newstodate.aero
May 11, 2015 (newstodate): The days are over for Nordic Global Airlines, set up only in April 2011.
Finnair Cargo, the main stakeholder, decided to cease its freighter operations provided by the carrier from the end of last year, and the Board of Directors Nordic Global Airlines Ltd has now decided to discontinue NGA's operations entirely by the end of May, 2015.
Since the launch of the carrier, NGA grew to fly main-deck cargo in four continents with its low-cost and thin-organization model, but with overcapacity in the sector and depressed freight pricing, the cargo airline's decision to cease operations was unavoidable, says Finnair in a release.
Finnair Cargo Oy owns 40 per cent of the company, and other shareholders are Neff Capital Management LLC, Daken Capital Partners LLC and the Mutual Pension Insurance Company Ilmarinen.
Between 2011 and 2014, Finnair leased freighter capacity from NGA primarily for its Asian cargo traffic.
Finnair's belly cargo capacity will however increase significantly in the coming years as new A350 aircraft join its fleet, leading Finnair to focus in the future on cargo carried in the cargo holds of passenger aircraft.
In the fleet of Nordic Global Airlines are four MD-11F aircraft, two of which were transferred by Finnair after cargo conversion.
Finnair Cargo, the main stakeholder, decided to cease its freighter operations provided by the carrier from the end of last year, and the Board of Directors Nordic Global Airlines Ltd has now decided to discontinue NGA's operations entirely by the end of May, 2015.
Since the launch of the carrier, NGA grew to fly main-deck cargo in four continents with its low-cost and thin-organization model, but with overcapacity in the sector and depressed freight pricing, the cargo airline's decision to cease operations was unavoidable, says Finnair in a release.
Finnair Cargo Oy owns 40 per cent of the company, and other shareholders are Neff Capital Management LLC, Daken Capital Partners LLC and the Mutual Pension Insurance Company Ilmarinen.
Between 2011 and 2014, Finnair leased freighter capacity from NGA primarily for its Asian cargo traffic.
Finnair's belly cargo capacity will however increase significantly in the coming years as new A350 aircraft join its fleet, leading Finnair to focus in the future on cargo carried in the cargo holds of passenger aircraft.
In the fleet of Nordic Global Airlines are four MD-11F aircraft, two of which were transferred by Finnair after cargo conversion.