The Abu Dhabi-based carrier said it intends to place its five aircraft in storage to wait for an improvement in the market, but will make them available for sale or dry lease.
The carrier is understood to have made staff redundant earlier this year and may do so again as it retrenches.
President and CEO Fathi Buhazza said the ACMI market in the Arabian Gulf has been rendered uneconomic for specialist cargo companies like Maximus by the availability of underfloor capacity on the region’s rapidly expanding passenger airlines.
“The airlines have an open budget and the ACMI business model is not going to be feasible for us,” he told ATW in a written statement. “What we have been seeing is the expansion of fleets and with that, the advent of larger aircraft with more belly space.
“This means that an ACMI model for 40-tonne aircraft [the approximate capacity of the A300-600RF] will not make good business sense anymore. What we have to do now is focus on what we are really good at and that is … the oversized cargo market,” Buhazza said.
Maximus also operates a single Antonov An-124-100 and two Ilyushin Il-76TDs, operated through a Ukrainian subsidiary. These aircraft continue to be profitable, Buhazza said “because they are so specialized and so unique.”
The aircrafts’ ability to operate into non-standard runways and load freight with self-contained winches means they can haul heavy, outsized loads to remote destinations off the passenger airlines’ route maps.
Maximus, which is 95% owned by Abu Dhabi Aviation Group, had been profitable since 2005, Buhazza added. “We’ve made the decision to downsize one sector of our business due to changes in the market and this is a decision any strategic-thinking company would make.”
(Alan Dron - ATWOnline News)
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