UK operator Cargologicair, a subsidiary of the Volga-Dnepr Group operation, has suspended operations following a Level-1 EASA violation according to reports.
The UK CAA says the company still holds an AOC, and won’t comment further, which to be fair it rarely ever does.
Level-1 EASA violations are the most severe, and indicate a serious safety violation by the airline.
Rumours are that the company is effectively bankrupt, having recently bailed itself out by selling its 744F to Cargolux. Its parent Air Bridge Cargo isn’t apparently affected.
Some suggestions in the industry are that the company cancelled scheduled services in the expectation that prices for moving goods out of China would sky rocket and it could cash in once the CovId-19 problem faded. To say the least a risky manoeuvre with all the potential for upsetting customers reliant on scheduled services.
Volga Dnepr Group made huge losses in 2019 and the Russian Sberbank is said to have grave doubts about lending more money to prop it up. Cargologicair itself made losses of £18m in 2018 alone, 2019 figures haven’t yet been filed but are not expected to be better.
Some industry reports went as far as saying that pilots were told on February 24 to prepare for company liquidation.
Having sold one 744F another has apparently not moved since February 2nd. Late last year the airline said it would cut its fleet from 4 to 2 aircraft.