LESS than a year after formalising their commercial partnership, cma CGM, and Air France-KLM have announced the termination of their existing agreements, initially planned for a 10-year duration, reports Aviation24.be.
The decision, effective from March 31, 2024, is attributed to challenges in operating their collaboration optimally, citing constrained regulatory environments in specific crucial markets.
The collaboration entailed a joint venture between EVP Cargo (Air France-KLM) and CMA CGM Air Cargo, overseeing a fleet of 12 freighters and leveraging the cargo hold capacities of over 160 long-haul aircraft.
While regulatory approvals were obtained for this collaboration, some key markets posed challenges.
CMA CGM, involved in air freight since March 2021, had established routes and joint ventures, including with partners like Air Belgium.
Despite remaining a significant shareholder in Air France-KLM, CMA CGM will exit the board of directors by April
These times pose challenges for maritime companies venturing into air freight, with reduced revenues and tightened budgets in 2023.
Despite CMA CGM experiencing revenue growth in the third quarter, its operational profit for other activities, including air freight, witnessed a notable decline.
SeaNews Turkey
The decision, effective from March 31, 2024, is attributed to challenges in operating their collaboration optimally, citing constrained regulatory environments in specific crucial markets.
The collaboration entailed a joint venture between EVP Cargo (Air France-KLM) and CMA CGM Air Cargo, overseeing a fleet of 12 freighters and leveraging the cargo hold capacities of over 160 long-haul aircraft.
While regulatory approvals were obtained for this collaboration, some key markets posed challenges.
CMA CGM, involved in air freight since March 2021, had established routes and joint ventures, including with partners like Air Belgium.
Despite remaining a significant shareholder in Air France-KLM, CMA CGM will exit the board of directors by April
These times pose challenges for maritime companies venturing into air freight, with reduced revenues and tightened budgets in 2023.
Despite CMA CGM experiencing revenue growth in the third quarter, its operational profit for other activities, including air freight, witnessed a notable decline.
SeaNews Turkey