Narrowbody freighter fleet sees flat net growth

The global narrowbody freighter fleet appeared to remain stable with negligible overall growth during the past twelve months, ending the third quarter of 2025 with 847 in-service units, according to Cargo Facts Consulting data. That represented a year-on-year increase of 0.6%, but while that net difference may seem insignificant, it does not tell the full story of all that has taken place in 2025, including fleet renewal, market entries and exits, and engine and feedstock challenges. Here are the ten largest narrowbody freighter operators by fleet size as of Sept. 30. [caption id="attachment_57293819" align="aligncenter" width="859"] (Courtesy/Cargo Facts Consulting)[/caption] Cargo Facts Consulting’s definition of “narrowbody freighter” includes thirteen aircraft types that are actively flying and in maintenance: 757-200Fs; 727-200Fs; A321-200Fs; A320-200Fs; 737-800Fs; 737-400Fs; 737-700Fs or -700FCs; DC-8Fs; MD-80Fs; 737-300Fs, -300QCs or Combis; 737-200Fs or -200Cs; DC-9Fs; and BAe-146Fs. 737-800Fs The most obvious and important change in 2025 was the continued replacement of 737 Classic freighters by 737NGs. Most notably, the number of 737-800Fs in service as of Sept. 30 grew by twenty-eight units to 235. This resulted in the type’s share of the overall narrowbody market increasing to 27.7% from 24.6%, while 737-300Fs and -400Fs collectively dropped to 23.9% from 26.5%. The 737-800F additions joined a mix of new and existing operators. ASL Aviation Holdings, already the largest collective operator, widened its lead and grew its number of active 737-800 freighters across its AOCs to fifty-five. Taking on at least two of DHL’s 737-800BDSFs for CMI service also made ASL Airlines Ireland the first carrier to operate all three 737-800 freighter conversion types . [caption id="attachment_57293822" align="aligncenter" width="2560"] SolitAir got its AOC and started flying 737-800Fs. (Photo/Cargo Facts)[/caption] Carriers that began flying 737-800Fs for the first time in the past twelve months include: United Arab Emirates-based SolitAir ; Indonesia-based Asia Cargo Airlines ; Miami-based 7Air ; Italy-based Poste Air Cargo ; China-based SF Airlines ; and Malaysia-based Ascend Airways Malaysia . Although there is still lingering softness in the narrowbody market overall because of pandemic-driven oversaturation, signs of resurgence have begun to emerge. This is perhaps more true for 737-800Fs than for A321-200Fs. But the challenge has become one of supply as many current-generation 737NGs and A321s had their passenger leases extended in the past couple of years due to production delays at Boeing and Airbus. “It’s been a good year for the BCF,” BBAM Senior Vice President and Head of Freighters John Lynch told Cargo Facts . “We have placed all our aircraft and demand exceeds supply. We have more deliveries contracted in the pipeline and this brings to an end any availability in 2025.” BBAM has been one of the most active lessors in placing and remarketing its narrowbody freighters, as well as helping carriers enter the 737-800F segment. In 2025, it delivered 737-800BCFs to carriers like Texel Air Australasia , Poste Air Cargo, SolitAir, GOL and ASL Airlines Australia . “The biggest constraint we have at the moment to doing further deals with any airline is lack of supply,” Lynch said. “We see much more demand than supply.” Besides BBAM, other lessors including World Star Aviation and GA Telesis successfully remarketed and placed a handful of 737-800Fs in 2025. A more balanced supply of narrowbody feedstock could return by 2028 if the two manufacturers meet their delivery targets for new 737 MAXs and A321neos. That, in combination with many six-year lease extensions expiring around that timeframe, will hopefully mean more 737NGs and A321s being released and made available for conversion, multiple industry experts said at Cargo Facts events throughout 2025. A320 family Even amid the soft market for Airbus narrowbody freighters, there was still some activity in the segment, with the number of A321Fs and A320Fs at fifty-seven as of Sept. 30, according to Cargo Facts Consulting. Three operators started flying A321 freighters in 2025. The first was Brazilian carrier Azul, which in February put into service a pair of 2006-vintage A321-200P2Fs (2741 and 2759) that it had leased from AerCap. The V2500-powered freighters replaced Azul’s two 737-400Fs — the only Boeing aircraft in the fleet. [caption id="attachment_57293821" align="aligncenter" width="1549"] Nanning Communications Investment Group placed two A321PCFs with Royal Air Philippines. (Courtesy/Royal Air Philippines)[/caption] The other two new A321F operators were new to cargo altogether: Warsaw Cargo in November launched revenue flights with its first aircraft, a 2001-vintage A321-200PCF (1619) on lease from CAM, after receiving its Polish AOC in August; and Royal Air Philippines entered into a CMI deal with Chinese state-owned entity Nanning Communications Investment Group and began operating two A321-200PCFs (1487 and 2303) between the Philippines and China in August and September, respectively. Another carrier, Democratic Republic of Congo-based CAA , took delivery of a 1998-vintage A321-200PCF (808) on lease from CAM in September, but does not appear to have started flying it yet. 757s 757-200Fs continue to hold the largest share of the narrowbody freighter segment at 34%, with 291 in service as of Sept. 30, according to Cargo Facts Consulting. Asia Pacific Airlines added one unit — its first with RB211 engines — for some of its shorter routes as a way to mitigate the high costs of maintaining the PW4000 engines on its three other 757s, the airline told Cargo Facts in February. [caption id="attachment_57293823" align="aligncenter" width="2560"] SkyGuard took two 757-200PCFs from AerSale in 2025. (Courtesy/AerSale)[/caption] Uzbekistan emerged as a new domicile for the 757 platform in 2025. My Freighter entered the narrowbody market and leased a 2001-vintage, RB211-powered 757-200PCF (32386) from Titan Aviation Leasing in March. SkyGuard, a startup also based in Uzbekistan, has selected the 757 as its freighter of choice, leasing two 757-200PCFs (28833 and 32388) from AerSale. A fourth 757 freighter (25622) has entered the country’s register after arriving in Tashkent (TAS) in September, but its eventual operator is unclear. Given the reluctance of many operators to retire their 757s, Cargo Facts expects its share to remain relatively stable in 2026. On the other hand, as 737NG activity regains more momentum heading into the new year, the share of 737-800Fs is likely to edge even closer to that of 757-200Fs. Overall, the mix of strong passenger demand, engine shortage and lack of conversion feedstock means the outlook for the narrowbody freighter market in 2026 is far from rosy. “For 2026, I’m afraid there is no light at the end of the tunnel at all,” George Dimitroff, head of valuations at Cirium Ascend Consultancy, said at Cargo Facts Symposium 2025. “Maybe in 2027 you might start to see the light but not yet reach it, and by 2028 maybe you’ll reach the lights at the beginning of the end of the tunnel.” Cargo Facts LATAM 2026, the essential event for stakeholders in Latin America, will take place Feb. 10-12 at the Marquis Reforma in Mexico City. Learn more and register by Dec. 26 to take advantage of early-bird pricing. Cargo Facts Asia 2026, the indispensable event for Asia-Pacific stakeholders, will take place March 23-25 at the W Shanghai. Learn more and register by Feb. 6 to take advantage of early-bird pricing. The inaugural Cargo Facts Routes and Airport Conference will take place April 27-28 at the Marriott Al Forsan Abu Dhabi. Learn more and register by March 13 to take advantage of early-bird pricing. Cargo Facts EMEA 2026, the key industry event for stakeholders in the EMEA region, will take place April 28-30 at the Marriott Al Forsan Abu Dhabi. Learn more and register by March 13 to take advantage of early-bird pricing.

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