Titan Aviation Leases Two Boeing 737-800 Freighters to ST Engineering

In a significant move, Titan Aviation Leasing, a joint venture between the leasing arm of New York-based Atlas Air Worldwide and Bain Capital, has 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 just last year in 2022, are currently on long-term lease to Georgian Airlines and ASL Airlines. ST Engineering, known for its large aircraft maintenance and repair business, also converts used passenger aircraft into cargo aircraft. The company recently formed a joint venture with Temasek Holdings, a state-owned investment firm, to focus on leasing freighter aircraft.

Titan Aviation Leasing stated that the sale enables the company to redeploy capital from mature assets to new aircraft acquisitions, while the aircraft remain on lease to established operators. This ensures cash flow continuity and delivers risk-adjusted returns to Titan's shareholders.

"Our collaboration with Titan adds two important lessees and narrowbody freighters as we continue to build up our portfolio of next-generation green freighter aircraft, underscoring our commitment to maintaining fleet flexibility and creating long-term value in a dynamic cargo market," said Ramesh Krishna, head of aircraft leasing at Aviation Asset Management, ST Engineering.