Dehumidifying and re-humidifying cooling apparatus and method are provided for an electronics rack. The apparatus includes a dehumidifying air-to-liquid heat exchanger disposed at an air inlet side of the rack and a re-humidifying air-to-liquid heat exchanger disposed at an air outlet side of the rack. The heat exchangers are in fluid communication with a coolant loop for passing chilled coolant through the heat exchangers, and the dehumidifying heat exchanger dehumidifies ingressing air to the electronics rack to reduce a dew point of air flowing through the rack. A condensate collector disposed at the air inlet side collects liquid condensate from the dehumidifying of ingressing air, and a condensate delivery mechanism delivers the condensate to the re-humidifying heat exchanger to humidify air egressing from the electronics rack.