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Turkish Air Rallies After Cargo Deal With Chinese Partners

Air Berlin Plc Flight Operations At Duesseldorf Airport

Photographer: Jasper Juinen/Bloomberg

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Turkey’s flag-carrier airline reversed a nine-day losing streak as it agreed to an e-commerce cargo joint venture with partners from China and Hong Kong.

Turkish Airlines signed the deal with Chinese delivery giant ZTO Express Cayman Inc. and Hong Kong’s PAL Air Ltd., a unit of Pacific Air Holdings Ltd. The joint venture, to be based in Hong Kong, will have revenues of at least $2 billion in the five years to 2023, Turkish Airlines Chairman Ilker Ayci said in a news conference in Istanbul on Monday.