Air Belgium
Belgian airline founded in 2016 that moved from scheduled long-haul passenger services into charter, ACMI and cargo operations before its bankruptcy in 2025.
Last updated August 24, 2026
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Overview
Air Belgium was a Belgian airline established in 2016 and headquartered in Mont-Saint-Guibert, with its principal operational base at Brussels Airport. It was created under the leadership of Niky Terzakis, previously associated with ASL Airlines Belgium, with an initial ambition to connect Belgium with major destinations in China and Hong Kong. The company positioned itself as a new long-haul carrier using wide-body aircraft, seeking to combine scheduled passenger services with charter and aircraft-leasing opportunities. The airline's launch was delayed several times. Its planned 2017 start was postponed because the company had not yet obtained a Belgian air operator's certificate. After receiving that certificate in March 2018, Air Belgium performed a revenue service for Surinam Airways between Amsterdam and Paramaribo. It then began its own scheduled passenger operation on 3 June 2018 between Brussels South Charleroi Airport and Hong Kong. The carrier also placed aircraft with other airlines, including Air France, providing capacity for a Paris–Libreville service during the 2018 summer season. The Hong Kong route proved difficult to sustain. Air Belgium suspended the service for the winter of 2018–2019 and later abandoned plans to resume it, turning instead toward charter flying and possible services to mainland China, the Caribbean, Central Africa and the United States. This reflected a broader change in the company's business model: rather than relying mainly on its own scheduled passenger network, Air Belgium increasingly used its aircraft and crews for charter contracts and ACMI operations, in which an aircraft, crew, maintenance and insurance are supplied to another carrier. Cargo became increasingly important from 2021. Air Belgium operated four Airbus A330-200F freighters from Liège Airport for CMA CGM, whose aviation activities were expanding alongside its shipping and logistics business. The airline also announced Airbus A330-900 passenger aircraft and planned services from Brussels to Mauritius. In practice, however, the company continued to face weak passenger demand, operational pressures and financial losses after the coronavirus pandemic. In 2022 it sought recapitalization and received reported support from Chinese minority investors, but the funds were not sufficient to restore a stable long-term position. Private financing secured in early 2023 allowed operations to continue without additional state support. In September 2023, Air Belgium announced that it would end its own scheduled passenger flights on 3 October and concentrate on cargo and ACMI work. The company subsequently reduced its workforce and considered removing its relatively new Airbus A330-900 aircraft from the fleet because of continuing engine-related problems. In September 2024, Air Belgium entered judicial reorganization proceedings. Passenger activities were to end, while cargo and ACMI operations continued and affected customers were to receive refunds. On 30 April 2025, the commercial court of Walloon Brabant declared Air Belgium NV bankrupt. On the same day, CMA CGM announced the acquisition of Air Belgium's cargo activities and 124 jobs. CMA CGM stated that the Air Belgium name would remain a separate brand, even though the original airline company had entered bankruptcy. Accordingly, the 2016–2025 Air Belgium entity is best understood as a defunct Belgian airline whose cargo operations and brand assets continued under a new ownership arrangement.
History
Air Belgium was founded in 2016 with the aim of creating a Belgian long-haul airline linking Brussels-area airports with destinations in Asia. The company was led by Niky Terzakis, who had previously worked at ASL Airlines Belgium. Its original plans emphasized Hong Kong and several Chinese cities, including Beijing, Shanghai, Xi'an, Wuhan, Zhengzhou and Taiyuan. The planned launch was delayed because Air Belgium did not initially possess an air operator's certificate. In March 2018, the Belgian civil aviation authority granted the certificate. Before launching its own network, the airline operated an Airbus A340-300 for Surinam Airways between Amsterdam and Paramaribo. It also provided an aircraft to Air France for a Paris–Libreville service during the 2018 summer season. Air Belgium's first own scheduled route, from Brussels South Charleroi Airport to Hong Kong, began on 3 June 2018. The Hong Kong operation was short-lived. Air Belgium suspended it during the winter of 2018–2019 and later decided not to restart it. The airline explored routes to mainland China, the Caribbean, Central Africa and Miami, while increasingly relying on charter work and ACMI contracts. This model enabled the company to deploy aircraft for other airlines rather than depending entirely on the performance of its own scheduled network. A major strategic development came in 2021, when Air Belgium began operating four Airbus A330-200F freighters from Liège Airport for CMA CGM. The arrangement linked the airline to the expanding aviation arm of the French shipping and logistics group. Air Belgium also announced Airbus A330-900 aircraft and a planned Brussels–Mauritius service. Nevertheless, the recovery of passenger demand after the COVID-19 pandemic was insufficient to resolve the company's financial difficulties. In November 2022, the airline sought recapitalization after reporting severe accumulated losses. Funding from Chinese minority investors had been used during 2022, and private investors supplied additional funding in early 2023. In September 2023, Air Belgium decided to stop all scheduled passenger operations on 3 October. Its remaining aircraft and crews were to be used primarily for ACMI work and cargo-related activities. The company subsequently reduced its workforce and planned to phase out its Airbus A330-900 aircraft amid continuing engine problems. In September 2024, it entered judicial reorganization. The restructuring plan allowed cargo and ACMI operations to continue while passenger flights were wound down and affected bookings were refunded. On 30 April 2025, the commercial court of Walloon Brabant declared Air Belgium NV bankrupt. CMA CGM simultaneously announced that it was taking over the cargo activities and 124 jobs. CMA CGM said Air Belgium would remain a separate brand, although the original legal airline entity had ceased operating as an independent company. The history of the 2016–2025 airline therefore ends with a transition from an unsuccessful scheduled passenger venture to a cargo and ACMI operator absorbed into a larger logistics group.
- 2025
Bankruptcy and CMA CGM takeover
[1]Air Belgium NV is declared bankrupt, while CMA CGM acquires the cargo activities and associated jobs.
- 2024
Judicial reorganization begins
[1]Air Belgium enters a Belgian judicial reorganization process while retaining cargo and ACMI activities.
- 2023
Passenger network is terminated
[1]Scheduled passenger flying ends on 3 October as the company focuses on ACMI and cargo operations.
- 2022
Recapitalization becomes necessary
[1]Air Belgium seeks new capital after significant losses and a weak recovery in its passenger business.
- 2021
Cargo partnership with CMA CGM begins
[1]Four Airbus A330-200F freighters are used for cargo operations contracted by CMA CGM from Liège Airport.
- 2018
Air operator's certificate obtained
[1]The airline receives its Belgian air operator's certificate after postponing its initial launch.
- 2018
Scheduled Hong Kong service begins
[1]Air Belgium starts its own scheduled passenger flights between Brussels South Charleroi and Hong Kong.
- 2016
Air Belgium is founded
[1]A new Belgian airline is established with ambitions to operate long-haul passenger services to Asia.
Products and positioning
A Belgian long-haul aviation operator that evolved from a planned scheduled passenger carrier into a charter, ACMI and cargo specialist.
Passenger aviation · 2018
Scheduled passenger services
Air Belgium's original business was scheduled long-haul passenger flying. Its principal operated route was between Brussels South Charleroi Airport and Hong Kong, launched in June 2018. The route was suspended and later abandoned as the company moved away from a self-operated scheduled network.
Passenger aviation · 2018
Charter operations
After the Hong Kong route was suspended, Air Belgium increased its reliance on charter flying. Charter operations allowed the carrier to serve contracted or seasonal demand without maintaining a large permanent scheduled network.
Airline services
ACMI and wet-lease services
Air Belgium supplied aircraft and operating resources to other airlines through ACMI arrangements. The service became a central part of the company's post-2023 business model, after its own scheduled passenger flights ended.
Air freight · 2021
Air cargo services
Cargo operations expanded significantly from 2021, when Air Belgium operated Airbus A330-200F freighters from Liège for CMA CGM. These activities were later transferred to CMA CGM after the airline's bankruptcy in 2025.
Brand decisions
2025
Transfer of cargo activities to CMA CGMM&ABackground
Air Belgium NV was declared bankrupt by the commercial court of Walloon Brabant.
Action taken
CMA CGM took over the cargo activities and 124 jobs, stating that Air Belgium would remain a separate brand.
Aftermath
The original Air Belgium legal entity ceased operating independently, while its cargo business continued under CMA CGM ownership.
2024
Judicial reorganizationStrategyBackground
The company continued to face financial distress after ending passenger operations.
Action taken
Air Belgium filed for judicial reorganization while retaining cargo and ACMI activities and arranging refunds for affected passenger bookings.
Aftermath
The restructuring preceded the 2025 bankruptcy and transfer of cargo activities to CMA CGM.
2023
Termination of scheduled passenger operationsStrategyBackground
The company faced continuing financial pressure and determined that its scheduled passenger model was not sustainable.
Action taken
All scheduled passenger flights were ended on 3 October, with aircraft redirected toward ACMI and cargo-related work.
Aftermath
Air Belgium became primarily a business-to-business aviation operator rather than a consumer-facing scheduled airline.
2022
Recapitalization and passenger-network reductionsStrategyBackground
Air Belgium accumulated severe losses, while its passenger charter business had not fully recovered after the coronavirus pandemic.
Action taken
The company sought recapitalization and announced cuts or suspensions affecting passenger routes.
Aftermath
Private funding secured in early 2023 allowed the company to continue temporarily, but the passenger business was ultimately discontinued.
Reported investor funding received during 2022. €19 million (2022)
2021
Expansion into cargo operationsStrategyBackground
Air Belgium sought additional sources of demand beyond its passenger network and entered an operating arrangement with CMA CGM.
Action taken
The airline based four Airbus A330-200F freighters at Liège Airport for CMA CGM cargo flights.
Aftermath
Cargo became one of the company's principal activities and later formed the basis of CMA CGM's takeover.
2018
Shift away from the Hong Kong routeStrategyBackground
The scheduled Hong Kong service was suspended for the winter and proved difficult to restart as originally planned.
Action taken
Air Belgium abandoned the planned resumption and redirected attention toward charter operations and possible new destinations.
Aftermath
The decision marked an early move away from the company's initial scheduled long-haul strategy.
Recent events
- 2025
CMA CGM takes over Air Belgium cargo activities[1]
Bankruptcy · M&A
CMA CGM announced the acquisition of Air Belgium's cargo activities and 124 jobs after Air Belgium NV was declared bankrupt by the commercial court of Walloon Brabant.
- 2024
Air Belgium enters judicial reorganization[1]
Bankruptcy · Regulation
The airline filed for judicial reorganization while planning to end remaining passenger activities and continue cargo and ACMI operations.
- 2023
Air Belgium secures private funding[1]
Other
Private investors provided sufficient funding for the airline to continue operating, without further state financial support.
- 2023
Scheduled passenger operations end[1]
Other
Air Belgium announced that it would stop operating scheduled passenger flights on 3 October and concentrate on ACMI and cargo activities.
- 2022
Air Belgium seeks recapitalization after losses[1]
Bankruptcy
The company disclosed a need for new capital after accumulating substantial losses and using reported investor funding to support operations during a difficult recovery in passenger aviation.
- 2021
Air Belgium begins CMA CGM cargo operations[1]
Product launch · M&A
Air Belgium announced cargo flights using four Airbus A330-200F aircraft based at Liège Airport and operated for CMA CGM.
- 2018
Air Belgium receives its air operator's certificate[1]
Other
The Belgian airline obtained regulatory approval to begin commercial operations after delays to its planned launch.
- 2018
Air Belgium begins scheduled Hong Kong service[1]
Product launch
The airline launched its own scheduled passenger operation between Brussels South Charleroi Airport and Hong Kong on 3 June 2018.
- 2018
Air Belgium suspends and later abandons Hong Kong route[1]
Other
The carrier suspended the route for the winter season and subsequently chose not to resume it, shifting its attention toward charter and other international opportunities.
Sources1 sources
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