Cargo Aircraft Leasing Companies - Aero Capital Solutions, which specializes in leasing medium-range narrow-body aircraft, never had a cargo aircraft in its fleet for the first 10 years of its existence. The new investment strategy envisages the conversion of 40 Boeing 737-800 from passenger to cargo aircraft.
The Austin, Texas-based lessor announced its fourth contract with Aeronautical Engineers Inc. on Monday. for six more standard jet conversions. The company initially ordered four reconfigured aircraft in October 2020, purchased 10 more conversion slots three months later and placed two more orders last year for a total of 20 aircraft.
Cargo Aircraft Leasing Companies
Due to the inexorable growth of e-commerce, leasing companies are extremely active in converting used passenger aircraft, particularly smaller monoplanes, into cargo aircraft. Express delivery operators and their partners need regional aircraft that can be efficiently loaded and flown daily to meet overnight or timed delivery expectations.
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A boom in air freight, fueled by supply chain disruptions caused by the pandemic, has prompted investors and operators to expand cargo fleets, raising the question of whether there will soon be too much capacity as the global economy slows or normalized.
The single-aisle freighter fleet is three times larger than 2019 (541 aircraft) thanks to a combination of conversion and new production, according to data from aeronautical analysis provider Cirium.
Earlier this month, Merx Aviation signed a deal with AEI for a 737-800 conversion. The aircraft is owned by a fund managed by subsidiaries of Apollo (NYSE: APO) Global Management and maintained by Merx, Apollo's aircraft leasing unit. AEI said the plane is scheduled to be delivered again in August, but no end customer has been announced.
Merx owns and operates about 45,737 next-generation aircraft, but the order marks its first freighter conversion.
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According to eMarketer, US e-commerce sales alone are expected to top $1 trillion by the end of 2022, with an expected growth rate of 9.4% compared to 2021. Online shopping will account for one-seventh of total retail sales.
The main deck of a 737-800 Freighter with floor rollers for loading large containers. This space was formerly occupied by passenger seats and overhead lockers. (Photo: Aeronautical Engineering Inc.)
"We are confident in the upward trend in the air freight market and will continue to invest to meet the growing needs of global freight and express carriers," said Jason Barany, CEO and founder of Aero Capital Solutions, in a press release. .
The Miami-based AEI has delivered 10 737-800 converted freighters to Aero Capital so far and expects to complete five more in the next two months, Robert Convey, senior vice president of sales and marketing, said via email. An Aero Capital representative said the company had handed over seven cargo ships to a number of unnamed cargo companies.
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Aero Capital is AEI's largest customer for the converted 737-800 Freighter. It has more than 200 assets with more than 35 clients in 24 countries.
Touch-up work and maintenance for the new order will be shared between AEI authorized conversion centers, Hong Kong Aircraft Engineering Co. factory. (HAECO) in Xiamen, China, and Taikoo (Shandong) Aircraft Engineering Co., (STAECO). using an AEI approved design. STAECO is a joint maintenance company in China with HAECO as a partner.
AEI said the latest tranche of aircraft will go to maintenance workshops and be converted to cargo planes in 2024.
Some of the conversions previously booked by Aero Capital are being carried out by Commercial Jet in Miami and KF Aerospace in Canada.
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The AEI-converted 737-800 can carry up to 52,700 pounds on the main deck and accommodates 11 full-height container positions plus one small container. Conversions for the 737-800 take three to four months depending on which airline is doing the work with the AEI conversion kit. Structural changes include the addition of large cargo doors, heavy-duty floor beams, a solid barrier to protect the cockpit from shifting containers, and a cargo loading system. AEI versions also have jump seats for five passengers.
AEI is the only conversion company to have a Special Extended Range Rating from multiple aviation regulators, demonstrating the 737-800's ability to fly for three hours at full load on only one engine in an emergency, a capability recognized in the large scale is particularly important water areas.
The company is also certified to modify mixed winglet aircraft. Split scimitar wings create different airframe stresses and engineers must take this into account when designing modifications.
Boeing (NYSE: BA) has the largest conversion program for the 737-800, with more than 112 aircraft converted to cargo mode since the program began four years ago.
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AEI has delivered 22 737-800 passenger-to-freighter conversions in 2021 and expects to build 36 freighters this year, Convey said. 2021 marked the first full year of production after the company earned FAA certification in 2019 and ramped up in 2020 amid the COVID-19 outbreak.
Eric is the supply chain and air freight editor at . An award-winning business journalist with extensive experience in the logistics sector, he spent almost two years as a correspondent for Automotive News in Washington D.C. and focused on regulatory and policy issues related to autonomous vehicles, mobility, fuel economy and safety. He has won two regional gold medals from the American Society of Business Editors for government reporting and news analysis and has been recognized by D.C. Voted best writing and comment in the Business/Newsletter category. Chapter of the Society of Professional Journalists. As Associate Editor of American Shipper Magazine, he has been writing about business, cargo and supply chains for more than a decade. Eric lives in Portland, Oregon. Comments and tips can be requested at [email protected] Setting higher standards of value and excellence, long or short term cargo and passenger solutions to meet your needs and exceed your expectations.
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