New York-based Titan Aircraft Investments, the joint venture between Titan Aviation Holdings and Bain Capital Credit, will place three 767-300 freighters on lease with Ethiopian Airlines as the country’s national carrier continues to expand its widebody freighter fleet.
Ethiopian plans to take delivery of the first unit by the end of September, with the second arriving by year-end and the third entering the fleet in 2023.
According to Cargo Facts Atlas Air Worldwide, parent of Titan Aviation Holdings, confirmed that the aircraft are the three 767-300ERs (33767, 33768, and 33769) with PW4000 engines that Ethiopian Airlines is in the process of converting, and that Titan Aircraft Investments will purchase them and lease them back to the airline.
Unit 33768 had its cargo door cut in April and was the first 767-300ER to enter Israel Aerospace Industries (IAI) new conversion line at Ethiopian’s MRO facility in Addis Ababa (ADD).
With this long-term lease, Titan Aircraft Investments will own five converted 767-300Fs, bringing its freighter leasing portfolio to ten aircraft, according to a statement.
Titan Aircraft Investments was created in 2019 to focus on building a long-term freighter leasing portfolio worth more than $1 billion.
In addition to the 767-300BDSFs, Ethiopian Airlines recently took delivery of its first 737-800BCF, ordered five more 777Fs in addition to making headlines at the Farnborough International Airshow as one of the launch customers for De Havilland’s Dash 8-400 freighter conversion program.