Grandstar Cargo International Airlines began operations at the weekend with an inauguration flight from Tianjin to Frankfurt using a Boeing 747-400 freighter.
The new all-cargo carrier has entered the market at a turbulent time with sky-high oil prices hiking operating costs to difficult-to-sustain levels.
Grandstar was established in December as a joint venture cargo airline with stakes held by Sinotrans Air Transportation Development (51 percent), Korean Airlines (25 percent), Hana Capital (13 percent) and Shinhan Capital (11 percent).
Grandstar's business scope covers domestic and international cargo and mail air transportation, leasing of aircraft for self-use, repair and maintenance of aircraft, aircraft charter, inter-airline agency services, import and export services and related ground services.
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Source: cargonewsasia.com
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