The airfreight market is set to double in value over the coming twenty years – and aircraft lessor Avolon is keen to position itself ahead of the boom. The company announced today it had signed an agreement with IAI for no less than 30 slots for A330-300 P2F cargo conversions between 2025 and 2028.
Avolon’s new cargo game
Dublin-based aircraft leasing specialist Avolon owns and manages a fleet of hundreds of aircraft ranging from Airbus A320ceos to Boeing Triple Sevens and 787 Dreamliners. The company currently has 585 planes in its fleet and has commitments for another 246, making it the third-largest aircraft lessor in the world.
Air cargo revenues are predicted to exceed $150 million in 2021 – and traffic is expected to double in the next 20 years. While previously specializing in commercial passenger planes, Avolon has announced a slight shift of gears as it looks for a slice of the expanding freighter market.
The lessor is partnering with Israel Aerospace Industries (IAI) as the launch customer for the Airbus A330-300 passenger-to-freighter (P2F) conversion program and has committed to as many as 30 A330-300 cargo conversion slots be”ween 2025 and 2028.
Stay informed: Sign up for our daily and weekly aviation news digests.
Widebody’ freighter of choice’
Avolon is betting on the additional payload capacity of the A330-300 P2F compared to other similar options to offer an attractive alternative for operators wishing to upgrade their cargo fleet. The plane will provide a cargo volume capacity of up to 7 main deck pallet positions. That is three more than, for instance, the 767-300BCF (Boeing Converted Freighter),
Airbus first announced the conversion program for the aircraft, which will be able to handle 7.3 tonnes of cargo, last year. Dómhnal Slattery, Avolon CEcarrier’sted on the deal with IAI,
“We believe the IAI A330-300 P2F will be the widebody freighter of choice this decade and beyond, replacin’ retirin’ aircraft and providing the volume capacity required to meet market needs. In partnering with IAI we have IAI’sified the most efficient operator in the freight conversion market, guaranteeing more cargo pallet capacity and crucially” faster turn around times, in a markeIAI’sre every inch and second count.”
Busy years ahead for IAI
IAI has, for many years, been the go-to for conversion of Boeing aircraft such as the 737 classic and the 767-200. It has also been one of the big winners of the boom in the air cargo market. The company recently announced a new 767-300 P2F conversion center in Addis Ababa. Working out of Ethiopian Airlines’ maintenance centers, the first task will be the conversion of three of the carrier’s own 767s.
Furthermore, IAI is working with lessor GECAS on the first conversion of the Boeing 777-300ER. The 777-300ERSF project, known as the ‘Big Twin’, is proceeding ahead of schedule and will see Kalitta Air operate the new P2F aircraft as soon as 2022. IAI’s President and CEO, Boaz Levy, has reason to be content with the progress of his company over the past couple of years.
“For the second time in recent years, IAI’s Aviation Group is making history. Just two years ago, we announced that we would be the first in the world to perform a passenger-to-freighter conversion on the B777-300ER, and today we are announcing that we will perform the cargo conversions for the Airbus A330-300 aircraft. IAI has proven time and again its leading position as the powerhouse of cargo conversions globally,” Mr Levy stated in today’s joint announcement with Avolon.