Air (KAL), which is gearing up to start a dedicated cargo airline in Beijing’s
port city of Tianjin,
is also investing in the construction of a new cargo terminal at Tianjin.
and its partners are together investing $43.85 million to build a new cargo
terminal at Tianjin
Airport, KAL says in a
statement, adding that the terminal will be built in two phases with phase one
to start next year and be completed in 2009’s second half.
will be built on 128,000m2 of land KAL secured on lease from the Tianjin Airport Authority, says the SkyTeam alliance
carrier, which adds it will own 47% of the terminal and have a 20-year
management contract and right to appoint the terminal’s CEO and chief financial
other stakeholders are: Chinese logistics giant Sinotrans,
with 20%; Korea
Airport Service, with 15%; Hanjin Transportation, with 10%; and Tianjin
Credit Investment, with 8%.
already owns and operates cargo terminals at Seoul Incheon, Seoul Gimpo,
Los Angeles, New York,
Tokyo and Osaka
airports and this is its first in China.
terminal in the Tianjin
area will become a strong foothold for KAL to advance in the Chinese air cargo
market, in both transportation and ground services, enabling it to provide
comprehensive air logistics services,” it says.
currently seeking approval from the Civil Aviation Administration of China to
establish in joint venture partnership Grand Star Air, a dedicated cargo
carrier that will operate Airbus A300Fs and Boeing 747-400Fs.
has a 25% stake in Grand Star while Sinotrans has 51%.
Korea’s Hana Capital
and Shin Han have 13% and 11% respectively.