Singapore’s only privately owned cargo airline Jett8 Airlines made its offi cial debut at Changi Airport onSeptember 19.

Louis Tan, founder, chairman and CEO of Jett8 Airlines Cargo, said:“Very quickly we have to get… four orfi ve aircraft to enjoy the economies ofscale and we should be operating upto fi ve aircraft within a year from now.When we do have our eventual fl eet itwill be a very, very big contributor tothe Singapore cargo scene.”

Tan said he plans to raise more cash through an initial public offering within the next few years to pay formore aircraft.

The airline currently uses one B747- 200 dry-leased from strategic partner and investor Nippon Cargo Airlines to fl y to four destinations from its Changi base: Hong Kong, Dubai, Manchesterand Luxembourg.

The outlook for the logistics industry is seen as positive with the logistics outsourcing market set to become an US$80 billion industry in fi ve years and Jett8 is looking to tap the growth. Lim Hwee Hua, Minister of State for Finance and Transport, said: “According to forecasts by the International Air Transport Association, air freight volumes within Asia-Pacifi c are expected to grow 8.5 per cent per annum on average till 2009, as compared to aglobal average of 6.3 per cent.

“Air cargo fl ows from Europe to Asia Pacifi c are expected to grow by nearly 6 per cent per year on average for the same period.”