ST Engineering to lease five A321P2Fs to GlobalX

The A321s will be bought, converted and maintained by ST Engineering, with the first plane to be converted in April 2022.

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ST Engineering Signs LOI to Lease Up to Five A321P2F Aircraft to Global Crossing Airlines Photo credit: GlobalX

Global Crossing Airlines, also known as GlobalX, has signed up for five A321P2F conversion from ST Engineering, as the US-based startup charter service dips into the air freight market.

ST Engineering, through its aviation asset management unit, will acquire five Airbus A321 passenger aircraft on its own or through joint venture companies and will provide maintenance services over the period of lease.

The A321 feedstock will be converted and maintained at ST Engineering’s global facilities, with the first plane to be converted in April 2022 and placed on lease in the fourth quarter of the same year. The Singapore-based company said the remaining four aircraft will be converted and leased to GlobalX progressively.

Also read: A321 freighter conversions to start in China

GlobalX received its first A320 aircraft at its new base Miami International Airport in January this year and plans to acquire narrowbody aircraft for both passenger and cargo charter operations. It also mentioned wanting to operate an A330.

Subject to FAA and DOT approvals, GlobalX intends to initially fly as an ACMI and wet lease charter airline serving the US, Caribbean, and Latin American markets.

ST Engineering earlier announced a joint venture with Temasek to focus on cargo aircraft leasing and investing in narrowbody jets for freighter conversion.

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