LONDON – The Volga-Dnepr Group is in big trouble as it considers staff cuts amid the ongoing Ukraine crisis disabling their ability to operate.
Up to now, the airline has grounded all but two aircraft in its fleet, amid the increasing fallout and pressure from aircraft lessors.
The only two aircraft that are operational are their Antonov AN-124s, with one in Dhaka, Bangladesh at present and the other flying between Russia and China. The carrier has 12 of the type in the fleet.
Within the subsidiaries of the group, here is what we know so far:
- Cargologicair – UK subsidiary – Fleet of two Boeing 747-400Fs haven’t flown since Friday.
- Cargologic Germany – Fleet of four Boeing 737 Freighters haven’t flown since Friday.
- AirBridgeCargo – Entire fleet of 747s appear to be grounded at present.
- All 18 freighters are registered in Bermuda, which has now since been suspended.
- Also key to note that ABC have 13 aircraft on lease.
- Another five aircraft from other subsidiaries are stuck in Europe currently.
Such negative news for the Volga-Dnepr group highlights the issues in the flesh surrounding aircraft lessor suspensions, which will continue to place pressure to the point that cutbacks are needed.
It will be interesting to see how this plays out and whether such cutbacks will be announced over the next couple of weeks, particularly if the aircraft lessor situation deteriorates or not.
This is a developing story.