Copyright FreightWaves
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.
