Cargojet
Cargojet Inc. is a Canadian scheduled cargo airline headquartered in Mississauga, Ontario, that provides time-sensitive overnight air cargo services to major cities across North America and internationally.[1][2] Founded in 2002 by Dr. Ajay Virmani following the acquisition of Canada 3000 Cargo, the company operates a fleet of 43 Boeing freighters, including 767-300ER, 767-200ER, and 757-200ER models, transporting over 25 million pounds of cargo weekly with a focus on reliability and on-time performance exceeding 98.5%.[3][4][5][6] Publicly traded on the Toronto Stock Exchange under the ticker symbol CJT, Cargojet has grown into Canada's largest all-cargo carrier, serving a domestic network of 16 major cities and handling dedicated aircraft, crew, maintenance, and insurance (ACMI) services for e-commerce, perishables, and other urgent shipments.[7][6] As of November 2025, Cargojet is led by co-CEOs Jamie Porteous and Pauline Dhillon, both founding members, with Virmani serving as executive chairman; Porteous is set to retire at the end of 2025, transitioning Dhillon to sole CEO effective January 1, 2026.[8][3] The airline has earned recognition as one of Canada's 50 Best Managed Companies and multiple Shipper's Choice Awards for excellence in air cargo carriage, underscoring its commitment to safety, sustainability, and customer service in the competitive global logistics sector.[3][9] With a workforce of approximately 1,838 employees, Cargojet continues to expand its operations, including investments in sustainable aviation fuels and fleet modernization to meet rising e-commerce demands.[10][11]History
Founding and early years
Cargojet traces its origins to July 2001, when Ajay Virmani established Canada 3000 Cargo Inc. as a joint venture with the passenger airline Canada 3000 Airlines, utilizing the latter's cargo assets amid a challenging post-9/11 aviation landscape.[12][3] Following Canada 3000 Airlines' bankruptcy in November 2001, Virmani acquired full ownership of Canada 3000 Cargo Inc. in January 2002, positioning the venture to capitalize on the need for dedicated domestic cargo transport in Canada.[3] In February 2002, the company was rebranded as Cargojet Canada Ltd. and incorporated as a scheduled cargo airline headquartered in Mississauga, Ontario, with operations commencing on February 21.[13][14] From the outset, Cargojet focused on time-sensitive domestic overnight air cargo services across Canada, connecting major cities and smaller centers to handle shipments such as pharmaceuticals, perishables, and urgent goods for couriers and manufacturers.[12] The initial fleet consisted of eight wet-leased aircraft, including converted passenger models like Boeing 727-200 freighters and a Boeing 737 freighter, enabling efficient overnight delivery of over 300,000 pounds of cargo daily.[13] A pivotal early move came in July 2002, when Cargojet acquired Winnport Logistics Ltd., a Winnipeg-based cargo operator, to bolster its operational capabilities, including securing its own air operator certificate and expanding ground handling services.[15][16] This acquisition integrated Winnport's regional expertise and resources, enhancing Cargojet's network for seamless domestic logistics. By 2005, Cargojet transitioned to public company status, marking the end of its formative phase.[12]Expansion and key milestones
Following its founding in 2001, Cargojet pursued strategic expansions to solidify its position in the North American air cargo market. In 2005, the company went public through an initial public offering on the Toronto Stock Exchange under the ticker TSX: CJT.UN, raising C$59.5 million and enabling access to a broader investor base for further growth.[17] A key acquisition occurred in 2008 when Cargojet purchased a 51% stake in Prince Edward Air Ltd., a regional cargo operator based in Charlottetown, Prince Edward Island, followed by the acquisition of the remaining 49% interest in August 2009 for C$1 million. This integration expanded Cargojet's regional feeder network across Atlantic Canada, but Prince Edward Air ceased independent operations in 2010 as its activities were fully consolidated into Cargojet's regional partnership structure.[18][19] Fleet modernization efforts began in the mid-2000s to enhance capacity for longer routes. In 2007, Cargojet announced plans to incorporate Boeing 757-200ER and Boeing 767-200ER freighters, marking a shift from older DC-9 and B727 aircraft toward more efficient wide-body and narrow-body options for domestic and transborder operations. The first Boeing 757-200ER freighter entered service in August 2008, arriving at Hamilton International Airport and enabling expanded overnight cargo capabilities.[20][21][22] By the 2010s, Cargojet ventured into international markets to diversify beyond Canada. It launched transborder services, including a scheduled route from Newark, New Jersey, to Hamilton, Bermuda (BDA), providing five weekly flights. Initial European expansion followed in 2016 with the introduction of a weekly Boeing 767-300F service from Hamilton to Frankfurt, Germany, connecting to existing Mexico routes and broadening global reach.[18][23] In May 2019, Cargojet marked a notable marketing milestone by partnering with Canadian artist Drake as its brand ambassador, leveraging his longstanding support—stemming from the 2013 launch of Cargojet's first Boeing 767-300F—to enhance visibility and assist with his logistics needs.[24]Recent developments
During the COVID-19 pandemic in 2020 and 2021, Cargojet pivoted to provide critical charter services, focusing on transporting personal protective equipment (PPE) and medical supplies to support Canada's response efforts. The company flew a total of 95 chartered flights carrying PPE to Canada as of May 2021, prioritizing contracts with the federal and provincial governments over other opportunities to ensure timely delivery of essential goods. This shift contributed to a significant revenue increase in 2020, driven by international relief charters for PPE and related medical cargo, while implementing enhanced health protocols such as aircraft disinfection and PPE distribution for its crews.[25][26][27] In November 2022, Cargojet renewed its Air Cargo Services Agreement with United Parcel Service (UPS) Canada for an additional five-year term, extending operations through December 31, 2030, to continue providing comprehensive domestic overnight courier services across Canada. This renewal built on a long-standing partnership, underscoring Cargojet's role in UPS's Canadian network amid stabilizing post-pandemic demand.[28] Facing softening international air cargo demand in early 2024, Cargojet canceled its commitments for four Boeing 777-200 converted freighters (777F) in January, exiting all plans to acquire these widebody aircraft to preserve capital and adapt to market conditions. The decision reflected broader industry challenges, including subdued freight volumes, and allowed the company to focus on flexing its existing Boeing 767 fleet for operational needs.[29] Throughout 2025, Cargojet advanced financial stabilization through debt redemptions and consistent dividend payments. In August, the company announced the redemption of its outstanding 5.25% senior unsecured hybrid debentures due June 30, 2026, completing the $115 million principal repayment on October 9 using available cash reserves. Complementing this, Cargojet declared quarterly dividends multiple times, including $0.35 per share payable on July 4 following the June announcement, and another $0.35 per share payable on October 3 after the September declaration, signaling improved liquidity and shareholder returns.[30][31][32][33][34] On October 30, 2025, Cargojet announced its brand expansion into Europe, launching a scheduled direct air cargo service effective November 1 to enhance transatlantic connectivity. The once-weekly route links Hamilton John C. Munro International Airport (YHM) and Halifax Stanfield International Airport (YHZ) with Liege Airport (LGG) in Belgium, Europe's leading cargo hub, utilizing a Boeing 767 freighter to transport time-sensitive e-commerce, perishables, and general freight between Canada and the continent. This initiative positions Cargojet to capture growing transatlantic demand while leveraging its North American expertise.[35]Operations
Route network and destinations
Cargojet's primary hub is located at John C. Munro Hamilton International Airport (YHM) near Mount Hope, Ontario, serving as the central point for its cargo operations with 24/7 movement control capabilities. Secondary operations are maintained at Toronto's Mississauga facilities near Pearson International Airport (YYZ) and Vancouver International Airport (YVR), facilitating efficient connections across North America.[36][37] The company's domestic route network covers 16 major Canadian cities, emphasizing overnight express services for time-sensitive shipments that reach over 90% of the population daily. Key destinations include Vancouver, Calgary, Edmonton, Winnipeg, Toronto, Hamilton, Montreal, Ottawa, Halifax, and St. John's, supported by more than 80 nightly flight legs in a co-load structure.[37][38] Internationally, Cargojet operates scheduled cargo routes to destinations in Bermuda (BDA), Cuba (Havana - HAV), Germany (Cologne - CGN), Japan (Narita - NRT), Mexico (Mexico City - MEX, Guadalajara - GDL), the United Kingdom (East Midlands - EMA), and the United States (e.g., Miami - MIA, New York - JFK, Newark - EWR), with additional connections to East Asia (Shanghai - PVG) and expanded European services launched in November 2025 linking Liège Airport (LGG) to Canadian hubs. These routes prioritize high-volume corridors like Canada-U.S. and transatlantic paths, leveraging long-haul freighters for efficient global reach.[39][37][35] The overall 24/7 network transports over 25 million pounds of cargo weekly, underpinned by an industry-leading record of on-time performance and reliability to ensure consistent delivery for e-commerce, perishables, and urgent freight.[2][37][40]Fleet
As of November 2025, Cargojet operates an active fleet of 40 all-cargo aircraft, consisting exclusively of Boeing models converted from passenger configurations to freighter specifications.[6] These conversions, typically involving the installation of large cargo doors, reinforced floors, and fire suppression systems, enable efficient payload capacities while leveraging the reliability of established airframes.[5] The fleet is predominantly owned by Cargojet, allowing full operational control without extensive third-party dependencies.[41] This Boeing-exclusive strategy simplifies maintenance, training, and parts logistics across the inventory.[38] The fleet is segmented by aircraft type to optimize for varying haul lengths, with the Boeing 757-200PCF dedicated to medium-haul routes, the Boeing 767-200ER BDSF for regional operations, and the Boeing 767-300ER BDSF for long-haul demands, including international services.[41][5] Cargojet maintains fleet vitality through ongoing passenger-to-freighter (P2F) conversions, with multiple Boeing 767s added in 2025, including three conversions delivered during the year.[42][43] Older models are systematically retired or repurposed, as evidenced by the return of one leased Boeing 767-200 to its lessor in April 2025 and sales of two older 767-300s in Q3 2025 to streamline capacity amid demand fluctuations.[4][44] One additional 767-300 conversion is expected in Q4 2025, alongside the sale of another aircraft.[45] In a notable strategic shift, Cargojet canceled plans in 2024 to convert four Boeing 777-200 aircraft into freighters, citing softened market conditions and economic uncertainty that prompted a reevaluation of long-term capacity needs.[46] This decision, which involved selling the partially converted airframes, preserved capital for near-term priorities like 767 enhancements while pausing expansion into larger widebody types.[47]| Aircraft Type | Role | Number in Service (as of November 2025) |
|---|---|---|
| Boeing 757-200PCF | Medium-haul | 15 |
| Boeing 767-200ER BDSF | Regional | 3 |
| Boeing 767-300ER BDSF | Long-haul | 22 |