ST Engineering's aviation asset management business will lease four Airbus narrow-body Passenger-to-Freighter (P2F) aircraft consisting of two A320P2Fs and two A321P2Fs to Malaysian cargo operator, Raya Airways.
Raya Airways' Group Managing Director, Mohamad Najib Ishak, said, “The air cargo industry, being an integral part of the global supply chain, is expected to grow in tandem with the global economy. The recent industry outlook by the International Air Transport Association states that cargo volumes are expected to set a record high of 68.4 million tonnes in 2022 with cargo revenues expected to account for US$191 billion (£159 billion) of industry revenues.”
The four-freighter aircraft for Raya Airways will be converted under the A320/A321P2F programme of Elbe Flugzeugwerke (EFW), which is the joint venture between ST Engineering and Airbus. Conversion for the first aircraft, an A321, has started at ST Engineering's facility in Singapore with expected delivery in the fourth quarter of 2022.
