[2] During its first phase until the early 2000s, the airline operated flights to destinations such as Miami and Bogotá with a fleet consisting of a Boeing 707 and Convair CV-240 aircraft.

[5] After a two-year hiatus under the management of new owners in a mixed partnership between Panamanian citizen Blanca Vasquez (51%) and Venezuelan Daniel Rangel (49%), PanAir Cargo resumed its operations with the incorporation of a Boeing 727-200F, registration HP-1754CTW,[6] flying from its base at Tocumen International Airport to destinations in South and Central America.

The project remained dormant until 2023, when it announced its intention to enter the market, with the acquisition of three retired McDonnell Douglas MD-10F from FedEx, with the expectation of starting flights in South America such as Buenos Aires, Lima, Santiago, Campinas and Manaus, to Miami, through the development of its hub in Panama City in the second half of 2023.

Cargo Three also has plans to establish a new hub that will connect Panama City with Caracas, Barcelona, Maracaibo, Porlamar and Valencia in Venezuela, with flights expected to be operated by Transcarga.

[15] On February 2, 2024, the first MD-10-30F, previously operated by FedEx (N311FE), was transferred for maintenance at Ernesto Cortissoz International Airport, in Barranquilla.