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Boeing secures lessor order for 767 passenger-to-freighter conversion

Icelease is growing its portfolio of cargo jets

Eric Kulisch
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Boeing will reconfigure at least one 767-300 passenger plane, similar to this one, for Icelease. (Photo: Boeing)

Boeing will convert a 767-300 passenger jet into a freighter for Icelease, which also took options for up to two more conversions, as the leasing company continues to grow its freighter portfolio, the companies announced on Monday.

The first aircraft is scheduled to take its production slot in the first quarter of 2027, with delivery of the converted aircraft expected in the second quarter. Boeing (NYSE: BA) said it will convert the airplanes at  partner ST Engineering’s airframe overhaul facilities in Singapore.

Icelease was formed 20 years ago as the leasing arm of Icelandair. It owns, or will purchase the 767s and will deliver them to ST Engineering for the retrofit work.

“This agreement with Boeing to convert up to three Boeing 767 aircraft marks an important milestone for both Icelease and its Dublin-based sister company IAT Leasing,” said Sigthor Einarsson, managing partner, Icelease. “The Boeing 767-300 converted freighter will join the growing managed cargo aircraft portfolio of IAT Leasing, which already includes seven Boeing 737-800BCF and other freighters leased to various customers.”

Some of those B737-800 converted freighters are currently on lease to ASL Aviation Holdings, which operates several airlines in Europe and Australia supporting express carriers, and Tianjin Air Cargo in China. 

The 767-300 is the world’s most popular medium widebody converted freighter and has a range of 3,3000 nautical miles with a 57 metric ton-payload. 

Global demand for widebody freighters is high as cargo volumes continue to grow, wars force airlines to make long detours and use more aircraft to meet customer needs and many large freighters are retired. The feedstock of passenger 767s available for conversion is dwindling and carriers are slowly turning to the Airbus A330-300 converted freighter to meet future replacement and growth requirements. 

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Write to Eric Kulisch at ekulisch@freightwaves.com.

Airbus sees 46% freighter increase by 2045 amid stable air cargo growth

Eric Kulisch

Eric is the Parcel and Air Cargo Editor at FreightWaves. An award-winning business journalist with extensive experience covering the logistics sector, Eric spent nearly two years as the Washington, D.C., correspondent for Automotive News, where he focused on regulatory and policy issues surrounding autonomous vehicles, mobility, fuel economy and safety. He has won two regional Gold Medals and a Silver Medal from the American Society of Business Publication Editors for government and trade coverage, and news analysis. He was voted best for feature writing and commentary in the Trade/Newsletter category by the D.C. Chapter of the Society of Professional Journalists. He was runner up for News Journalist and Supply Chain Journalist of the Year in the Seahorse Freight Association's 2024 journalism award competition. In December 2022, Eric was voted runner up for Air Cargo Journalist. He won the group's Environmental Journalist of the Year award in 2014 and was the 2013 Supply Chain Journalist of the Year. As associate editor at American Shipper Magazine for more than a decade, he wrote about trade, freight transportation and supply chains. He has appeared on Marketplace, ABC News and National Public Radio to talk about logistics issues in the news. Eric is based in Vancouver, Washington. He can be reached for comments and tips at ekulisch@freightwaves.com