David,
OLT Express (Germany) is the old OLT with the assets of Contact Air and the "sales knowledge" of Cirrus.
Looking at the hours you come with indeed it is not many hours, but the old OLT flew much less per unit.
Imagine "overnight" you have doubled your fleet in numbers and only added the larger aircraft (F100) in your fleet. And you need to make them work (Contact Air were only assets not the ACMI contracts), so you start... This is what OLT did, so no surprise the routes have **** loads, and they are switching.
I hope for all involved they will make it, as it is always nice to have choice... But it is an harsh market!