News / As Amazon fails to deliver and freighters return, ATSG sees profits tumble

“ATSG has never faced such a rapid shift in customer demand as occurred during 2023,” said returning CEO Joe Hete on yesterday’s earnings call.

“Except for 2008,” he added, “when DHL’s decision to shift from direct competition in the US express market nearly left us without a customer for our entire air cargo fleet.” (A decision which clearly still rankles after more than 15 years.)

But it wasn’t a lesson necessarily learned. This time, it is major customer Amazon that has hit ...