Cargo Air is the new venue, successor and registered business name by the founders of "AVIOBROKER" LTD and "IKAR AIR CARGO" LTD, brokerage agencies in the cargo aviation world, providing high standard services in all spheres of the cargo charter business and Vega Airlines – cargo charter airline operating AN-12BP aircraft between 1999 and 2007. Since 1993 Vega Airlines have been specialising in the different aspects of the aviation business. Through all these years, the main team of the company and its founding members, owners and the people from the commercial department has been kept the same with few minor changes.

With the purchase of the 1st Bulgarian owned 737-300F, it was the right time to launch the new generation JAR OPS cargo airline - Cargo Air Ltd.

In 2008, Cargo Air Ltd. has started a unique project of sourcing, purchase and passenger to freighter conversion of two samples Boeing 737-300 aircraft which to serve the European ADHOC Market and Regular service integrators networks.

Cargo Air has obtained its Air Operator Certificate as per EU OPS regulations on 09 September 2008 with B737-300F and has completed its maiden flight on 15 September 2008. The aircraft is available for ADHOC cargo charter and regular programs worldwide.

Cargo Air has operated numerous ADHOC charter flights in the period SEP 2008 - JUL 2009. Afterwards Cargo Air has been cooperating successfully with TNT Airways since JUL 2009 flying MON–FRI and doing ADHOC cargo flights in the weekends when aircraft was free from serving the TNT network.

The decision for purchase of the next B737-300, with serial number 23970 has been taken in NOV 2009 and the deal was concluded on 16 DEC 2009. The Seller is Charter Ltd an affiliate company of the large US investment fund Strategic Value Partners, LLC.

Cargo Air has signed agreement for cargo conversion of its 2nd aircraft B737-300, serial number 23970 with Aeronautical Engineers, Inc on 15 DEC 2009. The aircraft arrived from Marana, AZ to Miami , FL on 19 DEC 2009. The maintenance on the aircraft started in JAN 2010 and the cargo conversion in the beginning of FEB 2010.

The passenger to freighter conversion has been completed in JUL2010 and ever since operated commercial cargo flights for regular long term operation and ADHOC cargo charter flights.