GlobalX Provides Q2 Update

LONDON – On July 5, the United States charter operator, GlobalX, also known as Global Crossing Airlines, provided its Q2 operational update for 2022.

The Q2 Update…

To start off their Q2 2022 update, GlobalX has signed LOIs (Letter of Intent) and lease agreements with various parties for five additional aircraft as well as extending the lease for another which will eventually be converted to a freighter.

The new aircraft agreements are as follows –

  • GlobalX is set to add its second Airbus A319 passenger aircraft, due for delivery at the end of August / early September 2022 from Blue Peak Aviation, which the LOI was signed for in June.
  • GlobalX is also set to add its second Airbus A321 passenger aircraft, due for delivery in August 2022, however, will eventually be converted to a freighter in January 2024 from Greenwich Highland Aviation, for which the LOI was signed in March.
  • GlobalX has extended the lease of its current Airbus A321 (Registration N277GX) which will also be eventually converted into a freighter in March 2024, with Icelease.
  • GlobalX has signed a firm lease agreement for one A321 freighter, due for delivery in October 2022 from Greenwich Highland Aviation, which the agreement was signed in June.
  • GlobalX has also signed firm lease agreements for two additional Airbus A321 freighters, due for delivery in July and October 2023 respectively from Aerovista, which the agreements were signed in March.

GlobalX has also received approval from the FAA that grants them the approvals for NAT (North Atlantic Track) operations which will enable the carrier to establish passenger operations between the United States and Europe.

As well as this, they have also completed all of their requirements for the IOSA 9000 certification and expect the final approval to happen in Q3 2022.

Not only this but GlobalX is also going to be rapidly expanding its operations in both Colombia and Ecuador, where each of their respective Governments has provided GlobalX with an operating permit to establish a subsidiary cargo airline in Colombia and a subsidiary airline in Ecuador.

Finally, GlobalX has also received approval for a land lease at Fort Lauderdale-Hollywood International Airport (FLL) to establish its first major maintenance facility.

All of these updates are positioning GlobalX for rapid growth and expansion as they set to future-proof their business and substantially increase their overall profitability and brand position.

Leader Comments & Future Outlook

Commenting on their latest Q2 update, GlobalX’s Chair and Chief Executive Officer, Ed Wegel, has said, “Q2 was another excellent quarter with 2,418 block hours sold versus 1,729 block hours flown in Q1 2022 for a 40% quarter over quarter increase.”

“We added a sixth A320 for a total fleet of seven aircraft, signed LOIs for two passenger aircraft and one freighter aircraft, and signed a firm lease agreement for three A321 freighter aircraft.”

“We also signed a major contract with TUI fly Netherlands for up to 1,600 hours in Q3, and started flying for a major client in the Dominican Republic.”

With the good standing quarter behind them, GlobalX is now looking to the future with strong demand and increased block hours for its Q3 2022, of which they have already sold 2,997 block hours.

In line with their increase in block hours, their overall expected capacity in Q3 is set to increase by 45% compared to this Q2 update and their Q4 is also set for an additional 40% capacity on top of those.

Not only this, but as mentioned above, GlobalX will take delivery of two Airbus A319 and one Airbus A321 passenger aircraft and is set to receive its first A321 P2F (Passenger to Freighter) in September 2022 as part of their upcoming Q3 as well.

However, it is worth noting that all of this is still subject to approvals from the U.S. Department Of Transportation (DOT) as well as the aviation governing body, the Federal Aviation Administration (FAA).

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