Atlas Air subsidiary completes sale while aircraft remain on lease to Georgian Airlines and ASL Airlines, enabling capital redeployment strategy
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Titan Aviation Leasing has sold two Boeing 737-800SF aircraft to Singapore-headquartered global technology, defense and engineering group, ST Engineering.
The aircraft are currently on long-term lease to Georgian Airlines and ASL Airlines, said Atlas Air Worldwide, owner of Titan Aviation Holdings, Inc, which established Titan Aviation Leasing as a joint venture alongside Bain Capital.
“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.
Both aircraft underwent passenger-to-freighter (P2F) conversions in 2022.
The sale enables Titan 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, said Atlas. This strategy allows the company to balance near-term returns with long-term growth.
“This transaction demonstrates our disciplined approach to capital allocation,” said Eamonn Forbes, chief commercial officer, Titan Aviation Leasing.
“Selling in-service aircraft to a strategic partner like ST Engineering allows us to realise value while ensuring continuity for our airline customers. It also positions us to pursue accretive growth opportunities in a market where demand for modern freighter capacity continues to outpace supply.”
“This sale is a testament to Titan’s versatile asset management model,” said Michael Steen, chief executive, Atlas Air Worldwide. “It reflects our proven ability to collaborate with industry leaders and generate value throughout the freighter lifecycle.”
In September, Mexican cargo airline mas added two Airbus A330-300 Passenger-to-Freighter (P2F) aircraft to its fleet that were leased from Titan Aviation Leasing.
