Cargojet grows 767-300F fleet with purchase

Canada-based Cargojet Airways will add to its fleet a freighter-converted 767-300F later this year. This will take the total number of 767-300Fs in Cargojet’s fleet to thirteen.

According to Cargojet management’s discussion of the carrier’s fourth-quarter results, released yesterday, the company purchased the 767-300 (24083, ex-Air Canada) and two spare engines in October 2019. The aircraft was ferried to Tel Aviv (TLV) earlier this month for conversion into freighter configuration by Israel Aerospace Industries (IAI) [FAT 005334]. Cargojet expects to take redelivery of this aircraft in the third quarter of 2020.

Meanwhile, Cargojet also took redelivery of a newly converted 767-200BDSF (30431, ex-UTair) in January, and began flying it in service in February [FAT 005304]. A second ex-UTair 767-200 (30430) is undergoing conversion in TLV, and is expected to be redelivered next quarter.

Apart from the two owned 767-200s, Cargojet currently operates a third 767-200BDSF (22319, ex-American Airlines). This frame is on lease from Cargo Aircraft Management (CAM), the leasing arm of Air Transport Services Group (ATSG), and is due to come off lease in May 2020.

Cargojet expects to have twenty-three freighters in service by the end of 2020 and 2021, consisting of eight leased 767-300Fs, five owned 767-300Fs, two owned 767-200Fs and eight owned 757-200Fs. The carrier expects to gradually exercise purchase options in relation to four of the leased aircraft during the next few years, beginning in October. Separately, Cargojet acquired a 767-200BDSF (23801, ex-Avianca) in July 2019 and leased it to 21 Air, while an additional 757-200 purchased in November 2017 is currently not operational but is expected to “eventually” be converted into a freighter after flying in passenger charter service.

Cargojet posted a net loss of $3.4 million for the fourth quarter of 2019, but ended the year in the black, with net earnings of $8.8 million. Block hours increased by 7.7% during the fourth quarter and by 10.8% for the year.