Wednesday, October 12, 2011

Newest Giant Air Freighter Deal Takes Off

Cargolux Take Delivery After Contractual Hold Up
Shipping News Feature

LUXEMBOURG – US - The initial order for the first two Boeing 747-8 Freighter aircraft which were due to be delivered to Europe’s largest all cargo airline Cargolux last month will now take place in the next 48 hours after contractual issues between Boeing, GE and Cargolux related to the performance of the aircraft and the engines were resolved today.

During a meeting on the 7th October the Cargolux Board of Directors appreciated that the negotiation team (Akbar al Baker (Director), Frank Reimen (President and Chief Executive Officer)) and David Arendt (Executive Vice President and Chief Financial Officer) and Company management took the appropriate actions to ensure that the 747-8 entry into service issues be resolved successfully. The deal was the first for the new enhanced variant of the 747-400 cargo aircraft which we reviewed previously.

Launch customer Cargolux has placed firm orders for thirteen of the Boeing 747-8 Freighter airplanes and the new generation model offers a variety of benefits over its predecessor, including additional payload, less fuel burn and carbon emissions and a considerably lower noise footprint.

Upon confirmation of the settlement Frank Reimen, President and Chief Executive Officer of Cargolux, commented that he was pleased the matter was now resolved and said he felt the investment in the new models would be a catalyst for profitable growth for his company.