Amerijet offloads freighters and restructures
11 / 01 / 2024
Photo: Osvaldo Guerra/ Amerijet
US freighter operator Amerijet is offloading Boeing 757 aircraft and restructuring the business as it looks to respond to changing market conditions.
The Miami-headquartered airline said that it has completed a successful financial and operational restructuring to “enhance the Company’s capital structure and support go-forward operations”.
The restructuring includes the return of six 757 freighters to lessors, modifications to its obligations on the Boeing 767 fleet and a $55m capital infusion from its existing lenders.
Amerijet said that it would also now operate an all-767 fleet and in line with this reduce non-pilot headcount so numbers are “aligned with the right-sized fleet and current business demand”.
Chief executive Joe Mozzali said: “With this restructuring, Amerijet is now in a stronger operating and financial position to serve its customers for the long term with the quality of service they have come to expect.
“The current air cargo environment demands agility and disciplined operational excellence. This definitive action will protect our position as the cargo carrier of choice in our markets.”
He added that the restructuring was completed with the support of investors and lessors.
“Our ability to execute this transaction consensually is a strong signal of the strength of our brand, the commitment of our employees and the significant opportunities ahead for Amerijet,” he added. “These strategic actions have strengthened the Company’s financial foundation, ensuring its scheduled service, and contract flights will continue to operate as usual.”
Last year, Freightwaves reported that the carrier had been forced to park some of its 757 aircraft due to weaker demand and the ending of contracts with DHL and the US Postal Service.
It also had to layoff staff last year due to the changing market conditions.
The airline has been rapidly expanding its fleet over recent years, increasing from eight freighters at the start of 2020 to 22 by the end of 2022.
Fleet tracking site Plane Spotters shows the carrier currently has 17 767 freighters on its books.
The carrier was also keen to point out that despite its financial troubles, it had maintained on-time performance during the busy December peak and volumes were up on scheduled services.
“On-time performance in the December quarter end was 94.8% for our contract business while our core scheduled service segment achieved a 97.5% completion factor, a 2% year-over-year improvement,” the carrier said.
“Despite a difficult demand environment, Amerijet’s December quarter 2023 airfreight volumes in its core scheduled service segment increased 8% versus 2022 and 3% versus the December quarter end for the pandemic year of 2020.”
The carried added that the 8% growth in scheduled service volumes was achieved with 10% less flown block hours.
“These strong service levels have propelled recent customer wins including a new contract operating four weekly frequencies between Bogotá and Miami as well a new multi-year contract transporting a global integrator’s express and cargo volumes in Central America and the Caribbean.”
