ST Engineering today announced that its aerospace asset management business will lease four Airbus narrow-body Passenger-to-Freighter (P2F) aircraft consisting of two (2) A320P2Fs and two (2) A321P2Fs from regional operator, Raya Airways Sdn Bhd (“Raya Airways”).
Raya Airways Group Chief Executive Mohamad Najib Ishak said, “The air cargo industry, being an integral part of the global supply chain, is expected to grow alongside the global economy. Recent Industry Outlook by the International Air Transport Association says freight volumes are expected to reach a record high of 68.4 million tonnes in 2022, with freight revenues expected to account for $191 billion in industry revenue. »
“With the introduction of the A320P2F and A321P2F to our fleet, we are able to increase our operational capacity to meet growing demand, while being able to reduce carbon footprint while advancing our sustainability agenda. “, he added.
The four Raya Airways freighters will be converted under the A320/A321P2F program of Elbe Flugzeugwerke (EFW), which is the joint venture between ST Engineering and Airbus. Conversion of the first aircraft, an A321, has begun at ST Engineering’s facilities in Singapore with delivery expected in the fourth quarter of 2022.
Raya Airways Chief Commercial Officer MD Hidayat Rahim said: “These are really exciting times for Raya Airways as the additional payload capacity will allow us to add many major routes to further expand the airline’s footprint. business in the region.
“When converted, each A321P2F will offer 27 tonnes while each A320P2F will offer 21 tonnes, increasing Raya Airways’ combined payload up to 96 tonnes. Our commitment to our customers is that wherever there are economic hubs with solid future prospects, Raya Airways aims to be there,” he added.
“We are delighted to enter into our first cargo aircraft leasing partnership with Raya Airways,” said Yip Hin Meng, Executive Vice President and Head of Aircraft Asset Management at ST Engineering. “Our unique leasing solutions such as bundling aircraft leasing with MRO services, when combined with in-house developed P2F programs and best-in-class conversion standards, provide operators with the best savings in their category and unparalleled levels of reliability.”
ST Engineering’s Aircraft Asset Management business is a fully-fledged aircraft and engine lessor with core competencies in transaction origination, financing, securitization, lease management, asset management ‘technical assets, re-marketing and repossession. Its cargo aircraft portfolio includes the A320P2F and A321P2F as narrowbody options and the A330P2F as a widebody option. In addition to rental solutions, ST Engineering offers full lifecycle asset management solutions. These include turnkey services for aircraft and cabin reconfiguration, aircraft and engine MRO as well as cargo conversion.
EFW’s A320/A321P2F program is the only solution on the market developed using original OEM data and Airbus support, ensuring greater life cycle value, quality and higher reliability, as well as better maintenance planning. The A320/A321P2F solution features a balanced payload range capability and optimized weight distribution to allow random loading even on empty flights, providing great flexibility for operators. The integrated cockpit design also ensures that operators can stay within the OEM design environment.