Shenzhen, China, based air-cargo carrier Jade Cargo has suspended all flights due to continued fall in demand for air freight transportation.
The company, a joint venture between Shenzhen Airlines and Lufthansa Cargo, released a statement on December 31 confirming its decision to temporarily ground all planes as a result of 'overall weak air cargo demand'.
The firm added that the suspension would give Jade's shareholders and stakeholders an opportunity to restructure the company's finances.
Jade began operating out of China's Shenzhen Airport in 2006, with routes across the country and the rest of the world.The firm operates a fleet of six 747 cargo freighters.
Jade Cargo's announcement came after the International Air Transport Association (IATA) reported a 6.4 per cent year-on-year decline in Asia-Pacific air traffic in November.
IATA director general and CEO Tony Tyler said weak global economic performance was being reflected in air transport markets.
'Continuing economic uncertainty will likely mean market shortcomings deepening,' he warned.
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