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ST Engineering leasing arm buys 2 B737-800 converted freighters 

The planes are operated by ASL Airlines and Georgian Airlines

Eric Kulisch
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ASL Airlines will continue to operate a leased 737-800 converted freighter despite a change in ownership. (Photo: ASL Airlines)
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Key Takeaways:

  • Titan Aviation Leasing (a joint venture of Atlas Air and Bain Capital) sold two Boeing 737-800 converted freighter aircraft to ST Engineering.
  • The aircraft remain on long-term lease to Georgian Airlines and ASL Airlines, ensuring continued cash flow for Titan.
  • Titan aims to redeploy capital from these mature assets into new aircraft acquisitions for risk-adjusted returns.
  • ST Engineering acquired the freighters to expand its portfolio of next-generation green cargo aircraft and add important lessees.
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Titan Aviation Leasing, a joint venture between the leasing arm of New York-based Atlas Air Worldwide and Bain Capital, on Tuesday announced the sale of two Boeing 737-800 converted freighter aircraft to ST Engineering, a global technology, defense and engineering group headquartered in Singapore. 

The aircraft, which were converted in 2022, are currently on long-term lease to Georgian Airlines and ASL Airlines.

ST Engineering has a large aircraft maintenance and repair business, which also converts used passenger aircraft into cargo aircraft. In 2021, it formed a joint venture with state-owned investment company Temasek Holdings for leasing freighter aircraft.

Titan said the sale enables it to redeploy capital from mature assets to new aircraft acquisitions while the aircraft remain on lease to established operators, maintaining cash flow continuity and delivering risk-adjusted returns to shareholders. 

“Our collaboration with Titan adds two important lessees and narrowbody freighters as we continue to build up our portfolio of next-generation green freighter aircraft, underscoring our commitment to maintaining fleet flexibility and creating long-term value in a dynamic cargo market,” said Ramesh Krishna, head of aircraft leasing at Aviation Asset Management, ST Engineering.

Atlas Air Worldwide is the holding company for all-cargo airline Atlas Air.

Write to Eric Kulisch at ekulisch@freightwaves.com.

Click here for more FreightWaves/American Shipper stories by Eric Kulisch.

ST Engineering forms freighter-leasing joint venture 

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