Cargojet to purchase four more 767s

In the past month we have twice posted about Canada-based Cargojet expanding its fleet. Well, they are at it again, so here is Chapter 3 in the Cargojet Chronicles — more 767s, more 757s, and even some Challenger 601s.

But first, a summary of Chapters 1 and 2:

1. In the first quarter of this year, Cargojet agreed to lease two 767-200BDSFs from Cargo Aircraft Management, the leasing subsidiary of US-based Air Transport Services Group. One of these freighters will join the Cargojet fleet in June, the other at some point in the third quarter. The leases will run for a period “of up to three years.”
2. More recently, Cargojet reached an agreement to purchase two 767-300BCFs from Guggenheim Aviation Partners (GAP). These freighters, which GAP only recently had converted to freighter configuration, are expected to be delivered to Cargojet within the next two weeks.

These moves followed Cargojet’s win of a seven-year Canada Post/Purolator contract, and were not unexpected. However, in a document accompanying the recent release of its first quarter results, Cargojet said that in the period between the beginning of 2014 and mid-May, it had entered into agreements to purchase six 767-300ER aircraft as well as to lease two 767-200ER aircraft. The two lease agreements and two of the six purchase agreements are what we covered in Chapters 1 and 2. But this leaves four 767-300ER purchases unaccounted for.

Cargojet has made no further announcement, but Cargo Facts believes that at least two of aircraft will be acquired in passenger configuration and converted to BDSF freighter configuration by M&B Conversions at the Bedek Aviation Group facility at Ben Gurion Airport in Tel Aviv (TLV). One of the two may be ex-Alitalia unit 27918, which is currently stored at TLV. Whether the other two will be acquired as freighters or as passenger aircraft in need of conversion is not yet known.

But that is not all. In the same document, Cargojet said that in addition to the purchase and lease agreements above, it had also signed letters of intent to purchase one 757-200, and lease one 757-300 and one 767-300, and take an option on the purchase of five Bombardier Challenger 601 business jets. Other than saying that the 601s would allow Cargojet to operate emergency medical and other charters, no details these letters of intent were provided.

Cargo Facts believes that the LOI for the 757-200 has already been firmed and that Cargojet is in fact likely to acquire a second, both already in freighter configuration. As to the 767-300, it could either be in freighter configuration at the time of purchase, or would subsequently be converted to freighter configuration.

But a 757-300? Now that is interesting indeed.