Singapore Airlines 2003 Annual Report Download - page 24

Download and view the complete annual report

Please find page 24 of the 2003 Singapore Airlines annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 128

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128

SIA Annual Report 02/0322
program as part of its residual-value risk
management strategy. The first sale and
leaseback transaction is expected to take
place later in 2003.
Singapore Airlines Cargo has continued to
build its relationships with other carriers in
order to enhance customer value. Along
with Lufthansa Cargo and SAS Cargo, it
was a founder member of the WOW
Alliance, which, in July 2002, welcomed
Japan Air Lines (JAL) Cargo as its fourth
member.
In a separate commercial tie-up, SIA Cargo
signed a Memorandum of Understanding
in January 2003 with Cathay Pacific Cargo,
JAL Cargo and Qantas Freight to jointly
participate in an internet portal for air cargo
services. The portal is a joint operation
between Singapore’s Cargo Community
Network (owned 49 per cent by Singapore
Airlines Cargo) and Global Logistics system
Hong Kong.
In March 2003, for the tenth year in
succession, the company won the awards
for "Best All Cargo Airline" and "Best Air
Cargo Carrier – Asia", at the Asian Freight
and Supply Chain Awards. It was also named
"Best Airfreight Carrier" at the inaugural
Asia Logistics Awards.
At the end of the year in review, Singapore
Airlines Cargo offered a network linking 68
cities in 36 countries with a fleet of twelve
B747-400 freighters and the bellyhold
capacity of SIA’s passenger fleet.
SUBSIDIARIES AND ASSOCIATED
COMPANIES
Singapore Airlines Cargo
The year in review was the first in which
Singapore Airlines Cargo operated as a
separate company for the entire period and
also saw the company become the second
largest international cargo airline, according
to official IATA statistics.
The young company strengthened the
foundations for strong organisational
practices in a number of areas, including
information and operational security,
risk management, financial controls and
responsibility for overseas offices.
Freighter services were expanded
significantly, with additional services
mounted to Chicago, Dallas-Fort Worth,
Brussels, Copenhagen, and Melbourne.
The company also announced it would
launch thrice-weekly freighter services to
Xiamen and Nanjing in China, then on to
Chicago, in May 2003.
The services to and beyond Xiamen and
Nanjing follow the signing of a new air
services agreement between Singapore and
China. It is the first time a third-country
carrier has been granted rights to operate
direct services between China and the US.
These services are in addition to four existing
weekly freighter services to Shanghai,
which now operate to the new Pudong
International Airport.
In February, the company took delivery of
its twelfth B747-400 freighter, which allows
further scope for regular services to the
world’s key trade destinations. The company
has also developed a sale and leaseback