08 Januari 2012

[080112.EN.AIR] Cargoitalia Crashes Into Bankruptcy After Mounting Financial Losses


ITALY's Cargoitalia - a the cargo spin-off of the old Alitalia airline - has ceased operations, telling customers it will go into liquidation after suffering mounting losses, reports US Cargo News (Flying Typers).

The Milan-based company said the decision to establish a "Cargolux Italia" subsidiary with four weekly freighter flights via Malpensa-Hong Kong on B747-400F aircraft hurt Cargoitalia and seriously damaged its prospects.

Cargoitalia operated three MD-11 freighters and had signed firm orders for five A330-200Fs. It was only until recently that the heavily indebted carrier changed its strategy by reducing line-haul flights and offering customers ACMI solutions together with a new charter product called "Ondemand".

Cargoitalia also partnered with Togo's cargo carrier Africa West, operating flights between Liege and Lome, as well as moving European exports into West Africa's regional network in the Ivory Coast, Ghana, Nigeria, Cameroon and Angola.

The company helped out Lufthansa Cargo by offering additional capacity on US-bound flights out of Germany. This deal expired before Italian carrier's financial crash.

Alis Aerolinee Italiane purchased the carrier in December 2008 for US$18.8 million, mainly to get the air operator certificate held by Cargoitalia. Flights were resumed in May 2009 with a single MD-11F. Two passenger-to-freighter conversions from Alitalia's stock increased the fleet.

Source : HKSG, 06.01.12.

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