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GSC-FLIGHT CREW AD
Formed and started operations in 2007. Is a joint venture between Korean Air (KAL) and Sinotrans Air. Domestic, regional, & international, scheduled & charter, cargo jet airplane services.
5/F Office Building
Tianzhu Logistics Ark
No 20 Tianzhu Road, Beijing 101312, China
10th Floor Building
Tianjin Binhai International Airport
300300 Tianjin (Tianjin), China
China (People's Republic of China) was established in 1949, it covers an area of 9,560,980 sq km, its population is 1,265 million, its capital city is Beijing, and its official language is Chinese.
June 2008: Grandstar Cargo International Airlines (GSC), the Korean Air (KAL)/Sinotrans joint venture (JV) airfreight carrier based in Tianjin, operated its inaugural flight to Frankfurt using a 747-4B5F freighter. (KAL) and the Chinese logistics firm first announced plans for the airline in 2006 and gained (CAAC) (CAC) approval in July 2007. It is 51% owned by Sinotrans Air Transportation Development Co, 25% by (KAL), 13% by Hana Capital Company, and 11% by Shinhan Capital Company. "Its business scope covers domestic and international, cargo and mail air transportation, and relevant business, leasing of airplanes for self-use, repair and maintenance of self-used airplanes, airplane charter business, inter-airline agency services, import and export services, and related ground services," (KAL) said in a statement, adding that Grandstar (GSC) "will mainly provide international scheduled and nonscheduled air cargo transportation services."
It plans to add a second 747-400F and two A300-600Fs to its fleet later this year. It will operate flights to Shanghai and to European cities, and eventually to the USA, (KAL) said. Korean Air (KAL) Cargo President, Ken Choi has said that the carrier's initial airplanes are from (KAL)'s fleet, but that the (JV) will be expected to secure its own planes by its second year of operation.
October 2008: GrandStar Cargo International (GSC) is a joint venture international cargo jet operation formed by Korean Air (KAL) and Sinotrans Air.
Employees = 200.
(IATA) Code: GD - 800.
(ICAO) Code: GSC (Callsign - GRANDSTAR CARGO).
Parent organization/shareholders: Sinotrans Air (51%); Korean Air (KAL) (25%); Hana Capital (13%); & Shinhan Capital (11%).
Main Base: Tianjin Binhai International Airport.
January 2012: Grandstar Cargo International Airlines (GSC), the joint venture launched by Sinotrans Air Transportation Development Company and Korean Air (KAL) in 2007, suspended operations January 1 and could face liquidation if it can’t find a proper suitor.
May 2012: Grandstar Cargo International Airlines (GSC) is expected to be liquidated due to continuous operating losses. According to a company insider, the cargo carrier has a total debt of CNY380 million/$59.5 million.
Early this year, (GSC) suspended operations, while Sinotrans and (KAL) looked for investors to take over, to no avail.
Other Chinese cargo carriers are also facing troubles due to a cargo recession in the domestic market. Jade Cargo International (JDC) (a Lufthansa Cargo (LUB)/Shenzhen Airlines (ZHZ) joint venture that temporarily suspended operations in March) has signed a letter of intent with China’s UniTop Group to restructure the troubled carrier.
According to the Civil Aviation Administration of China (CAAC), Chinese airlines’ cargo traffic volume dipped -7.3% to 1.6 million tonnes in the first four months of this year.
March 2013: The Sinotrans Air Transportation Development Company plans to transfer its 51% stake in Grandstar Cargo International Airlines (GSC) to China’s UniTop (UNT) as (GSC)’s liquidation process begins.
The financially troubled Grandstar Cargo (GSC), the joint venture (JV) launched by Sinotrans Air, Korean Air (KAL) and Hana Daetoo Securities in 2007, has suspended operations. Last year, it reported a net loss of -CNY244.75 million/-$39 million.
The UniTop Group (UNT), a Chinese logistics enterprise founded in 1998, stuck a restructuring deal with Jade Cargo (JDC) in March 2012. It later abandoned the plan owing to the “unpredictable” restructuring costs related to the disparity of the fleet of the two carriers.