Latest news with #ACMI
Cision Canada
3 days ago
- Business
- Cision Canada
Cargojet Announces Inaugural Issuer Credit Rating of BBB (low) With a Stable Trend by Morningstar DBRS
MISSISSAUGA, ON, June 19, 2025 /CNW/ - Cargojet Inc. (" Cargojet" or the " Corporation") (TSX: CJT) today announced that Morningstar DBRS has assigned the Corporation an investment-grade issuer credit rating of BBB (low), with a stable trend. In assigning the rating, Morningstar DBRS cited Cargojet's contracted recurring revenue profile, efficient operations, leading market position in the Canadian domestic overnight air cargo market, and commitment to maintaining leverage within its publicly stated target range. "The assignment of an investment-grade credit validates the strength of our diversified portfolio of Domestic, Charters and ACMI offerings and disciplined approach to cost management," said Jamie Porteous, Co-Chief Executive Officer. "This achievement reinforces our strategic objectives of strengthening our financial position while continuing to build a platform focused on long-term sustainable growth. It also provides us the flexibility to pursue opportunities to improve our cost of capital and strengthen our balance sheet depending on market conditions" said Pauline Dhillon, Co-Chief Executive Officer. The Corporation also announced that it has posted an updated investor presentation to the Investor section of its website at: About Cargojet Cargojet is Canada's leading provider of time sensitive premium air cargo services to all major cities across North America, providing dedicated, ACMI and international charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 41 cargo aircraft. Notice on Forward-Looking Statements: Certain statements contained herein constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "plans", "intends", "anticipates", "should", "estimates", "expects", "believes", "indicates", "targeting", "suggests" and similar expressions, and includes statements relating to potential opportunities to improve the Corporation's cost of capital and strengthen its balance sheet. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Reference should be made to the Corporation's most recent Annual Information Form filed with the Canadian securities regulators, and its most recent Consolidated Financial Statements and Notes thereto and related Management's Discussion and Analysis, for a summary of major risks. Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. Without limiting the foregoing, there can be no assurance that the Corporation will maintain an investment grade credit rating or improve its cost of capital on favourable terms. The forward-looking statements contained in this news release represent Cargojet's expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and are subject to change after such date. However, Cargojet disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as required under applicable securities laws. In the event Cargojet does update any forward-looking statement, no inference should be made that Cargojet will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
Travel Daily News
09-06-2025
- Business
- Travel Daily News
Ascend Airways adds 5th aircraft to growing fleet, secures Canadian AOC
Ascend Airways adds fifth Boeing 737-8 MAX, gains Canadian FAOC, and accelerates expansion to meet rising demand for fuel-efficient ACMI services. Ascend Airways, UK-based ACMI (Aircraft, Crew, Maintenance, and Insurance) and charter airline, has taken delivery of its 5th aircraft – Boeing 737-8 MAX. Part of Avia Solutions Group, the world's largest ACMI provider, the airline has also secured its Canadian Foreign Air Operator Certificate (FAOC), marking another significant milestone in its rapid expansion. The aircraft, registered as G-ULIT, received its Certificate of Airworthiness on June 3, 2025 and will be immediately deployed onto a long-term wet lease contract. This addition represents the fourth Boeing 737-8 MAX in Ascend Airways' fleet. 'I want to thank the entire team at Ascend Airways for their hard work and dedication in adding three aircraft over the past two months,' says Alastair Willson, CEO of Ascend Airways. 'Our growing fleet positions us perfectly to meet the growing demand for reliable ACMI services in the UK and other markets with the newest generation of aircraft.' This has been a year of significant growth for the company, which started 2025 with just two aircraft and now operates five. The airline plans to add further Boeing 737-8 MAX aircraft over the coming months, with the goal of operating a total of eight aircraft by year-end. The Boeing 737-8 MAX aligns with Ascend Airways' strategy of offering the latest technology and most fuel-efficient aircraft to customers. The MAX 8 reduces CO2 emissions by 20% and has a 40% lower noise footprint compared to previous-generation aircraft, enabling customers to reduce their environmental impact when adding capacity. In addition to fleet expansion, Ascend Airways has received its Canadian FAOC, which allows the airline to commence ACMI operations in Canada. The approval comes in time for the peak season of travel in Canada during the IATA Winter season of which Ascend Airways currently has availability on B737-8 MAX aircraft. Ascend Airways is also in the final stages of gaining it's FAA 129 approvals which will allow the Airline to operate ACMI and Charter flights to the US and also in the process of gaining it's IOSA approvals.
CairoScene
09-06-2025
- Business
- CairoScene
KlasJet Operates Summer Charter Flights to Egypt From Milan & Sharjah
KlasJet will run charter flights to Cairo for Air Cairo, linking Milan and Sharjah to Egypt's capital until the end of October. Lithuanian-based charter carrier KlasJet has signed a summer agreement with Egypt's Air Cairo to operate flights from Milan and Sharjah to Cairo, running until October 31st, 2025. The partnership aims to support rising seasonal travel demand and improve connectivity between Egypt and key regional markets in Europe and the Gulf. Air Cairo, partially owned by EgyptAir, operates charter routes to Egypt's tourist hubs and currently flies a fleet of over 30 Airbus A320s. The new collaboration allows the airline to expand its reach using aircraft and crew supplied by KlasJet under an ACMI (Aircraft, Crew, Maintenance, and Insurance) arrangement. The agreement, which was finalised just days before operations began, marks the first time Air Cairo has partnered with an ACMI provider based in an EU aviation safety jurisdiction. Flights began at the end of May with services out of Milan and Sharjah expected to continue throughout the peak summer months. The move comes as Egypt's tourism industry sees sustained growth, with revenues reaching USD 4.8 billion during last year's third quarter. The additional capacity is expected to ease travel access from Europe and the UAE, key source markets for Egypt's tourism sector. KlasJet, known for operating private and group charter flights, is part of Avia Solutions Group, a major player in global aviation services. Its fleet is based across Europe, the Middle East, and Africa, with operations spanning charter, wet lease, and aviation support services.
The Sun
04-06-2025
- Business
- The Sun
Ascend Airways eyes November cargo ops
PETALING JAYA: Ascend Airways Malaysia, a new Malaysia-based airline and a part of Avia Solutions Group – the largest ACMI (aircraft, crew, maintenance and insurance) provider in the world, has advanced to Phase 3 of its Air Operator Certificate (AOC) application process. The new ACMI and charter solutions provider is targeting to launch its cargo operations in November 2025, with passenger flights to follow. In 2024, Ascend Airways Malaysia was granted its Conditional Air Service Permit (CASP) from the Malaysian Aviation Commission (Mavcom) and has since been working closely with the Civil Aviation Authority of Malaysia (CAAM) in order to obtain its Air Operator Certificate (AOC). The process is currently in its final stages with full flight operations expected to commence by the end of 2025. The Kuala Lumpur-based ACMI and charter airline will offer both passenger and cargo operations. Its first B737-800 freighter aircraft will arrive in Malaysia Q3'25 to facilitate the necessary processes of the issuance of the full AOC and the launch of the airline's cargo operations. Subsequently, the second and third passenger B737-800 aircraft will be inducted into the Malaysian airline's fleet by end of 2025 and early 2026, respectively. 'As it is our mission to support the growth of local and regional airlines, we want to become a trusted ACMI partner that can help them increase operational agility and capture the rising demand for passenger and cargo operations, which is on the rise in the Asia-Pacific region,' said Ascend Airways Malaysia CEO Germal Singh Khera. As a new ACMI airline in Malaysia, he added they are continuously grateful for the support, global outlook and approach they receive from the Transport Ministry, CAAM, Mavcom and other relevant authorities that are advancing the aviation industry in Malaysia. 'This overwhelming support has allowed us to set up a robust operational foundation to assist air operators and their ambition in the region,' said Germal Singh. Ascend Airways Malaysia aims to provide a vital solution of aircraft wet leasing in Malaysia and the Asia-Pacific, enabling airlines and logistics companies to scale their operations and secure additional revenue during peak season. This model also allows air operators to navigate operational challenges such as unexpected flight disruptions and prolonged maintenance events. 'Ascend Airways remains focused and committed to deliver flexible ACMI solutions and develop its seasonal fleet strategy between the UK and Malaysia, and the Asia-Pacific region. ACMI is a proven solution for airlines seeking to efficiently meet dynamic travel demand and unlock new revenue opportunities. We are resolute in our aspirations to be leaders in this space,' said Alastair Willson, CEO of the UK-based Ascend Airways, the sister company of Ascend Airways Malaysia.
The Sun
04-06-2025
- Business
- The Sun
Ascend Airways Malaysia advances AOC process
KUALA LUMPUR: Ascend Airways Malaysia, a new Malaysia-based airline and part of Avia Solutions Group, has progressed to phase three of the Air Operator Certificate (AOC) application process and is targeting the launch of cargo operations in November 2025. In 2024, Ascend Airways Malaysia secured a Conditional Air Service Permit from the Malaysian Aviation Commission (MAVCOM) and began the process of obtaining an AOC from the Civil Aviation Authority of Malaysia (CAAM). In a statement today, the Kuala Lumpur-based aircraft, crew, maintenance, and insurance (ACMI) and charter airline said it will offer both passenger and cargo services. 'The airline's first Boeing 737-800 freighter is scheduled to arrive in Malaysia in the third quarter of 2025 to support the final stages of the AOC process and the launch of cargo operations. 'Two passenger-configured Boeing 737-800 aircraft will follow, with deliveries expected by the end of 2025 and early 2026,' it said. Ascend Airways Malaysia chief executive officer Germal Singh Khera said the airline aims to become a trusted ACMI partner, helping carriers enhance operational agility and meet growing demand for passenger and cargo services across the Asia-Pacific region. 'As a new ACMI airline in Malaysia, we are continually grateful for the support, global outlook, and proactive approach extended by the Ministry of Transport, CAAM, MAVCOM, and other relevant authorities advancing the aviation industry in Malaysia. 'This overwhelming support has enabled us to establish a solid operational foundation to assist air operators and their ambitions in the region,' he said. Meanwhile, Ascend Airways United Kingdom chief executive officer Alastair Willson said the Malaysian entity will form part of the group's broader seasonal fleet strategy. 'ACMI is a proven solution for airlines seeking to efficiently meet dynamic travel demand and unlock new revenue opportunities. We remain resolute in our aspirations to be leaders in this space,' he said. Avia Solutions Group already holds an AOC in Indonesia and is seeking regulatory approval for additional AOCs in Thailand, the Philippines, and Malaysia by the end of 2026.
