[vc_row][vc_column][vc_column_text]Cargojet has affirmed its focus on growing 767 freighter operations with the acquisition of two more passenger aircraft for future conversion.<\/span><\/p>\n

The Canadian cargo airline confirmed it had two 767s currently undergoing conversion, but said it had also invested in two more of the type.<\/span><\/p>\n

\u201cCargojet currently has two B767 passenger-to-freighter conversions in process,\u201d said the airline in its management discussion document for the second quarter of this year.<\/span><\/p>\n

\u201cThe expected completion date for the first conversion is expected in the first quarter of 2025. The second conversion is anticipated to be completed mid 2025.<\/span><\/p>\n

\u201cCargojet has invested in two additional B767 feedstock to ensure that the Company has sufficient inventory of feedstock on hand to capture any future growth opportunities.\u201d<\/span><\/p>\n

The airline also indicated it is looking to retain its Boeing 757 freighters due to increased utilisation.<\/span><\/p>\n

In June, Cargojet announced it had begun an e-commerce focused scheduled charter service between<\/strong> Hangzhou and Vancouver<\/strong><\/a> for logistics firm Great Vision HK Express using\u00a0Boeing 767-300 freighters.<\/span><\/p>\n

\u201cAs a result of continued strong demand, we have reengineered our schedules to free up 767-300 aircraft to support our China charter programme, without any capital expense requirements, and increased the utilisation of our 757 fleet. This results in us no longer having a surplus of 757 aircraft,\u201d said the airline.<\/span><\/p>\n

Cargojet recorded a 10.1% year on year rise in revenue for the second quarter ended June 30, with strong growth in domestic, ACMI and charter business.<\/span><\/p>\n

Total revenue for the quarter was C$230.8m compared to second quarter 2023 revenue of C$209.7m. Domestic network, ACMI and charter revenues were C$191.3m, up 11.5%.<\/span><\/p>\n

Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) for the quarter was $79.1m, up 6.5%.<\/span><\/p>\n

\u201cCargojet continues to identify and execute on opportunities in the fast-changing global supply chains,\u201d said Jamie Porteous, co-chief executive. \u201cOur earlier announcement, launching a Charter service for fast growing China based e-commerce brands is an example of our deep understanding of new and emerging air cargo routes\u201d. \u201c<\/span><\/p>\n

\u201cWhile geo-political challenges and broader economic headwinds continue to affect the overall transportation industry, we remain focused on continuing to grow our Domestic, ACMI and All-in Charter revenue.\u201d<\/span><\/p>\n

Pauline Dhillon, co-chief executive, added: \u201cA continued focus on controlling costs and maintaining EBITDA margins has resulted in another very solid quarter. We continue to be industry leaders in terms of On-time Performance, flexibility, responsiveness, and adding value to our customers.\u201d<\/span><\/p>\n

At the start of the year, Cargojet announced it would exit plans to operate Boeing 777 freighters in a bid to safeguard its business against continuing soft air cargo demand.<\/span><\/p>\n

The freighter operator decided it would no longer convert four Boeing 777-200s into freighters. This decision, announced in a January 15 fleet update, is a step away from its original plans to convert eight 777s (four -200s and four -300s).<\/span><\/p>\n

Cargojet instead said it would focus on its 767F aircraft, but has retained the rights for future 777 conversions.<\/span><\/p>\n

As of June 20, the airline had a total of 41 aircraft including 21 767-300Fs, three 767-200Fs and 17 757-200Fs.<\/span><\/p>\n