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Singapore MRO company enters freighter leasing market
Photo: Stengg
Singapore Technologies Engineering's wholly-owned aviation asset management unit has entered into an agreement with Singapore-based global investment company Temasek to set up a 50-50 joint venture for freighter aircraft leasing. It will address the growing demand for freighter aircraft as e-commerce and air cargo volumes expand across the globe.
The JV targets to build a portfolio valued at about USD 600 million within five years, investing in passenger aircraft, primarily narrowbody aircraft, to be converted into freighters.
Jeffrey Lam, president/head of commercial aerospace, ST Engineering: "This joint venture represents a significant step in growing our aviation leasing business as we expand beyond passenger aircraft and engines to include freighter aircraft assets as part of our portfolio." (ah)