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In February, Jade Cargo announced a possible restructuring deal between its shareholders and the Shenzhen-based UniTop Group. Unfortunately, the deal fell though, a Lufthansa Cargo spokesman said.
"Due to the ongoing weak demand for air cargo services to and from China, the restructuring of Jade Cargo could not be successfully concluded," the spokesman said.
More carriers are likely to follow Jade Cargo's lead, industry insiders believe. In fact, Grandstar Air Cargo, the Tianjin-based carrier co-owned by Sinotrans Air Transportation Development Co. and Korean Air Cargo, has recently suspended operations after losing $53m last year.
The slump in China's appetite for airfreight is likely to blame for such cuts.
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