Source: Shanghai Daily Author: Winny Wang 07/01/2008
Subject Concerned: Airlines Cargo
Korean Air has boosted its presence in China's lucrative cargo market via Grandstar Cargo International Airlines Co which started operations with an inaugural Boeing 747 freighter flight from Tianjin to Frankfurt on June 27.
The South Korean flag carrier holds 25 percent of the US$65-million joint venture with Sinotrans Air Transportation Development Co having 51 percent in the company while Hana Capital Co and Shinhan Capital Co holding the balance.
Grandstar, headquartered in Tianjin, has business interests covering domestic and international air cargo and mail transport, leasing of aircraft for self-use, repair and maintenance, aircraft charter business and import and export services.
Grandstar has ambitions to be the leader of cargo carriers in China, said Lee Kwang-sa, its president. Together with Korean Air's expertise as one of the world's leading cargo carriers and Sinotrans Air's vast logistics network in China, Grandstar "will provide comprehensive and customer-oriented international air cargo services to its customers," Lee said.
Grandstar will fly to the United States and other cities when its fleet expands.