GLOBAL Crossing Airlines Group (GlobalX) continues to expand its air cargo operations despite previously announcing a renewed focus on passenger services at the start of 2024, reports London's Air Cargo News.
In its financial and operating results for Q4 and the full year ending December 31, the Miami-based airline reported that its cargo division logged over 1,600 block hours in Q4 2024 period.
While globalx stated in February 2024 that it would prioritise passenger charter operations, this came just a year after receiving F approval (February 2023) to operate cargo flights with A321 Passenger-to-Freighter (P2F) aircraft.
Despite efforts to grow its A321 P2F fleet throughout 2023, the airline has continued to engage in cargo charter operations, as reflected in key investments highlighted in its latest report.
During Q4, GlobalX renewed a six-month cargo contract with Caribbean Cargo Company, securing 200 block hours per month for two cargo aircraft.
Additionally, after the quarter ended, the airline signed a cargo ACMI contract with DHL, extending operations within its network through Q3 2025.
On the financial side, Q4 revenue rose 11 per cent year on year to $59.9 million, up from $53.9 million.
Operating expenses for the quarter stood at $56.6 million, compared to $55.2 million the previous year. Full-year revenue surged 40 per cent to $223.8 million.
'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,' said GlobalX chief financial officer Ryan Goepel.
'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,' Mr Gospel said.
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In its financial and operating results for Q4 and the full year ending December 31, the Miami-based airline reported that its cargo division logged over 1,600 block hours in Q4 2024 period.
While globalx stated in February 2024 that it would prioritise passenger charter operations, this came just a year after receiving F approval (February 2023) to operate cargo flights with A321 Passenger-to-Freighter (P2F) aircraft.
Despite efforts to grow its A321 P2F fleet throughout 2023, the airline has continued to engage in cargo charter operations, as reflected in key investments highlighted in its latest report.
During Q4, GlobalX renewed a six-month cargo contract with Caribbean Cargo Company, securing 200 block hours per month for two cargo aircraft.
Additionally, after the quarter ended, the airline signed a cargo ACMI contract with DHL, extending operations within its network through Q3 2025.
On the financial side, Q4 revenue rose 11 per cent year on year to $59.9 million, up from $53.9 million.
Operating expenses for the quarter stood at $56.6 million, compared to $55.2 million the previous year. Full-year revenue surged 40 per cent to $223.8 million.
'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,' said GlobalX chief financial officer Ryan Goepel.
'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,' Mr Gospel said.
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