All cargojet articles
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Insights
Putzger Perspective: Canadian freeze for airlines
Air cargo operations have been tough in the Canadian market, though there are still ample opportunities for charter flights. The Canadian air cargo market is still waiting for its revolution. WestJet, which had promised to disrupt the frozen landscape, abandoned its quest to do so before this correspondent could figure ...
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NewsCargojet invests in more 767s as Q2 revenue climbs 10%
Cargojet has affirmed its focus on growing 767 freighter operations with the acquisition of two more passenger aircraft for future conversion.The Canadian cargo airline confirmed it had two 767s currently undergoing conversion, but said it had also invested in two more of the type."Cargojet currently has two B767 passenger-to-freighter conversions ...
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NewsCargojet scoops China-Canada e-commerce freighter deal
Source: BeAvPhoto/Shutterstock.comLogistics firm Great Vision HK Express has contracted Cargojet to provide a scheduled charter service between China and Canada to carry e-commerce volumes.The three-year agreement will see Cargojet operate Boeing 767-300 freighters between Hangzhou and Vancouver a minimum of three times per week.The service started on May 22 and ...
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News
Air Canada ends freighter fleet expansion early
Air Canada has dropped plans to convert a further two Boeing 767 aircraft into freighters.The Montreal-headquartered airline had been planning to operate a fleet of 10 767 freighters but this has now been reduced to eight."Air Canada has amended its freighter capacity plans and removed two Boeing 767 freighters from ...
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NewsCargojet profits improve in Q1
Canada-headquartered Cargojet saw its profits improve in the first quarter as the business benefitted from rising domestic e-commerce demand.The company saw first-quarter revenues slip 0.3% year on year to C$231.2m, while earnings before income taxes (ebit) improved by 8.7% to C$37.6m and net earnings were up 6.6% to C$32.5m.The decline ...
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Lukewarm market sees Cargojet ditch all 777 freighter plans
Canadian cargo airline and lessor Cargojet has decided to ditch all plans to convert Boeing 777s into freighters in a bid to safeguard its business against continuing soft air cargo demand.The freighter operator has decided it will no longer convert four Boeing 777-200s into freighters, leaving it with no current ...
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Cargojet renews air cargo partnership with Canadian North
Canadian cargo airline Cargojet has renewed its cargo partnership with fellow Canada-based airline Canadian North to increase air cargo capacity to better serve northern Canada.The renewed partnership and increased capacity will enable more frequent and efficient deliveries of shipments to remote and northern communities.Under the renewed partnership, Cargojet will be ...
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Cargojet CEO Virmani to move to executive chairman role
Canadian cargo airline Cargojet has announced some major changes to its senior leadership team.Effective January 1, Pauline Dhillon, currently serving as chief corporate officer, and Jamie Porteous, currently chief strategy officer, will be appointed co-chief executives.Ajay Virmani, currently serving as chief executive and also the founder of the airline, will ...
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NewsCargojet continues to cut costs as third quarter revenue drops
Ajay Virmani. Photo: CargojetCanada-headquartered freighter operator Cargojet is continuing to cut costs as it reported a drop in third quarter year-on-year revenue.Total revenue for the third quarter of this year (ended September 30) was C$214m, compared to third-quarter 2022 revenue of C$232.7m.Net earnings for the quarter were C$10.5m (with a ...
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Cargojet focuses on costs as e-commerce volumes weaken
Canada-based freighter operator Cargojet will focus on cost reduction initiatives as a slowdown in e-commerce and business-to-business demand hit its financial performance.The airline saw second-quarter revenues decline by 15% year on year to C$209.7m, due primarily to decreases in domestic network revenues, all-in charter revenues, fuel surcharges and other pass-through ...
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News
Cargojet reduces costs to reflect weaker market conditions
Cargojet reported softer market conditions in the first quarter of the year as international flying was subdued and has taken steps to reduce short-term costs.The Canada-based freighter operator reported a 0.7% decrease in first-quarter revenues to C$231.9m, while earnings before interest reached C$34.6m compared with a C$44.5m loss last year ...
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Insights
Putzger perspective: Freighters lose altitude
Since late spring last year, truckers and ocean carriers have been wondering where the bottom of the market is as demand and rates continued to spiral downward.Now a growing number of players in the freighter market are concluding that it’s time to cut back.Management of shipping line NYK no longer ...
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News
Cargojet reduces B777 conversion plans on weaker outlook
Cargojet is cutting the number of B777 freighter aircraft it plans to convert into freighters due to the weakening economic outlook.In announcing its full-year results, the Canadian freighter operator said that for now, it would now only pursue four of eight previously announced B777 freighter conversions as it curtails capital ...
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Insights
Putzger perspective: Air cargo navigates stormy skies
Recent months have been relentlessly tough to navigate for air cargo carriers, as imploding demand has yanked rates and yields out of the stratosphere to levels last seen before the pandemic.The reverberations are taking a toll on capacity expansion, as operators are having second thoughts on their anticipated need for ...
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News
Cargojet delays B777F delivery
Freighter operator Cargojet has delayed the delivery of one of its B777 converted freighters as part of efforts to manage capital expenditure (CapEx).Speaking following the publication of the Canada-based airline's third-quarter results, president and chief executive Ajay Virmani said that the company had delayed the delivery of one of its ...
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Cargojet and UPS Canada renew air cargo agreement
Canadian cargo airline Cargojet has renewed and extended its Air Cargo Services Agreement with United Parcel Service (UPS) Canada for an additional five-year term.The current agreement was due to expire on July 1 2025 and the new agreement is extended to December 31 2030.Cargojet continues to provide a Canada-wide air ...
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Cargojet announces strong third-quarter results
Canadian cargo airline Cargojet has announced strong third quarter 2022 results.For the three months ending September 30, the airline recorded total revenues of C$232.7m (US$170.6m), significantly up on the figure of C$189.5m (US$138.9m) made in the same quarter of last year.The revenue growth of 22.8% reflected, Cargojet said, a strong ...
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Mammoth Freighters’ 777-200LR gets ready for conversion
Mammoth Freighters’ 777-200LR is being prepared for the initial stages of conversion at a US facility.The Orlando, Florida-based freighter conversion company said in a LinkedIn post that the prototype will be the first of four 777-200LRMF freighter conversions that will be delivered to its launch customer Cargojet in Mississuaga, Ontario.The ...
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Cargojet appoints chief financial officer
Cargojet has appointed Scott Calver as its new chief financial officer.Calver comes to Cargojet with financial executive experience, including capital markets and operational management in the transportation and logistics sector.He most recently served as the chief financial officer of Trimac Transportation. Prior to Trimac, Calver served as vice president, finance ...
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NewsCargojet selects IAI for B777 conversions
Source: IAICargojet has selected Israel Aerospace Industries (IAI) to carry out passenger-to-freighter (P2F) conversions of its B777-300ER aircraft.The deal includes the conversion of four B777-300ER aircraft and additional options in the future.The move is in addition to previous orders for the conversion of B777s placed with Mammoth Freighters and comes ...