January 3 - Jade Cargo International has announced the temporary suspension of services "due to overall weak air cargo demand".
The carrier added the suspension of services will "provide the shareholders with an opportunity to coordinate with stakeholders to continue with the restructuring of the company's financial structure".
The Shenzhen-based carrier is a joint venture between Lufthansa Cargo (25 percent), Shenzhen Airlines (51 perccent) and DEG (24 percent).
As a result of the suspension, HLPFI understands that the carrier's six Boeing 747-400ERFs aircraft have temporarily been grounded, with German media reports suggesting that the aircraft have been withdrawn from service because the carrier is using its funds to pay financing costs on the jets rather than fuel them.
Jade Cargo was founded in October 2004 with flight operations commencing in August 2006.
