[photopress:Korean_Airlines_cargo.jpg,full,alignright]Korean Airlines, the largest international air cargo carrier, has won preliminary approval for a $65-million venture in China. The airline will spend $16.25 million on a 25% stake in Galaxy International. Sinotrans Air Transportation Development will invest US$33.15 million and hold 51%.
In this Korean Air follows Singapore Airlines, Lufthansa and other airlines in forming China cargo ventures. Chinese exports were 28.7% higher in May than a year earlier but there are now signs that the air cargo market is becoming a little overcrowded and highly competitive.
Source: Shanghai Daily