MISSISSAUG – Canadian freight airline Cargojet (W8) intends to acquire five Boeing 767 Freighters and two 777Fs in the near future.
On January 12, 2021, W8 announced its intentions to acquire five Boeing 767 freighter aircrafts for delivery in 2021/2022. Due to COVID 19 pandemic, the company states that there’s been an increased demand for domestic air cargo services.
An increase in international air cargo services has also caused the acquisition of two long-range Boeing 777 freighter aircraft. This will be for international routes. These are expected to be delivered in 2023.
Cargojet intends to fund these acquisitions with C$350m. This money was raised through an offering from a number of co-leads and joint book runners. According to Flight Global, acquiring 777Fs would add a third Boeing aircraft type into Cargojet’s fleet.
Last year, twenty four Boeing freighters were operated by the airline and these included three 767-200Fs, thirteen 767-300Fs and eight 757Fs. The 767s include former passenger jets and these were converted by both Boeing and Israel Aerospace Industries.
A joint project by IAI-GE Capital Aviation Services brought about the availability of converted 777-300ERs, which were launched in 2019. Those companies call their variant the 777-300ERSF, which are expected to be delivered in 2023 to Kalitta Air
The company plans to use a portion of the raised offering to repay indebtedness, while maintaining a strong balance sheet. According to W8, this intends to support its long term growth strategy and capitalizing on new domestic and international growth opportunities.
Featured image: Cargojet Airways Boeing 767-300ER. Photo: Cargojet