Air Canada’s cargo revenues exceed C$1bn mark for the year
03 / 11 / 2021
By Damian Brett
Air Canada Cargo reported record figures in the third quarter of the year as the airline continues its push into the air cargo market.
The carrier reported cargo revenues for the third-quarter period of C$366m, an increase of 69.4% compared with a year earlier.
Over the first nine months of the year, cargo revenues are up by 55% year on year to just over C$1bn – the first time revenues have exceeded the billion Canadian dollar mark.
Revenue growth primarily came through its services operating to Asia (see chart below).
Jason Berry, vice president, cargo, Air Canada, said: “Air Canada Cargo is pleased to have reported record-breaking results for the third quarter of 2021. As the markets continue to show robustness, Air Canada Cargo remains committed to maintaining consistent cargo capacity to its customers on key trade lanes.
“Air Canada Cargo’s third quarter results of C$366m is an increase of 69% vs. Q3 of 2020, and more than double the same quarter in 2019.
“At the close of the third quarter, Air Canada Cargo’s year-to-date results reached an incredible milestone of C$1bn, which is a record.
“And we continue to invest in key areas for Air Canada Cargo, including new technologies such as an Application Programming Interface (API) for our customers, enhancements to our cold chain facilities in Toronto and the upcoming arrival of our first dedicated Boeing 767-300ER freighter, which is to arrive later this year.”
The initial list of planned routes for the Boeing 767-300ER freighters will be based primarily on Toronto Pearson International Airport and will operate to Miami, Quito, Lima, Mexico City and Guadalajara — the latter a first for Air Canada Cargo.
Additional destinations to be served in early 2022, as more converted freighters enter service, include Halifax, St John’s, Madrid and Frankfurt, said the airline.
Air Canada started converting some of its retired passenger Boeing 767s into full-freighters in a plan announced in January.
Initially, the carrier envisaged converting two aircraft but extended the plan to cover seven aircraft in February. It expexts to complete the programme by the end of 2022.