Galaxy International, the joint venture air cargo carrier of Sinotrans Air Transportation Development Co, Ltd. (Sinotrans Air) and Korean Air, expect to obtain an operating licence soon from the General Administration of Civil Aviation of China (CAAC), Xinhua reported.
The cargo carrier has registered capital of US$65 million and will make Tianjin Binhai International Airport its base, offering domestic and international cargo and mail transport, freight forwarding, aircraft leasing, maintenance and ground service.
Sinotrans Air spent $33.2 million on a 51 per cent stake in the joint venture. Korean Air spent $16.3 million for a 25 per cent stake. Hana Capital Co Ltd. holds 13 per cent stake, and Shinhan Capital Co Ltd holds the remaining 11 per cent.
Galaxy International is approved to operate with three leased aircraft, one B747-400 freighter and two A300-600Rs. Korean Air has agreed to transfer 36 of its own aircrew to the new carrier.
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