Nordic Global Airlines (Helsinki Vantaa) will terminate operations at the end of this month with its fleet of four MD-11(F)s in the process of being transferred to US operator, Western Global Airlines (KD, Fort Myers Southwest Florida).
Parent Finnair (AY, Helsinki Vantaa) said in a filing to the Helsinki stock exchange last week that overcapacity in the cargo sector coupled with depressed freight pricing had severely impacted Nordic Global's viability.
Though it had leased freighter capacity from Nordic Global for its mainly Asian cargo traffic up until the end of last year, Finnair says its fleet of A330-300s and A350-900s will offer more than enough belly-hold cargo capacity for its needs.
Finnair Cargo Oy owns 40% of Nordic Global with other shareholders said to include Neff Capital Management LLC, Daken Capital Partners LLC, and the Mutual Pension Insurance Company Ilmarinen.
