Cargolux / Cargoitalia?
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Cargolux / Cargoitalia?
Aticle from Air Cargo News (http://www.aircargonews.net/latest.asp). Does anyone know what this means? Is Cargolux growing?
18-Jun-2008 : AIR Cargo News has learned that Cargolux has entered into negotiations with ailing Italian freighter airline, Cargoitalia, over a possible buy-out.
Sources in Italy indicated that a deal could be completed in 20 days and would provide Cargolux with a long-held ambition for greater access to the Italian market, as well as useful Asian traffic rights.
Any deal is likely to involve Cargolux dry-leasing two 747-400Fs to its new subsidiary, basing the aircraft in Milan. This would preclude the need for trucking to Luxembourg.
However, what is not clear is what liabilities Cargolux would incur in any deal.
“We have been approached by Cargoitalia management to look at various forms of co-operation, for which discussions have been initiated. At this stage, it is too early to comment on any possible outcome,” said Robert Van de Weg (above), senior vice-president sales & marketing.
/jungleland
18-Jun-2008 : AIR Cargo News has learned that Cargolux has entered into negotiations with ailing Italian freighter airline, Cargoitalia, over a possible buy-out.
Sources in Italy indicated that a deal could be completed in 20 days and would provide Cargolux with a long-held ambition for greater access to the Italian market, as well as useful Asian traffic rights.
Any deal is likely to involve Cargolux dry-leasing two 747-400Fs to its new subsidiary, basing the aircraft in Milan. This would preclude the need for trucking to Luxembourg.
However, what is not clear is what liabilities Cargolux would incur in any deal.
“We have been approached by Cargoitalia management to look at various forms of co-operation, for which discussions have been initiated. At this stage, it is too early to comment on any possible outcome,” said Robert Van de Weg (above), senior vice-president sales & marketing.
/jungleland
with apple compote, of course.
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Story is that CV management regard the current fuel crisis as a golden opportunity to watch the weaker competition disappear or become vulnerable to buy out.
The Cargoitalia deal means that CV can lease 2 of their a/c out to a wholly owned subsiduary. It gives the accountants some more means of creatively playing with the financials. There has been some involvement between Cargoitalia and another CV subsiduary company in the past couple of years as well, so there was already a "line of communication" in place.
The Cargoitalia deal means that CV can lease 2 of their a/c out to a wholly owned subsiduary. It gives the accountants some more means of creatively playing with the financials. There has been some involvement between Cargoitalia and another CV subsiduary company in the past couple of years as well, so there was already a "line of communication" in place.
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What´s the wisdom behind a dry-lease then?
Given CV management's enthusiasm for spin offs and joint ventures, you just never know what might be coming in the near future...</speculation>
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I believe Cargolux have already sold on four of their 744's for onward delivery as and when the 800's start appearing.
As an aside, I was parked next to a Gemini MD-11 in Accra last week which had a logo on the starboard side purporting to be working with CargoItalia......
As an aside, I was parked next to a Gemini MD-11 in Accra last week which had a logo on the starboard side purporting to be working with CargoItalia......
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Gemini is not working for CRG anymore, it was stopped last year, they just have the logo on theit a/c.
Would it be worth about 80-100 Mio for CV just to start a OPS from MXP, I guess thats what they have to invest, as CRG is loosing quite some money.
Would it be worth about 80-100 Mio for CV just to start a OPS from MXP, I guess thats what they have to invest, as CRG is loosing quite some money.
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Gemini flew 2 MD-11 for CRG, currently CH 11, Tradewinds took over from them with 2 742F, ceased operations, and now Southern Air is carrying the torch. Lets hope the same fate does not befall them that their predecessors that flew for the White Pelican encountered.
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"Gemini flew 2 MD-11 for CRG, currently CH 11, Tradewinds took over from them with 2 742F, ceased operations, and now Southern Air is carrying the torch. Lets hope the same fate does not befall them that their predecessors that flew for the White Pelican encountered."
CargoItalia=Kiss of death
CargoItalia=Kiss of death
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The only reason that CV is "looking" into CargoItalia is because of MXP slots and routes in and out...
CRG contacted CV, maybe they think about it to get a bigger pice of the italian market, but its not said that they will get inti CRG at the end.
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CRG contacted CV because they are out of options and are trying to find a way out without causing to much damage to their wallet
If I were CV and if I wish to invest in Italian market I would start from zero a new airlines based in Italy, less investment and legacy.
However why I should take the risk to invest in Italy when in about 10 hours by trucks I could take all the goods to my hub?
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Correct, if you have to invest a few millions, you can also set up a new airline.
BTW, CV has several flights from MXP to LUX, so they dont need the trucking,
they are already in the italian market and very big.
BTW, CV has several flights from MXP to LUX, so they dont need the trucking,
they are already in the italian market and very big.