Global Crossing Airlines Group, Inc. (JET: NEO; JET.B: NEO; JETMF: OTCQB ) (the “Company” or “GlobalX”) is pleased to announce the signing of a Memorandum of Understanding (“MOU”) with FreightCloud, one of China’s leading e-commerce shipment logistics firms, and their financial partner Hudson Highland Partners, for the development of China to the USA e-commerce freight shipment routes, with further redistribution shipments within the Americas.
FreightCloud has chartered over 3,000 wide-body freighter flights from China to the US and Europe over the past two years, moving over 150,000 tons of cargo. With GlobalX, FreightCloud intends to develop an Asia-US cargo lane, using GlobalX A321 freighters to move cargo from hubs in Los Angeles, Chicago, and New York, throughout the Americas. Eventually, GlobalX will use its own A330 freighters to move cargo from Asia on behalf of FreightCloud. A321F flights for FreightCloud are expected to commence in Q1 2023, and A330F flights sometime in late 2023, in each case subject to FAA and DOT approvals.
“We are excited to enter into this partnership with FreightCloud, which will enable our cargo division, XCargo, to participate in the lucrative Asia to US cargo market, first with our narrowbody freighter fleet and eventually with our A330F fleet currently being planned. We are also delighted to team with Hudson Highland Partners, who will provide financing for this partnership,” said Ed Wegel, Chair and CEO of GlobalX.
“We are especially pleased to be working with GlobalX on developing Asia to US air cargo opportunities and the ability to use their A321 freighter fleet to move cargo within the Americas. This helps to increase our cargo volumes and strengthen and expand our relationships with existing and new customers,” said Robin Fu, CEO of FreightCloud.
The transactions with Freight Cloud and Hudson Highland Partners described in the MOU are subject to certain conditions including the completion of definitive documentation, receipt of regulatory approvals and completion of the FAA freighter certification process and all US DOT approvals.