Cargo operator Galaxy Airlines will shut down all four domestic routes, effective Oct. 5, the company said Tuesday.

Higher fuel costs pushed parent company SG Holdings, a Japanese transportation service group which also operates Sagawa Express, to consider liquidating the cargo airline altogether. Other shareholders include Mitsui, Japan Airlines and Sumitomo.

Operating costs including fuel expenses and maintenance fees far exceed forecasts, said SG Holdings Director Nobuaki Kondo. Galaxy lost $24.8 million in the year ending March 31, 2008.