Uzbek airline My Freighter adds 2 more Boeing 767s

July 3, 2024

My Freighter, a startup cargo airline based in Tashkent, Uzbekistan, has signed long-term leases with Air Transport Services Group for two additional Boeing 767-300 converted freighter aircraft, the U.S. leasing and aviation services company announced on Tuesday.

The deal increases the size of My Freighter’s fleet to five aircraft, all of them medium widebody freighters supplied by Air Transport Services Group (NASDAQ: ATSG) via its Irish leasing subsidiary. The airline received its first 767 cargo jet in November. An ATSG official said the two new aircraft are expected to be delivered this month.

ATSG is a vertically integrated aviation company that buys secondhand aircraft, sends them to conversion specialists to remodel their interiors for transporting heavy shipping containers and offers services, including flying, that can be purchased a la carte or bundled with a lease. In the United States, ATSG’s two cargo airlines operate leased aircraft for Amazon and DHL Express.

ATSG in recent years has significantly expanded its international customer base, leasing aircraft to carriers such as My Freighter, SkyTaxi in Poland and Raya Airways in Malaysia as air cargo demand, especially for e-commerce shipments, grows in other parts of the world.

My Freighter connects trade hubs in Asia, Central Asia, the Middle East and Europe, with Tashkent functioning as a transshipment point. It began flying to China this year. A substantial portion of its business comes from e-commerce and fast-fashion platforms including Shein, Alibaba and Temu in China, as well as Zara parent Inditex. Automotive giants Kia and Hyundai, Samsung, the U.S. Agency for International Development and the U.N. World Food Program are also customers, according to the company’s website.

In April, Czech Republic-based logistics provider EGT Express launched scheduled cargo service three times per week between Ostrava Airport and Almaty, Kazakhstan, with a dedicated My Freighter aircraft that continues to Qingdao, China. EGT had previously established private air service between Ostrava and Tashkent utilizing My Freighter.

My Freighter also operates charter passenger flights with a handful of aircraft under the brand Centrum Air.

ATSG has 114 converted cargo jets in service, two more than at the end of 2023, with 46 leased to external airlines. Revenues have been flat to slightly negative in the past year as customers deferred new leases or declined extensions during a pronounced downturn in the air cargo market, which is now experiencing a robust recovery.

ATSG reported first-quarter revenue of $486 million, down 3% year over year. Operating income decreased $22.6 million, to $15.2 million, but the results were better than analysts expected.

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