The steep decline in air cargo markets at the end of 2011 continued into 2012 not only for Cargolux, but for the industry as a whole. Depressed demand coupled with continued overcapacity resulted in significant pressure on yields and load factors for all freight operators. Despite an improvement in late 2012, Cargolux recorded an overall loss of US$ 35.1 million on revenues of US$ 1,738.9 million. This loss, however, is markedly lower than the US$ 57.0 million loss budgeted by the airline for the 2012.

With the improvement in demand experienced in the last quarter of 2012 and the positive volume growth experienced by the airline for the first quarter of 2013 versus 2012, Cargolux remains cautiously optimistic for the current year. ‘Considering the state of the industry and the economic difficulties worldwide, Cargolux fared better than anticipated in 2012, that gives me hope for the current year,’ said Paul Helminger, Chairman of the Board of Directors. In 2012, Cargolux carried 645,759 tonnes of cargo on its worldwide network. The fleet consisted of a mix of Boeing 747-400 and 747-8 freighters.

With the new 747-8F gradually replacing the 747-400F, the airline operated eleven 747-400F and six 747-8F at the end of December 2012. Four Boeing 747-8 freighters joined the fleet during the year and additional deliveries are expected in 2013. In total, Cargolux will receive 13 units of the advanced freighter. Cargolux has implemented a new business plan designed to ensure the long-term sustainability of the airline with a return to profitability in 2014.

‘Market conditions in 2012 were very difficult and I do not believe 2013 to be significantly less challenging. I am confident though in the strength of the Cargolux organization and in our ability to enhance our productivity and flexibility,’ said Richard Forson, Interim President & CEO.