Global Crossing Airlines Group has provided a positive fourth quarter of 2021 and a preview of Q1 2022.
“Q4 was an excellent quarter with over 1,400 block hours sold (of which half was in December) versus 378 block hours in Q3 2021. Our government business remained strong, and we added several new clients with football bowl game flying and continued expansion of our Havana flying. We continue to be very excited about the enthusiasm for our product offering and our growing portfolio of customers. Our operations during the fourth quarter again demonstrated the validity of our business case,” said Ed Wegel, Chair and CEO of GlobalX.
Looking ahead, GlobalX projects strong demand and increased block hours in the first quarter of 2022. In addition to the delivery of two additional passenger aircraft in the first quarter, GlobalX’s first two A321 freighters will enter conversion in January and February, on time for a Q3 delivery. In the fourth quarter of 2021, GlobalX sold 85% of its available capacity and expects to continue to sell capacity at that rate in 2022. Expected capacity in Q1 2022 will increase by 41% over Q4 2021 and expected capacity in Q4 2022 is projected to be 2.3 times greater than available capacity in Q4 2021.
Commenting on the results, Wegel stated: “Our growth continues, and we are being offered additional aircraft at very advantageous lease rates and terms. Our business case remains strong, and we will start our cargo certification with the FAA this quarter with converted A321 freighters being delivered in the third quarter of 2022.”
GlobalX is a US 121 domestic flag and supplemental airline flying the Airbus A320 family aircraft. GlobalX flies as a passenger ACMI and charter airline serving the US, Caribbean, and Latin American markets. In 2022, GlobalX will enter ACMI cargo service flying the A321 freighter, subject to DOT and FAA approvals.