Latest news with #Cargojet
Yahoo
a day ago
- Business
- Yahoo
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. SOURCE Cargojet Inc. View original content:
Cision Canada
a day 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.
Globe and Mail
a day ago
- Business
- Globe and Mail
Canada is not for sale – and neither are our skies
Ajay Virmani CM is the founder and executive chair of Cargojet. Thursday's recommendations from the Competition Bureau to open Canada's skies to foreign airlines may sound like a pro-consumer move. But beneath the surface, the move risks undermining our aviation industry, threatening Canadian jobs, and handing over control of a vital sector – all without getting a single thing in return. The bureau suggests allowing foreign carriers to fly domestic routes in Canada – a move known as 'cabotage' – and phasing out foreign ownership restrictions entirely. If adopted, these changes would fundamentally alter the aviation landscape in Canada. And not for the better. Watchdog says Ottawa should allow foreign-owned airlines to fly domestic routes to boost competition Let's start with the obvious: There is no reciprocal access. The foreign carriers most likely to cash in on this opportunity will be American ones, because of geography. But the United States, our closest trading partner, does not allow foreign carriers to operate domestic routes. It guards that privilege closely – as does many other major nations. Why, then, should Canada unilaterally open our skies? Competition is healthy – but only when it's fair. We cannot be the only country willing to give away our market while others protect theirs. That's not strategy – that's surrender. Canada is a country of extremes. We are the second-largest nation by landmass, but with a population spread thinly across vast geography. Air travel isn't just a convenience – it's a necessity. But let's be blunt: Canada is not big enough to support even three major airlines as the past two decades have shown. More than 15 carriers – from Jetsgo to Lynx – have gone out of business trying. Foreign airlines, with deep pockets and no long-term obligation to our infrastructure, will swoop in to cherry-pick profitable urban routes – Toronto to Vancouver, Montreal to Calgary – and leave Canadian carriers to subsidize unprofitable regional and remote routes. When the local players fold, who will serve the North? Who will fly to the small towns? Prices will go up, and service will disappear. The impact won't just be felt in boardrooms – it will hit everyday Canadians across the aviation workforce. We're talking about pilots, engineers, mechanics, technology professionals, baggage handlers, call centre teams and support staff. Foreign carriers have no incentive to hire in Canada beyond what's absolutely necessary. Opening the door to foreign dominance means exporting opportunity, experience and expertise – and leaving a skilled Canadian workforce behind. In today's geopolitical climate, the last thing we should do is hand over our aviation sector to foreign ownership. Aviation isn't just another business – it's a strategic asset. In emergencies, natural disasters and national defence, a strong domestic aviation backbone matters. Foreign ownership comes with no such loyalty. If the government truly wants to improve Canadian aviation, it should start with what's in its control: modernize our airports, lower sky-high airport rents and fees, invest in regional infrastructure and overhaul NAV Canada, which operates our civil air navigation system. These structural issues are what make flying in Canada expensive – not a lack of foreign players. Opinion: Stop the charade. Ottawa isn't prepared to do what it takes to improve airline competition Opening the door to foreign carriers without fixing the broken foundation is like inviting guests into a crumbling house and hoping they'll renovate it for you. The promise of cheaper fares is always tempting. But the reality is, foreign carriers will skim the cream off the top – and leave Canadian operators to handle the rest. Once Canadian carriers are weakened or gone, what leverage will we have left? The decisions will be made in boardrooms far away, with no regard for Canadian jobs, service standards, or national resilience. We need smart competition, not blind deregulation. We need policy that supports homegrown carriers and gives them the tools to grow and compete globally. And we need to recognize that our aviation sector isn't just about profits – it's about sovereignty, accessibility and nation-building. Canada is not for sale – and neither are our skies. Let's not let short-term thinking cost us our long-term future.
Yahoo
4 days ago
- Business
- Yahoo
Cargojet Appoints Aaron McKay As Chief Financial Officer
MISSISSAUGA, ON, June 16, 2025 /CNW/ - Cargojet Inc. (TSX: is pleased to announce the appointment of Mr. Aaron McKay as Chief Financial Officer, effective August 1, 2025. Mr. McKay brings extensive expertise in the airline industry, with a proven track record in senior financial leadership roles. His strategic acumen and deep understanding of financial operations will significantly strengthen Cargojet's executive team as the company continues to drive growth and operational excellence. "We are delighted to welcome Aaron as our Chief Financial Officer," said Co-CEOs Jamie B. Porteous and Pauline Dhillon in a joint statement. "His exceptional financial expertise and industry insights will be instrumental in guiding Cargojet's strategic initiatives and ensuring sustained financial success. We are confident Aaron's leadership will further solidify our position as a market leader." Cargojet is Canada's premier provider of time-sensitive air cargo services, serving major cities across North America. Operating a fleet of 41 cargo aircraft, the company delivers dedicated, ACMI, and international charter services, transporting over 25 million pounds of cargo weekly. With a commitment to reliability and innovation, Cargojet continues to set the standard for premium air cargo solutions. Notice on Forward Looking Statements: Certain statements contained herein constitute "forward-looking statements". 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. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Reference should be made to the issuer's most recent Annual Information Form filed with the Canadian securities regulators, and its most recent Annual Consolidated Financial Statements and Quarterly Financial Statements and Notes thereto and related Management's Discussion and Analysis (MD&A), 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. The issuer assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement. SOURCE Cargojet Inc. View original content:
Cision Canada
4 days ago
- Business
- Cision Canada
Cargojet Appoints Aaron McKay As Chief Financial Officer
MISSISSAUGA, ON, June 16, 2025 /CNW/ - Cargojet Inc. (TSX: is pleased to announce the appointment of Mr. Aaron McKay as Chief Financial Officer, effective August 1, 2025. Mr. McKay brings extensive expertise in the airline industry, with a proven track record in senior financial leadership roles. His strategic acumen and deep understanding of financial operations will significantly strengthen Cargojet's executive team as the company continues to drive growth and operational excellence. "We are delighted to welcome Aaron as our Chief Financial Officer," said Co-CEOs Jamie B. Porteous and Pauline Dhillon in a joint statement. "His exceptional financial expertise and industry insights will be instrumental in guiding Cargojet's strategic initiatives and ensuring sustained financial success. We are confident Aaron's leadership will further solidify our position as a market leader." Cargojet is Canada's premier provider of time-sensitive air cargo services, serving major cities across North America. Operating a fleet of 41 cargo aircraft, the company delivers dedicated, ACMI, and international charter services, transporting over 25 million pounds of cargo weekly. With a commitment to reliability and innovation, Cargojet continues to set the standard for premium air cargo solutions. Notice on Forward Looking Statements: Certain statements contained herein constitute "forward-looking statements". 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. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Reference should be made to the issuer's most recent Annual Information Form filed with the Canadian securities regulators, and its most recent Annual Consolidated Financial Statements and Quarterly Financial Statements and Notes thereto and related Management's Discussion and Analysis (MD&A), 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. The issuer assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
