Aviation analytics firm Cirium expects the number of passenger to freighter conversions globally to rise by 36% to 90 planes in 2021, and to 109 planes in 2022 amid growing demand for air cargo due to lower passenger flight numbers and the rise of e-commerce.
SINGAPORE: Singapore Technologies (ST) Engineering Ltd and state investor Temasek Holdings have set up a joint venture for freighter aircraft leasing to take advantage of strong demand for converted passenger planes.
The JV will aim to build a US$600mil (RM2.5bil) portfolio of mostly narrow body planes over the next five years through a mix of equity and debt, with the partners able to pick up passenger jets for conversions at lower than usual prices due to a fall in aircraft values during the pandemic, they said late on Tuesday.
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