[Cargo Facts] Singapore-based Asia Cargo Network has entered the aviation finance sector with the launch of its U.K.-based leasing company, ACN Aeroleasing.
A joint venture between Asia Cargo Network (ACN) and Plane Invest, ACN Aeroleasing will build its portfolio around 737 Classic and NG freighters, ACN told Cargo Facts.
ACN Aeroleasing is part of ACN’s strategy to build fleet investment capital for its subsidiaries, the group said in a release.
In addition to providing leasing options in the United Kingdom and Europe, ACN hinted at plans for further expansion with the news that it may launch a new AOC within two years to provide freighter capacity to Europe, the group told Cargo Facts.
In addition to providing leasing options in the United Kingdom and Europe, ACN hinted at plans for further expansion with the news that it may launch a new AOC within two years to provide freighter capacity to Europe, the group told Cargo Facts.
Plane Invest, which leases narrowbody and regional aircraft, is the investment vehicle of Principal Hal Gamble, who has more than fifty years of experience in aviation leasing.
ACN Chief Executive Marco Isaak said at Cargo Facts Asia 2023 that the group plans to begin 767-300F operations from Asia to Europe and Africa, after reaching a deal with Bahrain-based MENA Cargo Aerospace to place up to five aircraft in the Middle East.
Isaak also said ACN expects to slowly phase out its 737 Classic freighters and upgrade to a diversified fleet of 737NG freighters, which will include two 737-800SFs the group will acquire from Singapore-based Transcend Aero Services to operate alongside its three 737-800BCFs on lease from BBAM.
ACN became the first 737-800F operator in Southeast Asia at the end of 2020 when it took delivery of a 2000-vintage 737-800BCF (29052, ex-Aeromexico). That aircraft was the first 737-800 to enter the Boeing conversion line at GAMECO in Guangzhou (CAN).
ACN operates thirteen Boeing narrowbody freighters: three 737-800BCFs and one 737-400F with Malaysia-based World Cargo Airlines, five -300Fs with Indonesia-based Asia Cargo Airlines, three -300Fs with Indonesia-based RGA-Black Stone Airlines and one -300F with Bahrain-based MENA Cargo.
