The nine new 737NG freighter lessors that emerged in 2021

While most 737NG freighters on lease at the end of 2021 belonged to GECAS (now AerCap), Aero Capital Solutions, BBAM, BlackRock and GA Telesis, more names will enter the picture in 2022 as 737NG freighter conversions continue to accelerate. Cargo Facts reported on more than forty 737NG conversion orders in 2021 from at least nine lessors new to 737NG freighters. Notably, all of these involved 737-800Fs. The following is a summary of those lessors and their conversion orders. Cargo Facts understands there is at least one other lessor not on the list that ordered 737-800BCF conversions with Boeing and inducted at least one aircraft in 2021. Icelease: 11 Icelease and Boeing announced an order for eleven 737-800BCF conversions at the Dubai Airshow 2021, with the lessor confirming to Cargo Facts that it will be the launch customer for Boeing’s new conversion line at London Gatwick (LGW). Icelease, which also has 757-200PCFs in its portfolio, told Cargo Facts that its eleven 737-800 inductions will run from April 2022 through July 2023. World Star Aviation: 10 (+10) World Star Aviation said in November that it had placed an order with Israel Aerospace Industries (IAI) for ten 737-800BDSF conversions along with ten options . The lessor told Cargo Facts that it already has lessees lined up and that it owns some of the frames it intends to convert. World Star joins Spectre Air Capital in ordering 737NG conversions with IAI. Genesis: 2 Dublin-headquartered Genesis announced in October an order for two 737-800BCF conversions with Boeing. The deal was the lessor’s first ever freighter conversion order. Genesis, which told Cargo Facts that it was in discussions with lessees, sent the first unit (29670, ex-SpiceJet) to the GAMECO facility in Guangzhou (CAN) on Dec. 30 and expects to induct the second in the first quarter of 2022. AviaAM Leasing: 10 Lithuania-based AviaAM Leasing inducted its first 737-800 for conversion with Boeing in March 2021 at the STAECO facility in Jinan (TNA) and told Cargo Facts that it had secured five slots with Boeing. The lessor then said at the Dubai Airshow in November that it had ordered five more 737-800BCF conversions. AviaAM Leasing has already taken redelivery of two units, with the first (29788, ex-Turkish Airlines) joining Iceland-based Bluebird Nordic in October and the second (29786, ex-AnadoluJet), which returned to Kaunas (KUN) in December after conversion, to follow shortly. A third unit (29782, ex-Turkish Airlines) is also nearing completion at TNA. It is unclear at this point how many of AviaAM Leasing’s 737-800BCFs will be joining fellow Avia Solutions Group affiliate Bluebird Nordic, which said last year that it will grow to at least twenty-five 737-800Fs by the end of 2024 . Aviator Capital Management: 1 Florida-based Aviator Capital Management placed an order at the Dubai Airshow for a single 737-800BCF conversion with Boeing. The lessor could not be reached for comment. Aircastle: 4 Aircastle and Aeronautical Engineers Inc. (AEI) announced an order for four 737-800SF conversions in November. All four aircraft will undergo conversion at the KF Aerospace facility in Kelowna (YLW), with the first aircraft starting in July 2022 and the final in March 2023, according to AEI. The lessor did not comment on its conversion plans. Macquarie AirFinance: 4 Macquarie AirFinance made its first move into freighter conversions in 2021, announcing in March a four-unit 737-800SF conversion deal with AEI. The lessor’s first 737-800SF (30571, ex-Neos) recently completed conversion at the Commercial Jet facility in Miami (MIA) and was ferried to Dothan (DHN) just before Christmas. The other three units (32361, 32363, both ex-SunExpress, and 30570, ex-Aerolineas Argentinas) are all undergoing conversion at MIA. KF Aerospace: 1 Canada-based KF Aerospace acquired its first 737-800 (32799, ex-Miami Air International) in March 2021 and ferried it to its own facility at YLW ahead of AEI conversion there. Unit 32799 appears to be nearing completion. Vx Capital: 1 Vx Capital, the largest lessor of 737-400Fs, sent its first 737-800 (28535, ex-Corendon Airlines) to YLW in January for AEI conversion. The aircraft made its way across the Pacific Ocean in late October to join South Korea-based Air Incheon . ICBC Leasing ICBC Leasing so far does not appear to have ordered any freighter conversions of its own, but acquired two 737-800BCFs from BBAM in 2021. The two ex-China Southern units (30786 and 30787) continue to be in operation with China Postal Airlines.

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