Cargojet Inc. (TSX:CJT) will look for acquisitions. Scott Calver, Chief Financial Officer said, "Our capital allocation priorities continue to be maintenance capital expenditures, accretive growth capital expenditures, debt level management to manage risk and maintain a flexible and low cost to capital, and dividend growth will continue to be a priority. And lastly, we will consider acquisitions.

M&A is viewed both strategic and opportunistic here at Cargojet. Strategically, we may need more companies like 21 Air to help us grow internationally to manage restrictions as a result of the cabotage regulations. And again, cabotage regulations make it illegal for a foreign transportation company to complete an entire trip with the origin and the destination being in that visiting country.

The recent DHL award that you saw ramp up in July was made possible partially because of our strategic investment in 21 Air. They help us with the Cincinnati to Miami leg of a triangulated group that ultimately continues on to Brazil".