Icelandic lessor Icelease partners with Boeing to convert a 767-300 into a cargo aircraft, expanding its fleet and leveraging Singapore-based facilities.
Icelandic company orders Boeing 767 conversion
Icelandic lessor Icelease has signed an agreement with Boeing to convert a Boeing 767-300 into a cargo aircraft, with the option to convert two more units. The first aircraft will begin conversion in the first quarter of 2027 and is expected to be delivered in the second quarter.Conversion will take place in Singapore
The conversion will be performed at ST Engineering's aerospace maintenance facilities in Singapore. ST Engineering is an industrial partner of Boeing for this program, and no specific deadlines have been set for the two additional units.New aircraft will join existing fleet
The converted Boeing 767-300BCF will be added to the cargo aircraft portfolio managed by IAT Leasing, a sister company of Icelease based in Dublin. IAT Leasing already manages seven 737-800BCFs and other cargo aircraft leased to various clients, including ASL Aviation Holdings and Tianjin Air Cargo.Aircraft specifications and use
The 767-300BCF is expected to have a payload capacity of 57 tons and a range of 3,300 nautical miles. This makes it suitable for regional and international freight operations, including express delivery, e-commerce, and general freight. Boeing will provide engineering support, technical assistance, documentation, training, and parts for the conversion.Market conditions influence the deal
The agreement comes as the market for passenger aircraft suitable for conversion is becoming more competitive. According to FreightWaves, the number of 767s available for conversion is decreasing, with some carriers opting for converted Airbus A330-300 aircraft instead. Boeing, however, continues to support the 767-300BCF with its established industrial and operational base.Icelandic firms expand their fleet
Icelease and IAT Leasing are sister companies with a common majority shareholder. Created in 2023, IAT Leasing has built a portfolio of about forty passenger and cargo aircraft, both single-aisle and wide-body, leased to companies worldwide. The specific aircraft chosen for the first project, the agreement amount, and the future operator remain undisclosed.
