Korean Air, the world’s largest commercial cargo carrier in terms of FTK (freight ton-kilometres) volume, is strengthening its position in the China market.
Korean has recently entered joint venture with Sinotrans Air Transportation Development, to develop and operate a new cargo terminal at the Tianjin Binhai International Airport.
Korean and Sinotrans Air will hold 47 and 20 per cent stakes respectively in the US$43.9 million facility. Th e remainder will be held by Korea Airport Service (15 per cent), Hanjin Transportation Co., Ltd. (10 per cent), and Tianjin Dongfang Credit Investment Company Ltd. (8 per cent).
"Establishing a joint venture between the largest logistics companies in Korea and China is a signifi cant milestone for the future development of both entities," said Yang Ho Cho, chairman and CEO of Korean Air.
Th e terminal will be built in two phases with construction beginning in 2008 and expected to be completed within the second half of 2009.
Korean Air currently owns and operates a total of six cargo terminals at Incheon, Gimpo, Los Angeles, New York, Tokyo and Osaka airports.