Jade Cargo International, China’s first air cargo joint venture between Shenzhen Airlines and Lufthansa Cargo, has ended its business because of the drop in demand. Jade’s operations had stopped since January 2012 due to disagreements with Chinese shareholders over further investment in the carrier. It had a fleet of six B744-ERF freighters and served 21 destinations from its hubs in Shenzhen, Shanghai and Tianjin in China.
Lufthansa chief executive Christoph Franz told Reuters: “We are a minority shareholder, but the shareholders all together agreed that we will dissolve the company. There is too much capacity.” Lufthansa Cargo lost around US$21 million on its Jade stake in 2011.