Cargo-Only Airlines on the Rise in Latin America

Why It Matters

The surge in dedicated freighters gives shippers more reliable, point‑to‑point capacity, reducing reliance on passenger belly space and mitigating disruptions from geopolitical tensions. This transformation positions Latin America to capture higher‑value export markets and support rapid e‑commerce growth.

Key Takeaways

• LATAM Cargo moved >1M tonnes in 2025, $1.7B revenue.
• LATAM expanded Europe‑South America frequencies 25% to 15 weekly.
• Atlas Air launched direct China‑Lima B747‑400 service, three flights weekly.
• GOL operates eight 737‑800BCFs for Mercado Libre, plus own freighter.
• Copa paused 737‑800BCF expansion, citing feedstock and cost constraints.

Pulse Analysis

The traditional model of piggy‑backing cargo on passenger flights has long defined Latin American air freight, but a confluence of nearshoring initiatives, booming intra‑regional e‑commerce, and realigned global trade routes is rewriting the rulebook. Brazil, Colombia and Mexico together generate roughly 60 % of the region’s air‑cargo volume, yet more than half of that flow is outbound, dominated by perishables and high‑value goods. As import demand for pharmaceuticals and consumer electronics accelerates, airlines are finding the economics of dedicated lift increasingly attractive, prompting a wave of freighter conversions and new routes.

LATAM Cargo leads the charge, having moved over one million tonnes in 2025 and booked $1.7 billion in revenue—about 30 % of the regional market share. Its Europe‑South America schedule grew 25 % to 15 weekly flights, and a CEIV‑Pharma‑certified network now spans 221 routes, reflecting strong growth in time‑critical pharma shipments. Atlas Air’s entry with a three‑times‑weekly B747‑400 China‑Lima service marks the first direct Asia‑Latin America link, while Brazil’s GOL, a low‑cost passenger carrier, operates eight 737‑800BCFs for Mercado Libre and added its own freighter, echoing the Amazon Air model in North America.

These developments improve supply‑chain resilience, especially as Gulf hub disruptions from the Iran conflict force carriers to rely on independent point‑to‑point capacity. However, the freighter boom outpaces supporting infrastructure; customs delays and high inland transport costs still inflate total logistics expenses in the region. Investors and policymakers must address digitisation gaps and streamline procedures to fully capitalize on the new lift. If the ecosystem catches up, dedicated freighters could unlock higher‑margin export opportunities and cement Latin America’s role as a pivotal hub in the global air‑cargo network.