Diversifying Lufthansa: Lufthansa Cargo is ousted from its position as Europe's leading freight carrier, but can bellies of U.S. carriers provide a lift?(EUROPE)

Let's get this straight at the outset: Lufthansa Cargo wants you to know it is not bound by any alliance, partnership or bilateral co-operations. That should already be clear to any customers and, for that matter, to any signatories to what is now becoming a myriad of deals the German cargo carrier has signed on to in recent months.

Instead of seeking the Holy Grail once bound up in the WOW alliance, Lufthansa Cargo now talks of a "portfolio of partnerships" in describing its seemingly diffused strategy.

"We recognize that we now have to provide different responses to different market needs," says Chairman Jean-Peter Jansen. "wow is certainly no less important to us, but we now live in an environment where there has to be more …