Air Transport Services Group, Inc. (NASDAQ:ATSG) has announced the signing of a new lease agreement with Air Incheon for one Boeing 767-300 converted freighter and an option for a second, both for 2018 delivery, along with the expansion of its dry-leased 767-300 freighter fleet with three deliveries in November, the company said.
The company said that its ATSG West Leasing Limited subsidiary in Ireland has committed to lease one converted Boeing 767-300 freighter to Air Incheon of South Korea for a multi-year term anticipated to commence on March 31, 2018. ATSG West Leasing has also granted Air Incheon an option to lease a second 767-300 freighter for delivery later in 2018.
Air Incheon currently operates two Boeing 737 freighter aircraft from its base in Seoul Incheon International Airport. A third 737 is undergoing passenger-to-freighter conversion via a contract with PEMCO, a division of ATSG´s Airborne Maintenance and Engineering Services (AMES) subsidiary.
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. ATSG´s subsidiaries include ABX Air, Inc.; Airborne Global Solutions, Inc.; Air Transport International, Inc.; Cargo Aircraft Management, Inc.; and Airborne Maintenance and Engineering Services, Inc. including its division, PEMCO World Air Services, Inc.