6 lessors that have invested in 737-800Fs, A321Fs

With about 150 737-800Fs and forty A321Fs redelivered overall, the freighter market has seen continued interest from new and existing lessors investing in next-generation narrowbody conversions. While most lessors have selected one main type, Cargo Facts has spoken with six leasing companies that have expanded their investment strategies by committing to both the A321F and 737-800F as they build their narrowbody freighter portfolios. [caption id="attachment_56864785" align="alignright" width="450"] A freshly converted 737-800BCF. (Photo/Move Aircraft Flight Solutions)[/caption] 1. AerCap AerCap is the world’s largest lessor — after its acquisition of GECAS in November 2021 — and has about sixty 737-800BCFs in its inventory. It was the recipient of the 100th 737-800BCF redelivery from Boeing in September 2022. AerCap has moved to diversify its narrowbody freighter portfolio and, in October 2022, announced a firm order with EFW for fifteen A321-200P2Fs with an option for fifteen more and has more than 476 A320 family aircraft in its inventory. AerCap’s first A321P2F conversion is underway in Singapore (XSP). 2. BBAM San Francisco-based BBAM started placing 737-800BCFs on lease with two units (30786 and 30787, both ex-China Southern Airlines) going to China Postal Airlines in August and September 2019, respectively. In June 2019, the lessor also entered the A321F market by signing a letter of intent with EFW for one A321-200P2F during the Paris Air Show. Until recently, BBAM was the only known lessor with both Airbus and Boeing next-generation narrowbody freighters. BBAM has since become one of the largest customers for 737-800BCFs and A321-200P2Fs, with more than thirty conversion orders with Boeing and more than twenty with EFW. Its customers include WestJet , Modern Logistics and Teleport . 3. Aero Capital Solutions Austin-based Aero Capital Solutions signed its first 737NG deal with AEI in 2020 and has become the largest customer of the STC holder for the 737-800SF with forty slots . Last year, the lessor told Cargo Facts about its entry into the A321F market by signing a deal with SmartLynx and acquiring conversion slots with 321 Precision Conversions and EFW. Aero Capital Solutions is set to increase its A321 freighter portfolio further. 4. Spectre Air Capital Another Austin-based lessor, Spectre Air Capital, recently told Cargo Facts it had signed a deal with 321 Precision Conversions for what is likely a double-digit order of A321-200PCF conversions. The first aircraft arrived in Xiamen (XMN) in May. Spectre had converted 737-700s and -800s with IAI and Boeing before adding A321-200PCFs to its portfolio. 5. JLPS Ireland JLPS Ireland placed a conversion order with Boeing at the Dubai Air Show in November 2021 for one 737-800BCF to add to four slots it previously held. All five have been completed. Less than a year later, the lessor told Cargo Facts that it had signed an agreement with EFW for at least five A321-200P2F conversions. The first two have been redelivered and will soon begin service with SmartLynx . 6. World Star Aviation U.K.-based World Star Aviation placed a conversion order with IAI for ten 737-800BDSFs with an option for ten more in November 2021. The following year, World Star told Cargo Facts that it had placed its first 737-800SF conversion order with AEI, partly because of slot availability. World Star’s first 737-800SF is in operation with Camex Airlines and its first 737-800BDSF will soon leave the Belinco conversion facility in Yichang, China (YIH), and join SpiceJet. The lessor is also waiting to send its first A321-200 for conversion with EFW. Cargo Facts Symposium, taking place Oct. 25-27 at the Omni San Diego, is the essential event for stakeholders in the freighter and air cargo industry. Learn more and register today to take advantage of our early-bird sale.

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