Cargoitalia in turmoil
19 / 05 / 2008
ITALIAN all-freight airline Cargoitalia, is searching for a buyer in the face of financial difficulties, as yet another widebody freighter operator suffers at the hands of the record high oil prices.
Air Cargo News has learned that chief executive officer, Massimo Panagia (right), has left the company at the behest of the shareholders.
In addition, chairman of the board, Stan Wraight, is no longer involved with the airline.
“I am no longer associated with Cargoitalia. My company, Strategic Aviation Solutions International, had a contract for a specific mandate. The shareholders have terminated that contract. I am not able to comment further on the situation now, but will be able to provide further details within the next few weeks,” said Wraight.
The fact that another freighter airline has fallen into financial difficulties, is another indicator of the tough market conditions that are likely to worsen as fuel continues to rise.
As with the industry-wide downturn after the 9/11 terrorist attacks in 2001, ACMI providers are likely to feel the pinch as operators return aircraft at the end of the lease period and airlines increasingly withdraw from unprofitable freighter services.