Cargolux warily confident for 2011 after troubled 2010

DAVID Arendt, Cargolux’s interim chief executive officer (CEO), says the airline remains confident that the New Year will improve the cargo carrier’s fortunes, although it still remains cautious.

“Cargolux is finally seeing brighter skies with an increase in revenue of close to 34 per cent for the first ten months of 2010 and will finish the year firmly in the black. Preserving the company’s flexibility and ability to quickly react to changes will be our main focus for 2011.”

He predicts the carrier, like the rest of the industry, will have to carefully deal with increased security regulations, the volatility of fuel prices, the emission trading scheme and a “plague” of environmental taxes before it emerges into full recovery.

He also looks forward to, starting in the summer of next year, the company replacing its 747-400F fleet with next generation 747-8F.

Arendt steps down as interim CEO at the end of the year and passes the reins to Frank Reimen who takes over for Uli Ogiermann while he prepares for his defence, with Cargolux’s full support, against the US allegations of price fixing.