CAL, Yang Ming, Wan Hai bail out of Yangtze

With an eye on China's domestic air cargo business, the three firms jointly invested in Yangtze River Express with HNA Capital in 2006 through their subsidiaries, with CAL, Yang Ming and Wan Hai holding 25, 12 and six per cent respectively.


China Airlines Wan Hai Lines Yang Ming Marine Transport Corp Yangtze River Express


Three Taiwanese transport companies – China Airlines (CAL), Yang Ming Marine Transport Corp and Wan Hai Lines – have sold their shareholdings in China-based cargo carrier Yangtze River Express. With an eye on China’s domestic air cargo business, the three firms jointly invested in Yangtze River Express with HNA Capital in 2006 through their subsidiaries, with CAL, Yang Ming and Wan Hai holding 25, 12 and six per cent respectively. But with Yangtze River Express continually posting losses over the years as global air cargo markets remained weak, the three firms opted to cut their losses and sell their shares back to HNA Capital, which is part of the HNA Group of which Hainan Airlines belongs. In June Yangtze River Express announced plans to convert three B737-400s into B737-400(F)s with the first due to undergo conversion in July at the Boeing Shanghai Aviation Services facility in Shanghai.