Global Crossing Airlines Group (GlobalX) is still growing and investing in its air cargo business, despite declaring that it would shift its attention back to passenger operations at the beginning of last year.
In its financial and operating results for the fourth quarter and full year ended 31 December, the Miami-based airline said that its cargo business generated over 1,600 block hours in the fourth quarter of 2024, four times the amount of hours compared to the fourth quarter of 2023.
GlobalX said in February 2024 that it had decided to focus on passenger charter operations. This was despite receiving Federal Aviation Administration (FAA) approval just one year earlier, in February 2023, for cargo operation using A321 Passenger to Freighter (P2F) aircraft and subsequent efforts to build up its A321 passenger to freighter (P2F) fleet throughout the year.
However, Air Cargo News understood at the time that GlobalX would still carry out cargo charter operations and this strategy is reflected in some of the key investments the airline highlighted in its results release.
During the fourth quarter, GlobalX said it: "Renewed a six-month cargo contract with Caribbean Cargo Company guaranteeing 200 block hours per month for two cargo aircraft."
After the fourth quarter had ended, GlobalX also "signed a cargo ACMI contract with DHL to operate in their network into the third quarter of 2025", said the airline.
Fourth quarter revenue increased 11% to $59.9m compared to $53.9m. Fourth quarter operating expenses were $56.6m compared to $55.2m. Full year revenue was $223.8m, up 40% on the prior year
GlobalX president and chief financial officer Ryan Goepel said: “Our strategic shift towards ACMI has been a key driver behind our 2024 results, with ACMI revenue increasing more than 3x compared to last year.
"We have also made steady progress in expanding our fleet to 19 total aircraft, while securing higher-margin contracts for both passenger and cargo. These achievements reflect the strong demand for our services and the trust our partners place in GlobalX, as we continue setting the industry standard for on-time performance and reliability.”
