Yahoo Finance Cargojet and Great Vision HK Express announce agreement to provide air cargo service between China and Canada
MISSISSAUGA, ON, June 10, 2024 /CNW/ - Cargojet (TSX: CJT) announced today that it has entered into a three-year agreement with China-based Great Vision HK Express to provide scheduled charter services—from Hangzhou, China to Vancouver, B.C., and from Vancouver, B.C. to Hangzhou, China—utilizing B767-300F aircraft.
Servicing the rapidly expanding Chinese e-Commerce sector, Cargojet will operate a minimum of three flights per week and began service on May 22,, 2024, with eight flights successfully completed to date. Total revenue for this program is estimated at over CAD $160M for the full term of the agreement.
"Leveraging Cargojet's industry-leading record of on-time performance and reliability, together with the connection opportunities from Vancouver to fifteen other cities in Canada, will allow Great Vision HK to provide enhanced services for China-based e-Commerce service providers, to their customers across Canada," said Jamie B. Porteous, Co-Chief Executive Officer.
"We continue to explore opportunities to maximize asset and aircraft utilization and look forward to a strong partnership with Great Vision HK," added Pauline Dhillon, Co-Chief Executive Officer.
Christine Cheng, co-founder and Chief Operating Officer at Great Vision HK, said: "This is an important milestone for Great Vision HK, and we've partnered with Cargojet, another industry-leader in Canada, to provide top-quality transportation services to our customers in Asia."
Great Vision HK provides its customers with China-to-Canada-to-China end-to-end integrated logistics supply chain solutions, including pick up, pre-sorting, international air freight, customs clearance, distribution, last-mile delivery and after-sales services.
"International air freight is a key part of this logistical chain, and we believe through this strategic partnership with Cargojet that we can offer extremely reliable and efficient services to our customers, while continuing to promote trade between the two countries," Cheng said.
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 aircraft.
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: http://www.newswire.ca/en/releases/archive/June2024/10/c1141.html
