A Happy New Year to you all. As we welcome 2017, I would like to take this opportunity to reflect on the past year and to focus on our main objectives for the New Year. 2016 was a time of profound transition for us at First Air. We completed our two-year fleet renewal program by investing over $100 million to modernize and standardize our fleet to serve our communities.
We introduced a fourth Boeing 737-400 to our fleet plus newer, quieter, more comfortable and more fuel-efficient ATR 42-500s. The ATR 42-500 offers many improvements in performance and passenger comfort including high powered engines, a newly designed cabin, and increased cruise speed. With the introduction of the 500 series, some ATR 42-300s are being upgraded to full freighter aircraft, offering increased capacity and flexibility for our cargo customers.
From December 2016, our passenger service schedules in the East are being adjusted to accommodate the newer higher capacity ATR42-500 aircraft. Two stations in the Baffin region, Pangnirtung and Clyde River, will continue to be served by the ATR 42-300s for both passenger and cargo services, as the ATR42-500 is unable to operate at these locations due to the short runways.
In the Western Arctic, the ATR42-500s will start daily service to Inuvik and Norman Wells from Edmonton and Yellowknife commencing May 2017. Service to Cambridge Bay will transfer from being a codeshare service to being operated by our own ATR42-500 aircraft. Our Yellowknife-Rankin Inlet-Iqaluit service will operate on Monday, Wednesday, and Friday using regional jets operated by our partner, Summit Air.
In 2017, we will continue to build on our momentum by providing unsurpassed hospitality and comfort to our Northern communities by remaining committed to our guests.
We would like to take this opportunity to thank you all for your loyalty, making us the Airline of the North, and helping us reach our 70th year of service. We look forward to serving you for many more years to come.
First Air President & CEO