A new China to Europe air cargo service called Grandstar has started.
Grandstar Cargo International Airlines began operations at the weekend with an inauguration flight from Tianjin to Frankfurt using a Boeing 747-400 freighter. This despite the fact the cargo market is currently in a state of considerable turbulence.
This all-cargo carrier has started services when the price of oil is continuously on the rise and operating costs are at difficult-to-sustain levels.
Grandstar was established in December as a joint venture cargo airline. It is jointly owned by:
Sinotrans Air Transportation Development (51%).
Korean Airlines (25%)
Hana Capital (13%)
Shinhan Capital (11%).
Grandstar will handle both domestic and international cargo and mail air transportation. This is probably the worst time it could enter this competitve market but presumably plans were well in hand before the price of oil started to go stratospheric.
Source: CargoNews Asia