Gemini Air Cargo plans to double the number of freighters it operates by the end of 2000 from nine aircraft. The increase is the result of major US investor The Caryle Group acquiring a majority stake in the carrier.
"Caryle will be an excellent financial partner in the next phase of our development," says Gemini chairman and chief executive Bill Stockbridge. "We are going to be aggressively expanding over the next 36 months to have between 18 and 20 aircraft."
The Virginia-based company already operates nine McDonnell Douglas DC-10-30 freighters. It is to take delivery of two more -30F freighters this year.
Gemini says it plans to switch to the larger Boeing MD-11F and claims to be "very close to signing" for the larger trijet.
Financing for the expansion will come from a combination of Caryle and Lehman Brothers, Gemini's investment bank. The new Washington DC-based shareholder acquired its stake in the carrier from fund managers Oaktree Capital and occupies two seats on Gemini's five-person board of directors.
Stockbridge says the extra MD-11F capacity will be placed with existing and new customers. In March, Gemini signed a long-term contract to place a DC-10-30F with China Eastern Airlines and has existing freighter contracts with Air France, Asiana, Emery Worldwide, European Air Transport/DHL, FedEx and Swissair.
Source: Flight International
