My Freighter, a startup cargo airline based in Tashkent, Uzbekistan, has received its third Boeing 767-300 converted freighter from Air Transport Services Group, the U.S. leasing and aviation services company announced on Monday.
My Freighter took delivery of its first 767-300 in early November. ATSG (NASDAQ: ATSG) sends the former passenger aircraft to airframe repair specialists to tear down and rebuild the interior to handle large containers before leasing them to customers.
The airline currently operates four cargo jets, including one 39-year-old Boeing 747-200, between Asia and Europe. Aircraft tracking site FlightRadar24 shows the 747 has been idle since Jan. 17. The company, which launched in 2019, also operates charter passenger flights with a handful of aircraft under the brand Centrum Air.
ATSG, based in Wilmington, Ohio, last week said it began a new lease agreement with DHL Express for a 767-300, bringing the 767 fleet at DHL to 14 units.
ATSG in recent years has expanded its customer base beyond North America, where it’s main customers are Amazon and DHL. The company also operates two cargo airlines, primarily with its own aircraft that customers lease but don’t have the expertise or capacity to operate on their own.
The 767-200/300s have been ATSG’s bread and butter, but the company began leasing modified Airbus A321 narrowbody aircraft in 2023 and plans to deliver its first Airbus A330 widebody freighter this year once it completes the conversion process.
Reduced demand for freighter aircraft played a major role in reducing ATSG’s adjusted operating profit by 12% last year. Many airlines pushed off investments in cargo jets in response to a 16-month decline in shipping volumes caused by weak global economic conditions, high inventory levels and better supply chain reliability compared to the pandemic years.
ATSG’s full-year revenue ticked up 1% to $2.1 billion, due primarily to a full year of contributions from six new leases of 767-300s made in 2022, as well as partial-year contributions from 13 leased aircraft in 2023, including the company’s first three Airbus A321 narrowbody freighters.
Pretax losses for the leasing segment were $11 million. Revenue for the year increased 6%, but it wasn’t enough to offset increased expenses for interest and depreciation.
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