WILMINGTON, Ohio--(BUSINESS WIRE)--Air Transport Services Group, Inc. (NASDAQ:ATSG) announced today the delivery by its ATSG West Leasing Limited subsidiary of a Boeing 767-300 converted freighter under a six-year dry lease with Air Incheon of South Korea, which has agreed to lease a second 767-300 freighter when the aircraft completes modification in the second half of 2018.
Air Incheon and ATSG had announced the lease agreement in November 2017.
Mike Berger, Chief Commercial Officer of ATSG, said, "We are very pleased to deliver the first of two 767 freighters to Air Incheon. This is especially positive for us, as it represents the launch of a new customer relationship. We are looking forward to a very bright future with Air Incheon."
Air Incheon currently operates two Boeing 737 freighter aircraft from its base in Seoul’s Incheon International Airport. A third 737 for Air Incheon is undergoing passenger-to-freighter conversion via a contract with Pemco World Air Services, Inc., a division of ATSG’s Airborne Maintenance and Engineering Services (AMES) subsidiary.
The Air Incheon 767 is the third aircraft that ATSG’s businesses have dry leased and delivered to customers in 2018. In January, ATSG delivered the second of three 767-300 freighters it has agreed to lease for seven-year terms to Northern Air Cargo; the third is expected to be delivered in the second half of 2018. It also leased and recently delivered the second of two converted Boeing 737 freighters to West Atlantic in Europe for five-year terms.
About Air Transport Services Group, Inc. (ATSG)
ATSG is a leading provider of aircraft leasing and air cargo transportation and related services to domestic and foreign air carriers and other companies that outsource their air cargo lift requirements. Through its principal subsidiaries, including two airlines with separate and distinct U.S. FAA Part 121 Air Carrier certificates, ATSG provides aircraft leasing, air cargo lift, aircraft maintenance services and airport ground services. ATSG's subsidiaries include ABX Air, Inc.; Airborne Global Solutions, Inc.; Air Transport International, Inc.; Cargo Aircraft Management, Inc.; and Airborne Maintenance and Engineering Services, Inc. including its division, Pemco World Air Services, Inc.