The Mississauga, Ontario-based airline says that operating the B777Fs in the current market does not make strategic sense so it will focus on Boeing 767 Freighter services.
In 2024, Cargojet forecasts its fleet will reduce from 41 to 40 aircraft due to the departure of 2 Boeing 757s and the arrival of 1 B767 before going back to 41 in 2025 when another B767 enters service.
Cargojet has 4 surplus B757s and the airline is considering options such as dry leases or selling the aircraft.
The airline has 2 B767s available and plans to convert them as cargo demand begins to recover over the next couple of years.
Dr Ajay Virmani, Executive Chairman of Cargojet, says, “Forecasts continue to indicate that the international air cargo market will remain soft in the short to medium term and deploying B777Fs into the market would not be strategically prudent. We have decided to exit our commitments for the four remaining B777F aircraft, while continuing to flex our B767 fleet to accommodate our organic growth strategy.”
He adds that Cargojet has laid the foundations for restarting B777F services if the conditions are right.
Pauline Dhillon, Co-CEO, adds, “With our optimised fleet strategy and cost efficiencies gained throughout 2023, we are well positioned to deliver strong cashflows and shareholder value.”