Arrow Air, a survivor from the years of rapid and independent growth in a colorful Miami cargo aviation scene, ceased operations this week after failing to recover from several years of losses.
The 60-year-old freight airline announced the shutdown effective immediately Wednesday.
“Like many companies in our industry, Arrow Air has experienced significant operating losses as a result of increasing operating costs and declining revenues,” the company said in a brief statement.
“This decision was not made lightly, and was a last resort after the company exhaustively searched for other options, including financing or a sale of the business.”
Arrow was the largest all-cargo airline at Miami International Airport and had outlasted carriers such as Fine Air, Southern Air Transport and Challenge Air Cargo that specialized in volatile markets and lively competition on lanes connecting the United States to Central and South America.
Arrow lost $28 million in 2008 and another $26 million last year, and the carrier didn’t receive enough of a boost from recovering air cargo demand this year to dig out of its financial hole.
Aviation entrepreneur George Batchelor founded the airline in 1950 in California and operated it for years as both a cargo and passenger charter carrier before Batchelor stopped the passenger service to focus on freighters.
Arrow was the operator in one of the worst aviation accidents in U.S. history. An Arrow DC-8 crashed in Gander, Newfoundland, in December 1985, killing 248 members of the 101st Airborne Division who were returning home for the holidays.