Ethiopian Airlines have reached an agreement with Titan Aircraft Investments to lease three converted Boeing 767-300ERs.
The state-owned airline carrier signed this agreement with an aim to pursue aggressive growth of its freighter fleet with long-term leases of three converted Boeing 767-300ERs from lessor Titan Aircraft Investments.
Flight Global reports that the Addis Ababa-based carrier is expected to receive the first aircraft this month, Titan’s parent company, Atlas Air Worldwide confirmed in a statement on Monday.
The deal is reportedly set to cover the sale-and-lease back of three Ethiopian Airlines 767 aircraft which are being converted to freighters.
“We are delighted to welcome Ethiopian Airlines as a strategic customer and support its growing freighter fleet,” says Michael Steen, president, and CEO of Titan Aviation and chief commercial officer of Atlas Air.
On top of that, the second 767-300ER aircraft is expected later this year, while the third is set for delivery in 2023, Atlas added in a statement.
“This dry lease agreement will be fundamental to our fast-growing cargo operation as Ethiopian is a key global player in the air cargo business,” said Mesfin Tasew, the recently appointed CEO of Ethiopian Airlines Group.
It is also mentioned that the three new Boeing aircraft are expected to join Ethiopian’s existing cargo fleet of nine converted 777s and four converted 737s.
Looking at the financial side of things, cargo accounted for more than half of the airline group’s $5 billion earnings in the financial year ending June 30, 2022.
“The order comes amid the airline’s ambitious “Vision 2035” growth strategy, which includes the goal of nearly doubling its cargo and passenger fleet from 135 to more than 250 aircraft,” reports the aviation website.
Image: Ethiopian Airlines/AeroTimeHub
