Economic Downturn Risk: Air cargo volumes are highly sensitive to overall economic health; a significant slowdown could lead to reduced demand for freight services, impacting revenue and profitability for Cargojet.

Fuel Price Volatility Risk: As a major operating expense for an airline, fluctuating or rapidly increasing jet fuel prices can significantly erode profit margins if not effectively hedged or passed on to customers, which may not always be feasible.

Competition Risk: Cargojet operates in a competitive market, facing pressure from other dedicated cargo operators, passenger airlines utilizing belly cargo space, and integrated logistics providers, potentially leading to pricing pressure and market share erosion.