Belgium-based Cargo B Airlines has ceased operations, effective immediately, eyefortransport said. The airline's board announced today that, due to the global recession, it had no choice but to take the difficult decision to stop operations.
Cargo B was able to stay on target as far as the load factors were concerned, but as a result of the market situation, the yields were lower than required to make the operation viable.
With no sign of any last-minute investor coming in to rescue the business, and with no improvement in the current economic climate foreseen in the near future, Cargo B's board was forced to shut the airline down just three months short of its second birthday.