DUBLIN--(BUSINESS WIRE)--CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited (“CDB Leasing”), announced today a new partnership with Germany-based EFW GmbH (“EFW”) to conduct the Passenger-to-Freighter (“P2F”) conversion of two Airbus A330-300 aircraft in 2021, which will be available for lease to airline customers from early 2022.
The A330-300 P2F conversion program marks CDB Aviation’s first entry into freighter conversion, advancing the lessor’s strategic efforts to deliver ever-more customized fleet solutions to customers, while tapping the long-term growth potential of the medium widebody freighter market. The A330 P2Fs are part of the existing fleet of 228 aircraft, in addition to the lessor’s further commitments for 150 in-demand, next-generation technology aircraft.
“We are seeing an increasing interest from our customers for medium-sized freighters, as they look to take advantage of record-high freighter utilization, rapidly growing e-commerce demand, and higher cargo yields,” elaborated CDB Aviation Chief Executive Officer Patrick Hannigan. “We look forward to working with EFW on converting our highly efficient A330-300 aircraft into the next generation of medium widebody freighters that our customers can use to meet the burgeoning international and regional air freight demand.”
The medium widebody freighter segment is today comprised of over 600 aircraft, served primarily by aging twin-jet aircraft, such as the Boeing 767F and Airbus A300F, which have an average age of 22 years. The A330-300 P2F will bring next generation technology and efficiency to this segment. With growing express cargo demand and declining cargo densities, the A330-300 P2F offers more volumetric space than older freighters in this category, in line with what cargo operators and freight forwarders are seeking.
“With 12,000 Airbus cockpit aircraft in service, the A330-300 P2F will seamlessly slot into the fleets of A320 Family, A330, and A350 operators, and will bring a new paradigm of efficiency with 23% more cargo volume,” expanded Hannigan.
“We are very excited to have CDB Aviation on board for investing in A330P2F Airbus converted freighters,” said Dr. Andreas Sperl, Chief Executive Officer of EFW. “We look forward to a prosperous long-term relationship and to support the fleet growth in this promising market segment.”
“As a major lessor of passenger A330s, it is a natural evolution of our portfolio to be able to offer our customers the A330-300 P2F. Our belief is that the A330-300 P2F is the exact type of medium widebody aircraft that airlines and cargo operators require to meet cargo demand near-term and into the future,” concluded Hannigan.
Elbe Flugzeugwerke GmbH (“EFW”), joint venture between ST Engineering and Airbus combines various aviation and technology activities under a single roof: development and manufacturing of fibre-reinforced composite components for aircraft structures and interiors of the entire Airbus family, the conversion of passenger aircraft into freighter configuration, maintenance and repair of Airbus aircraft as well as engineering services in the context of certification and approval. The company has a workforce of about 1,600 employees and achieved revenues of approximately €300 million in 2019. With over 20 years of experience and more than 40 conversion customers worldwide, thereof the largest Express carriers in North America and Europe but also renowned General Freight and Combination Carriers, EFW is the Centre of Excellence for freighter conversions and driving the development of the Airbus freighter family. For more information about EFW, please visit www.efw.aero.
About CDB Aviation
CDB Aviation is a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited (“CDB Leasing”), a 35-year-old Chinese leasing company that is backed mainly by the China Development Bank. CDB Aviation is rated Investment Grade by Moody’s (A1), S&P Global (A), and Fitch (A+). China Development Bank is under the direct jurisdiction of the State Council of China and is the world’s largest development finance institution. It is also the largest Chinese bank for foreign investment and financing cooperation, long-term lending and bond issuance, enjoying Chinese sovereign credit rating.
CDB Leasing is the only leasing arm of the China Development Bank and a leading company in China’s leasing industry that has been engaged in aircraft, infrastructure, ship, commercial vehicle and construction machinery leasing and enjoys a Chinese sovereign credit rating. It took an important step in July 2016 to globalize and marketize its business – listing on the Hong Kong Stock Exchange (HKEX STOCK CODE: 1606). www.CDBAviation.aero