UK-based freighter operator CargoLogicAir returned to profit last year and hopes to add a service to China in the future.
During 2020, the company reported profits of $45.4m, compared with a loss of $39.7m in 2019, as prices for all-cargo flights increased due to the Covid-19 pandemic.
Revenues for last year stood at $148.9m compared with $159.2m in 2019 as the company reduced its fleet from four B747F aircraft to two in response to a difficult market ahead of the pandemic.
The carrier – linked to Russia’s Volga-Dnepr Group – ran into problems in 2020 and sought a temporary suspension of its operating licence, which was subsequently restored in April.
Looking forward, CargoLogicAir said: "The company will develop its commercial offering by building on its charter operations by adding a scheduled service supporting China.
"This will lay the foundation for further growth in the future. The company will revisit its fleet sizing to ensure that any upside in market demand can be satisfied.
"Additionally, the company seeks to ensure that economies of scale are optimised leading to increased profitability.
"In line with this strategy, the company anticipates that it will continue to expand its network and strengthen operational delivery and commercial capabilities to better serve its global customer base and that, consequently, its aircraft utilisation and revenues will continue to grow."
The airline said that it currently serves transatlantic market which has seen a reduction in capacity that is not expected to re-balance until the end of 2022 at the earliest.
The airline added that strategic partnerships and interline network capabilities will be developed with a belly carrier.
"This will enable lower deck connectivity ex London Heathrow with a focus on locations such as South America and Africa.
"Enhanced handling capabilities at London Heathrow will be developed with a focus on e-commerce and pharma opportunities."
