Narrowbody freighter fleet contracts in 2024

The total number of active narrowbody freighters dipped by seventeen year over year to 828 as of May 31, the first time the active fleet has contracted in at least five years, according to Cargo Facts research. Rising costs and declining demand have driven carriers to downsize their freighter fleets while lessors continue trying to place aircraft after taking redelivery of new narrowbody conversions. Last year, Cargo Facts reported that 2,528 freighters were in service globally, with 844 in the narrowbody segment. The role of narrowbody freighters has received a boost in the past couple of years thanks to growing demand for express shipping, prompting carriers to analyze fleet strategies as they adjust operations. Now, many operators have retired older models and others have parked freighters because of the soft market. In addition, the number of active 737NG freighters has surpassed that of Classics, with the -800F and -400F accounting for most of the units in each category. Airbus and Boeing have introduced next-generation narrowbody freighters to replace older units. As of May 31, A321-200Fs, A320-200Fs, 737-800Fs and 737-700Fs accounted for 29% of the overall narrowbody fleet, according to a Cargo Facts analysis. That compares with 22% of the fleet on March 31, 2023. However, the 757-200F still accounts for most of the narrowbody freighters worldwide and the transition to next-generation aircraft will continue, driven by demand and cost. The chart below shows the 828 in-service narrowbody freighters that Cargo Facts recorded as of May 31, spread across 111 carriers or carrier groups. Click on “Details” to view a breakdown of the models operated by each carrier or carrier group. The full table is available here . The definition of “narrowbody freighter” here includes Quick Change aircraft that are in freighter configuration, 737-700 FlexCombis, DC-9Fs and MD-80Fs; it does not include 707Fs, DC-8Fs or regional freighters like ATRs and CRJs. Overcapacity vs feedstock The industry saw the recent surplus of next-generation narrowbody freighters when conversion orders accelerated during the pandemic. As passenger airlines’ bellyhold capacity resumed, demand for dedicated freighters dropped significantly. Narrowbody overcapacity resulted in some lessors parking freshly converted 737-800 and A321 freighters while a few carriers returned aircraft under lease agreements. Dallas-based Petrus Aviation, for example, is seeking a new lessee for its 2001-vintage A321-200PCF (1451, ex-Fly2Sky) after Miami-based Global Crossing Airlines canceled its lease deal. Petrus also had two of its 757-200Fs returned off lease from Amerijet after that carrier announced plans to remove the type from its fleet . Amerijet also returned three other units to Titan Aircraft Investments and one unit to Nehalem 29311 LLC. Nehalem 29311 LLC was a special purpose vehicle created by Nehalem, which partnered with AMTRA Aero in 2022 to form Las Vegas-based Nexus Aviation Ventures. Meanwhile, Nexus Aviation Ventures is seeking a customer for its first A321-200PCF conversion . A few carriers, including BBN Airlines Nordic and iAero Airways , have ceased operations as demand for air cargo decreased. Phoenix-based Mesa Airlines left the narrowbody segment when it returned a 1990-vintage 737-400SF off lease to KF Aerospace and returned a 737-800BDSF and two 737-400SFs to DHL after exiting a CMI deal with the express company. Meanwhile, Calgary, Alberta-based WestJet has parked two of its four 737-800BCFs after receiving approval to operate the type in April 2023. While the soft market is the current concern, the freighter industry expects limited availability of conversion feedstock due to supply shortages delaying delivery of new Boeing and Airbus aircraft. Boeing faces additional setbacks with full-scale production of its 737 MAX as the planemaker works with the FAA to resolve compliance issues. Supply shortages and production delays have created a tug-of-war between passenger and freighter operators for engines that will power A320 family and 737NG freighters , driving up costs for CFM56-7B, -5B and V2500 powerplants. The rising cost of next-generation freighters poses a challenge for many carriers as some airlines have pursued more of the older narrowbody freighter types they already operate. Narrowbodies in the Americas Market conditions did not curtail the operations of Brazil-based Levu Air Cargo, which became the first Latin American operator to take delivery of an A321-200PCF, and the second airline in the Americas to add the type to its fleet. [caption id="attachment_56868649" align="aligncenter" width="1229"] UPS has the second-largest 757-200F fleet. (Courtesy/UPS)[/caption] The Americas accounted for 43% of narrowbody freighters in service as of May 31, more than any other region. The 757-200F — the largest and most popular narrowbody freighter type — had 288 units in operation worldwide, with 60% of them flying in FedEx and UPS liveries. Latin American operators have continued to build their fleets with both 737NG and Classic freighters. Brazil-based Sideral acquired its first AEI-converted 737-800SF in March and was the fifth airline to add a 737-800 freighter to its fleet, while Total Linhas Aereas and startup Braspress Air Cargo recently each added their second 737-400Fs . With a total twenty-nine aircraft, Everts Air Cargo, USA Jet Airlines and Mexico-based Aeronaves TSM were the only freighter operators globally still flying the MD-80F as of May 31. The A321 freighter is slowly gaining traction in the Americas but the type is also strengthening its presence in the Asia-Pacific region. EMEA sets tone for modernization As a region, Europe, the Middle East and Africa (EMEA) is home to the largest population of both A321 and 737NG freighters with 110. There were twenty-one A321Fs in service as of May 31, most of them EFW -200P2Fs. However, 321 Precision Conversions obtained its EASA approval in the first quarter and will look for more of its A321-200PCFs to start flying in the region. [caption id="attachment_56868648" align="aligncenter" width="1665"] (Courtesy/Aircargonet International)[/caption] Royal Jordanian Airlines took delivery of a 2009-vintage unit (3926, ex-British Airways) which entered service in April. It joined SalamAir, making them the only two A321 freighter operators in the Middle East. Egypt-based Sky Vision Airlines became the first African operator of the A320-200P2F and the second operator of the type worldwide in April when it subleased the V2500-powered, 2006-vintage unit 2724 (ex-Orange2Fly) from United Arab Emirates-based Vaayu Group. In Europe, Spain-based Swiftair will soon fly its first A321-200P2F after agreeing to lease two of the EFW-converted freighters from AerCap in 2023. Meanwhile, the 737-800F footprint in EMEA has continued to grow, reaching seventy-two units in the active fleet. However, the share of 737 Classics in the region fell from 46% to 36%, the largest drop across all the regions. The drop was largely driven by ASL’s continued 737-400F retirements as it took on more 737-800BCF conversions. Asia-Pacific balancing freighter types Marketshare for the A321 freighter in Asia has accelerated during the past year and stands at 44%, an increase of 16 percentage points from March 31, 2023. The region is a close second to Europe by only two percentage points. Eighteen A321Fs have entered service with six carriers: Five with Australia-based Qantas; Three with India-based IndiGo; Three with Malaysia-based AirAsia; Three with Malaysia-based Raya Airways; Three with Spring Japan; and One with Sichuan Airlines. Sichuan Airlines became the first carrier to register an A321-200PCF in China in December 2023 when it took redelivery of a 2003-vintage unit (1926, ex-Air Macau) as part of a conversion order with 321 Precision Conversions for four A321-200PCFs. Although interest in the A321 freighter continued to grow among carriers in the region, the 737-800F was more popular, with sixty-seven aircraft in service as carriers transition to these two types. Boeing has been the preferred 737-800 conversion provider to date in the Asia-Pacific, with sixty-one aircraft flying as of May 31. China Postal Airlines took redelivery of its fifteenth 737-800BCF in June and fellow Chinese operator JD Airlines will grow its fleet to at least ten Boeing-converted 737-800 freighters thanks to a lease deal with AerCap. Bahrain-based Texel Air has transferred four 737-800BCFs to its new AOC in New Zealand after receiving approval in 2023. [caption id="attachment_56868650" align="aligncenter" width="2560"] ASL has transferred one 737-800BCF to Australia. (Courtesy/ASL Aviation Holdings)[/caption] ASL Aviation Holdings will soon begin operating its first narrowbody freighter in the Asia-Pacific region after adding a 2007-vintage 737-800BCF (34797, ex-SpiceJet) to its ASL Airlines Australia subsidiary in the first quarter of 2024. Apart from 737-800BCFs, a few -800SFs have joined two carriers, with four flying for Korea-based Air Incheon and one in service with Malaysia-based Rimbun Air . The first AEI-converted 737-800SF to begin operations in China with Tianjin Air Cargo is expected to arrive this year. Although NGs entered the region, 737 Classics were prevalent, particularly in Southeast Asia. While Indonesian carriers had the most 737-400Fs and -300Fs, the Philippines is set to see its first 737-400F operator soon in Skyway Airlines . On the horizon In the year ahead, more next-generation freighters will enter the narrowbody segment out of conversion and, if the market improves, more will exit storage and rejoin the active fleet. The number of 737 Classics will drop, mostly in Europe, North America and some parts of Asia, but may grow in Latin America and Africa as the type further cascades into these markets.

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