Cargolux has announced the funding of aircraft joint venture company Freighter Leasing. It has established this company with Deucalion Limited, HSH Nordbank and KfW IPEX-Bank.

The joint venture is to facilitate sale-lease-back transactions for Cargolux's re-fleeting intentions, the replacement of its B747-400F fleet with more efficient B747-8s. Freighter Leasing has purchased three aircraft from Cargolux. The carrier has committed to lease them back until the first B747-8s are delivered in 2010 and 2011.

"The transaction is as a major milestone in preparing Cargolux's re-fleeting and securing the necessary funding therefore," commented David Arendt, executive vice-president and chief financial officer of Cargolux.