On the operational level, however, the year was challenging due to the war in Ukraine and the Covid-19 restrictions in China.
Cargolux planes have to avoid Russian airspace on their way to and from Asia. This, combined with rising energy prices, has resulted in increased costs. The demand for cargo flights was exceptionally high, particularly during the first seven months of 2022, and the capacities of global airlines were saturated. As a result, airlines were able to charge high prices. Since August 2022, however, demand has dropped significantly. Cargolux anticipates lower profits in 2023.
Negotiations on a new collective agreement at Cargolux are still in the early stages, according to management, because the trade unions “are making very high demands.” In this context, management pointed out that all employees were paid “exceptionally high” bonuses. Every employee has received the same amount, regardless of salary, according to the management, with Director Richard Forson noting that “this also has to be taken into account.”
Management and the personnel delegation are also divided on the subject of remote working. Staff members who work abroad are entitled to two days of remote work per week. The approximately 1,890 Cargolux employees in Luxembourg, on the other hand, do not have that right. According to management, the sole reason for this is that the trade unions refused to agree to workers being called back to the office if they were urgently needed. This was a red line for the Cargolux management.
It was the first annual results press conference for new Chairman of the Board of Directors Tom Weisgerber. The senior adviser in the Ministry of Mobility succeeded Christiane Wickler, who resigned after only two years in the position. Meanwhile, Weisgerber resigned from his position as president of Lux-Airport last week. He remarked that Cargolux is very well positioned to overcome this year’s challenges.
