Canada-based Cargojet revealed it has an option to add two additional 777 freighters beyond the two previously announced, and outlined the timeline for the five 767Fs it expects to add in 2021 and 2022.
The company recently announced the fleet expansion as part of a C$365 million ($287 million) bought deal equity offering; the transaction closed Feb. 1.
Cargojet has earmarked most of the proceeds from the offering to acquire freighters that will fuel its international expansion.
The first two 777Fs are expected in 2023, while two more could be added in 2024. Cargojet has not identified airframes, but noted the first two “will be deployed for long haul Asian routes and emerging South Asian markets,” according to a Feb. 10 release.
In a note following the closing of the deal on Feb. 1, the company referred to the incoming 777Fs as being “re-delivered,” suggesting freighter converted units. It estimated the cost of each airframe to be around C$75 million ($59 million).
As for the five 767 freighters, the first will join the fleet in Q3 2021, with the rest following at a pace of one aircraft per quarter. Two aircraft will target domestic e-commerce growth opportunities in Canada, while the other three will be used for international growth ahead of peak season 2021, said the release, which also refers to “European and South-Central and North American cities.”
Cargo Aircraft Management (CAM), which placed an ex-LATAM 767-300BDSF (29227) with Cargojet last November, could not comment on whether it is involved in the carrier’s expansion. CAM currently has six 767-300ERs undergoing conversion to freighter configuration with IAI in Tel Aviv (TLV).
Cargojet could not be reached for comment.
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