Air Transport Services Group, Inc. (NASDAQ:ATSG) has announced the delivery by its ATSG West Leasing Limited subsidiary of a Boeing 767-300 converted freighter under a six-year dry lease with Air Incheon of South Korea, which has agreed to lease a second 767-300 freighter when the aircraft completes modification in the second half of 2018, the company said.
Air Incheon and ATSG had announced the lease agreement in November 2017.
Air Incheon currently operates two Boeing 737 freighter aircraft from its base in Seoul´s Incheon International Airport. A third 737 for Air Incheon is undergoing passenger-to-freighter conversion via a contract with Pemco World Air Services, Inc., a division of ATSG´s Airborne Maintenance and Engineering Services (AMES) subsidiary.
The Air Incheon 767 is the third aircraft that ATSG´s businesses have dry leased and delivered to customers in 2018. In January, ATSG delivered the second of three 767-300 freighters it has agreed to lease for seven-year terms to Northern Air Cargo; the third is expected to be delivered in the second half of 2018. It also leased and recently delivered the second of two converted Boeing 737 freighters to West Atlantic in Europe for five-year terms.
ATSG is a provider of aircraft leasing and air cargo transportation and related services to domestic and foreign air carriers and other companies that outsource their air cargo lift requirements. Through its principal subsidiaries, including two airlines with separate and distinct US FAA Part 121 Air Carrier certificates, ATSG provides aircraft leasing, air cargo lift, aircraft maintenance services and airport ground services.