“2024 has been a really remarkable year.” In the first sentence of the chairman of Cargolux’s board of directors Tom Weisgerber--present this Wednesday at the company’s headquarters along with CEO and CFO --the important word is “really.” Cargolux has, in the past, achieved higher sales and higher profits, but millions of people were then confined to their homes, bored to the point of ordering anything and everything online.

With revenues of $3.3bn, the Luxembourg-based air charterer set a new all-time record in 2024, well ahead of the $2.2bn seen in 2019, the last year before the covid pandemic. With a net profit after tax of $448m, it also relegates 2019’s $22m to the dustbin of history. Cargolux owes it to an increase in demand of more than 12%, but also to block hours, the industry’s well-known KPI, which refers to time that the aircraft is not grounded (+10.7%) and the load factor (which says that the aircraft flew more and better loaded) up by almost a percentage point.

With a total of $4.8bn in equity and just $1.6bn in debt, the company has an extremely robust financial structure, illustrated by a debt/equity ratio of just 0.33. This profile testifies to a financial autonomy that is rare in the air freight sector. But whilst the figures are soaring, its managers are keeping their heads on their shoulders: they will have to deal with the new geopolitical situation drawn up by US president Donald Trump, and finance the renewal of its fleet, which will not take place until 2028 instead of the 2026 announced last year.

“For the moment, we are waiting to see what happens on 2 May,” said the chairman of the board and the CEO almost in unison. From that date onwards, the so-called “de minimis” exemption--which allowed parcels worth less than $800 to be imported duty-free--will be abolished for shipments from China and Hong Kong. This means that all parcels, whatever their value, will now be subject to customs duties and full customs procedures. This will discourage many consumers and companies that offer these products via well-known platforms.

“We are well placed financially to cope. We shouldn’t be too worried. We’ve been finding solutions to any problem for 55 years,” commented Weisgerber.

The takeover of Luxair Cargo Handling employees on 1 May 2024--placing Cargolux amongst the country’s top 10 employers, with 3,881 people in 2024 compared to 1,867 in 2023--was financially “neutral” compared to what the company was paying Luxair Cargo Handling per year to secure its services.

Forson also welcomed the European Commission’s omnibus. “Fortunately, it has reduced what we had to do, but it is still a lot of paperwork and there are extra costs,” he commented.

Cargolux thus finds itself ideally placed, with a shareholder--HNCA--that has largely opened the doors to China, financial resources that many would envy and projects that are developing, whether it be the flights of the first three aircraft in its fire-fighting fleet (deployed in Spain last summer) or developments on clean fuel. “We’re always on the lookout for opportunities, always doing our due diligence and deciding.” Agile and open, the company is “a success story,” Weisgerber reiterated.

This article was originally published in .