Canadian all-cargo carrier Cargojet has bolstered its fleet with the addition of a newly converted Boeing 767-300ER freighter, as the company continues to sharpen its focus on this aircraft type amid shifting market dynamics.
The latest aircraft, bearing registration C-GPAJ, entered service in May following its conversion earlier this year. Now 26 years old, the jet joins Cargojet’s fleet as part of a broader strategic expansion, with two additional 767Fs and another 757F slated for delivery in the near term.
Headquartered in Montreal, Cargojet currently operates a robust fleet of 40 aircraft—23 Boeing 767s and 17 Boeing 757s—according to data from fleet intelligence platform Planespotters.
In a public statement on LinkedIn, the company celebrated the newest addition, noting: “Freshly livery and ready for the skies – Cargojet proudly welcomes its newest B767-300ER freighter, C-GPAJ, to our growing fleet.”
The airline’s growing emphasis on the 767 platform comes in the wake of a strategic pivot away from larger widebody freighters. Cargojet had originally planned to convert eight Boeing 777s—four -200s and four -300s—into freighters. That ambition was scaled back to four conversions before being abandoned entirely in January 2024, citing evolving market conditions.
Despite a more conservative fleet strategy relative to peers, Cargojet’s financial performance suggests its measured approach is paying dividends. In the first quarter of 2024, the carrier posted record revenues of C$249.9 million, marking an 8.1% year-on-year increase. EBIT rose 32.7% to C$49.9 million, while net profit surged 47.7% to C$48 million. The airline also surpassed C$1 billion in annual revenues for the first time.
While other operators have taken a defensive stance amid global economic uncertainty, Cargojet sees opportunity. The company believes evolving tariff structures could benefit its domestic operations, stating, “Importers in our domestic market will need to bring the product directly into Canada rather than routing through previous optimal points within North America.”
As Cargojet deepens its investment in mid-size freighters and rides a wave of strong financial performance, its CEO-level audience will be watching closely to see whether its 767-centric strategy continues to deliver competitive advantage in a volatile global cargo market.
