Jade grounds freighters
20 / 06 / 2012
JADE Cargo, the joint venture between Air China and Lufthansa Cargo, has grounded all six of its 747-400ER freighters.
While the company claims this is only temporary, sources close to the situation say it is because Jade does not have the money for fuel and is instead using the cash to pay financing costs.
Estimates suggest the aircraft will be on the ground for at least several weeks but with Air China apparently interested in pulling out of the venture – it holds 51 per cent of the carrier while Lufthansa has 25 per cent – there is doubt whether they will ever fly again for Jade.
Lufthansa Cargo started Jade operations with Shenzhen Airlines in 2006, but Shenzhen Airlines was taken over by Air China in 2010, which prefers its own joint venture with Cathay Pacific, Air China Cargo.