US freight airline Amerijet will return the six Boeing 757s in its fleet to lessors as it chooses to operate a 767-only fleet amid a financial restructuring.
Amerijet International Airlines said it had completed a financial and operational restructuring, including a $55m capital infusion from its existing lenders and a modification of its obligations on its fleet.
The company’s CEO Joe Mozzali, who was appointed to the position in October, said: “With this restructuring, Amerijet is now in a stronger operating and financial position to serve its customers for the long term with the quality of service they have come to expect.
“The current air cargo environment demands agility and disciplined operational excellence. This definitive action will protect our position as the cargo carrier of choice in our markets.”
The company said it would be running with a “reduced non-pilot headcount” following the changes, aligning its staff levels with a “right-sized fleet” for market demands.
While the air cargo industry suffered notable losses during and in the aftermath of the pandemic, it has largely recovered. Amerijet recorded an 8% growth year-on-year to airfreight volumes in its core scheduled services segment for December 2023.
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Data from the International Air Transport Association for 2023 also showed that, despite declines in the air cargo market at the beginning of the year, November marked the fourth consecutive month of strengthening demand in the sector, and the strongest year-on-year growth for two years.
Mozzali described the execution of the restructuring transaction as a “strong signal” of the strength of the company’s brand, he said: “These strategic actions have strengthened the Company’s financial foundation, ensuring its scheduled service, and contract flights will continue to operate as usual.”