The Cargolux Group (Cargolux) generated a positive net result for its 2023 financial year despite challenging market conditions, a reflection of the company’s agility in changing market conditions. Cargolux generated:

  1. Revenues of US$ 2,975 million.
  2. Profit After Tax of US$ 286 million.

This financial result allows the further strengthening of the group’s Balance Sheet to enable the airline to remain resilient in weathering the expected volatility in the industry.

Business highlights

The first half of 2023 saw the cyclical nature of the industry return with levels well below

pre-Covid times and significant pressure on rates due to lower demand levels compounded by increasing levels of available belly capacity.

The restrictions on the use of Russian airspace continued to impact operations to and from North Asia with longer flight paths, increased fuel burn and higher operational costs. Geopolitical tensions amplified in the Middle East with the outbreak of the conflict between Israel and Hamas, creating challenges for global trade and further affecting customer confidence. The disruption of shipping in the Red Sea at the end of the year did not benefit air cargo significantly, with only a marginal increase recorded in the shift from sea to air.

However, the demand for dedicated freighter capacity saw a welcome surge in demand in the fourth quarter of 2023 due to the volume of e-commerce shipments.

Cargolux also acquired 3 Air Tractor AT-802F Fire Bosses for its new business unit, Aquarius Aerial Firefighting.


Operational KPIs


Δ 2023/2022

Block Hours






Aircraft utilization (block hours/day)



Load Factor (FTK/ATK)​



Outlook 2024

After the years of upheaval due to the covid-19 pandemic, the air cargo industry is heading towards a more normalized pattern. The cyclical nature of the market, the return of belly-hold capacity on a large scale, and the global economic downtrend will no doubt affect air cargo.

The ongoing increase in geopolitical tensions worldwide make it difficult to predict future demand and cost implications.

Returning volatility as well as increasing global concerns on sustainability, especially the reduction of CO2 emissions and the cost implications thereof on the aviation sector, will continue to put pressure on our industry.