CMA CGM Makes Rival Bid for Air Belgium in Move to Expand Air Cargo Ops

CMA CGM Group, which launched a niche air cargo operation in 2021, has made a last-minute rival bid to take over the troubled carrier Air Belgium. It comes as the French group has said it plans to continue to grow in the air cargo segment including expanding with a base in the United States.

Air Belgium was founded in 2016 and started operations offering long-haul passenger flights and cargo operations in March 2018. It was struggling to establish its operations when the COVID-19 pandemic overtook the industry and forced it to ground its operations and convert passenger planes into cargo aircraft for medical transport. Citing the impact of COVID-19, the war in Ukraine, soaring fuel prices, inflation, and falling consumer purchasing power, the company ceased its passenger operation in September 2023 to focus on air cargo and leasing for passenger and cargo flights.

The company currently has two Airbus A330-200 and two Boeing 747-8F planes in operation highlighting the enhanced payload capacity and a variety of options provided by the fleet. The company however was placed under judicial supervision in September 2023 and moved a year later into judicial liquidation.

A group called Air One Belgium, a joint venture of the UK’s Air One International and the Dutch company Peso Aviation Management, made a bid for the company which was accepted in December 2024. The deal has failed to close which last week led the Belgian authorities to revoke the acquisition permission and declared the deal had failed. The court gave Air Belgium till March 27 to find an alternate investor or face liquidation.

CMA CGM was familiar with Air Belgium having started its cargo operation in 2021 working with the Belgium company. CMA CGM obtained its operating certificate in 2022 and launched its own fleet. CMA CGM currently operates four cargo planes, including three Boeing 777Fs and an Airbus A330F with orders for two more 777s and eight Airbus A350Fs due in late 2027 and beyond. Last week as part of a $20 billion investment plan for the U.S., CMA CGM said it would also establish a new air cargo hub in Chicago, and deploy five new Boeing 777 freighters, operated by American pilots.

Air One Belgium announced that it was appealing the court decision as it wanted to proceed with its acquisition of the troubled Belgian carrier. Today, Air Belgium confirmed that CMA CGM has entered a competing proposal for the cargo operations.

Belgium’s Walloon Brabant Business Court will review the bids. A hearing is scheduled for March 27.