Vx converts first 737NG

Vx Capital will soon begin converting its first 737-800 (28535, ex-Corendon Airlines) to freighter configuration with Aeronautical Engineers Inc. (AEI). The airframe departed storage in Antalya (AYT) and arrived in Kelowna (YLW) on Jan. 23, where touch labor will be performed at the KF Aerospace MRO facility, Vx confirmed to Cargo Facts [FAT 005911]. KF told Cargo Facts it has scheduled the conversion for 120 days. [caption id="attachment_415294" align="alignright" width="550"] Unit 28535 was previously operated by Corendon, which currently has an all-737 fleet. (Photo/Corendon Airlines)[/caption] Vx manages the largest portfolio of 737 Classic freighters but had yet to foray into NG conversions, although it had indicated it was closely watching the NG space . An operator for the 737-800SF has not yet been identified, and the freighter is listed as available on various aircraft marketing channels. As of today, the U.S.-based commercial aircraft leasing company has not identified additional 737-800s it plans to convert. Meanwhile, Vx has continued to convert 737 Classics. Its most recent batch of 737-400 conversions consisted of three ex-LOT frames (27914, 28753 and 28752), announced in January 2020. All three are also at YLW, with units 27914 and 28753 already completed. Following redelivery of 28752, Vx will have converted a total of twenty-eight 737 Classics — including twenty-six with AEI — and its overall leasing portfolio will grow to forty-three 737-400Fs. While Vx could not be reached for comment on plans to grow its freighter portfolio, a trio of executives from the company is working with investment manager Ares Management to launch a new company called Vmo Aircraft Leasing. Ares will contribute $500 million from its private equity group to grow the venture’s portfolio, Vx and Ares announced this month in a joint release. The portfolio will “target a global and diversified portfolio of modern, next-generation and efficient commercial aircraft,” according to the release. Ares made no mention of freighters and did not identify models that will be added the portfolio. The fund’s founding capital is significantly larger than Vx’s initial investment funds. Vx Capital’s 2016 Freighter Investment Fund raised $107 million in private capital. In 2019, the lessor closed a $189 million asset-backed deal secured by thirty-five of its freighters. Elsewhere, other 737 Classics also continue to be converted, with KF working on its own 737-400s at both YLW and Hamilton (YHM). Nauru Airlines recently sent what will be its third 737-300 freighter (25607) for conversion with AEI, while PEMCO converted two ex-Flair Airlines 737-400s (28888 and 28889) recently seen in the colors of Italy-based Poste Air Cargo.

Vx converts first 737NG

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