Canada-based Cargojet Airways will add another 767-300F and expects to have twenty-five freighters in service by the end of 2020. The fleet will consist of nine leased 767-300Fs, five owned 767-300Fs, one leased 767-200F, two owned 767-200Fs, and eight owned 757-200Fs.
According to Cargojet’s second-quarter results, released Aug. 6, the carrier executed a letter of intent to lease a freighter-converted 767-300F for seven years, with an option to purchase the aircraft at the end of the lease term. This aircraft is scheduled to be delivered in October.
Given the timeline for its delivery, Cargo Facts believes this aircraft could be one of the twelve 767-300Fs Cargo Aircraft Management (CAM) expects to lease in 2020. It wouldn’t be the first time CAM has leased 767-300Fs to Cargojet — the carrier last took two 767-300Fs (25446 and 25196, both ex-American Airlines) from CAM in the fourth quarter of 2018. ATSG, the parent of CAM, declined to name customers until under firm agreement, while Cargojet could not be reached for comment.
As things stand, Cargojet will have added four 767Fs by the end of this year. In February, Cargojet sent what will become its thirteenth 767-300F (24083, ex-Air Canada) to Tel Aviv (TLV) for conversion into freighter configuration by Israel Aerospace Industries (IAI), with redelivery expected in the third quarter of 2020.
The carrier also added two owned 767-200BDSFs (30430 and 30431, both ex-UTair) in the first half of the year. In addition to that, Cargojet continues to operate a third 767-200BDSF (22319, ex-American Airlines), on lease from CAM. This aircraft had previously been scheduled to come off lease in May, but the lease was extended in April to August 31, with a further option to extend it to February 2021, according to Cargojet.
Cargojet more than doubled its ACMI revenue in the second quarter of 2020 compared to a year ago, partly due to two new scheduled routes to Europe that began in April. Charter revenue was more than nine times higher than the second quarter of 2019, mainly because of relief flights carrying medical supplies. Total block hours for the quarter increased by almost 65% year over year.
Cargojet expects to gradually exercise purchase options in relation to five of the leased 767-300Fs during the next few years, beginning in October.
Not included in the fleet count are a 767-200BDSF (23801, ex-Avianca) leased to 21 Air and a 757-200 purchased in November 2017 that will “eventually” be converted into a freighter, according to Cargojet.