Avolon has partnered with IAI, the world’s largest independent freighter conversion company, to become the launch customer for the company's Airbus A330-300P2F conversion program. Avolon has committed to 30 conversion slots from 2025 through 2028.
Today (October 4, 2021), Avolon, the international aircraft leasing company, announced their intention to become a major player in the global air cargo market. Avolon has partnered with Israel Aerospace Industries (IAI), the world’s largest independent freighter conversion company, to become the launch customer for IAI's Airbus A330-300P2F (passenger-to-freight) program. The aircraft lessor has committed to 30 Airbus A330-300P2F conversion slots between 2025 and 2028. Avolon’s bet on the air cargo market is well founded, as revenues are forecast to be $150 billion in 2021 and traffic is expected to double over the next 20 years.
In Monday’s announcement, Avolon’s CEO, Dómhnal Slattery, said,
“We identified IAI as a long-time global leader in the aircraft conversion business and the right partner for Avolon to capitalise on the unparalleled growth in e-commerce. The global air freight market is worth over US$150 billion annually today and the sector is transforming, with air cargo traffic expected to double over the next 20 years. This agreement signals Avolon’s intention to be a leading player in that expansion.
“We believe the IAI A330-300 P2F will be the wide body freighter of choice this decade and beyond, replacing retiring aircraft and providing the volume capacity required to meet market needs. In partnering with IAI we have identified the most efficient operator in the freight conversion market, guaranteeing more cargo pallet capacity and crucially, faster turnaround times, in a market where every inch and second count.”
Also commenting on the A330-300P2F partnership with Avolon, Israel Aerospace Industries’ President and CEO, Boaz Levy, said,
“For the second time in recent years, IAI's Aviation Group is making history. Just two years ago we announced that we will 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. I am grateful to our partners at Avolon for their faith in our abilities.”
The IAI A330-300P2F will have a range of over 3,600 miles with a maximum capacity of 61 tons. IAI’s conversion increases cargo volume capacity with up to 27 main deck pallet positions, one more than the competition, and offers enhanced cargo loading performance due to its optimized door position.
Headquartered in Ireland, Avolon is a major international provider of aircraft leasing and lease management services. The company also has offices in the U.S., Dubai, Hong Kong and Shanghai. Avolon is 70 percent owned by an indirect subsidiary of Bohai Leasing Co., Ltd., a public company listed on the Shenzhen Stock Exchange, and 30 percent owned by ORIX Aviation Systems, a subsidiary of ORIX Corporation. Avolon is the world’s third-largest aircraft leasing business with a fleet of 837 owned, managed and committed aircraft as of June 30, 2021.