ATSG to ramp up Airbus lease deliveries in 2025

ATSG will increase its Airbus freighter leasing portfolio this year and expects to place up to nine Airbus widebody and narrowbody freighters on lease. The nine freighters include four A330-300P2Fs that will complete conversion and five A321-200PCFs that have completed the conversion process, ATSG said in its 10-K annual report filed to the United States Securities and Exchange Commission on March 3. [caption id="attachment_57149148" align="aligncenter" width="1440"] ATSG has five A330-300P2Fs undergoing conversion. (Courtesy/ATSG)[/caption] CAM, ATSG’s leasing subsidiary, expects to lease its first two A330-300P2Fs in the first quarter, according to the filing. The Trent 700-powered units (349 and 356) were ferried for conversion in 2023 and will join Turkey-based ULS Airlines Cargo. Unit 349 arrived at the Turkish Technic facility in Istanbul (ISL) in August 2023 and unit 356 touched down at the EFW facility in Dresden (DRS) in October 2023. Growing Airbus freighter portfolio ATSG purchased three A330-300s in 2024, it said, including: The 2011-vintage unit 1272 (ex-China Airlines), which arrived at ISL in April; The 2011-vintage unit 1278 (ex-China Airlines), which arrived at ISL in November; and The 2004-vintage unit 641 (ex-China Airlines), which arrived at DRS in November. CAM acquired a sixth A330-300 (1269, ex-Thai Airways) at the end of February. The 2011-vintage aircraft was registered by the lessor on March 3, according to the FAA registry. CAM had five A321-200PCFs ready for lease and one still under conversion with 321 Precision Conversions as of Dec. 31: The 1998-vintage unit 808 (ex-Air Moldova), which will join Congo-based CAA ; The 2001-vintage unit 1619 (ex-SAS); The 2002-vintage unit 1675 (ex-SAS); The 2002-vintage unit 1848 (ex-SAS); The 2003-vintage unit 1928 (ex-Qatar Airways); and The 2007-vintage unit 3274 (ex-Hi Fly Malta). ATSG will incur a cost of $261.4 million through 2028 to acquire and convert two more 767-300ERs through 2026 and complete the conversion of six A330s, seven 767-300ERs and one A321-200, according to the filing. Cash flow freed up, revenue stable ATSG reported revenue of $517 million in Q4 2024, equivalent to the previous year, while annual revenue for 2024 decreased by about 4.8% YoY to $2 billion. Free cash flow rose nearly 289% to $34.7 million in Q4 2024 and adjusted EBITDA increased by 32.3% YoY to $162.2 million, but annual adjusted EBITDA dropped 2.2% to $549.4 million, the company said. Cargo ACMI revenue per block hour increased 3% YoY in Q4 but declined 5% for the full year, as aircraft leasing revenues decreased 12% YoY for Q4 and 6% for the year. CAM placed nine 767-300Fs on long-term leases in 2024 and ATSG’s airlines began providing CMI service for eleven more 767 freighters, ATSG said. Meanwhile, ATSG’s shareholders approved the company’s $3.1 billion sale to Stonepeak on Feb. 10. ATSG is working to obtain approval from the U.S. Department of Transportation and expects to close the deal by mid-2025, the company said. Register now for Cargo Facts' essential regional events for industry stakeholders: Cargo Facts Asia 2025 on March 24-26 at the W Shanghai in China; and Cargo Facts EMEA 2025 on May 6-8 at the Shangri-La Bosphorus in Turkey.

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