, five of which are currently in service and four of which remain to be delivered to us.

In conjunction with GE, we established a plan to inspect each of the engines serving our existing 747-8s and will work with GE to inspect the engines that will power our remaining 747-8 deliveries.

To date, the inspections have not uncovered any issues with our engines and have not resulted in any loss of flying time by our 747-8 Freighters.

We have also worked with GE to establish a plan to re-inspect each of our GEnx-2B engines at appropriate intervals.

Future periodic inspections of our GEnx engines are planned to be carried out during regularly scheduled maintenance checks on our 747-8 aircraft.

As a result, we do not expect re-inspections of our GEnx engines to disrupt our ability to continue to provide safe, value-added 747-8F service to our customers.

As always, reflecting our commitment to and our track record of safety, compliance and security leadership, we will fully comply with any and all directives issued by the Federal Aviation Administration and other regulators with respect to the operation of our aircraft.”

Copyright Photo: Nick Dean. The first new Boeing 747-800F freighter in full Atlas Air colors is seen at Paine Field near Everett, WA. 747-87UF (msn 37571) prepares to depart from PAE and will be delivered later this month.

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