- ST Engineering has signed an LOI to lease up to five A321P2F aircraft to Global Crossing Airlines (JET)
- ST’s Aviation Asset Management division will provide maintenance services to these aircraft over the period of the lease
- The first aircraft will be leased to Global Crossing by Q4 2022
- Singapore-based ST Engineering is a global technology, defense and engineering group
- Global Crossing Airlines intends to fly as an ACMI and wet lease charter airline serving the U.S., Caribbean and Latin American markets
- Global Crossing (JET) is down by 0.44 per cent and is currently trading at $2.26 per share
ST Engineering has signed an LOI to lease up to five A321P2F aircraft to Global Crossing Airlines (JET).
ST’s Aviation Asset Management division will provide maintenance services to these aircraft over the period of the lease.
Subject to the signing of a definitive agreement, ST will acquire the five Airbus A321 passenger aircraft on its own or through its joint venture companies using a mix of equity and non-recourse debt.
ST will convert the first aircraft in April 2022 and place it on lease by Q4 2022. The remaining aircraft will be converted and leased to Global Crossing progressively thereafter.
Ed Wegel, Chairman and CEO of Global Crossing, commented,
“We are extraordinarily pleased and honoured to be working with ST Engineering on our fleet of A321P2F, which is a game-changer in the air freight industry. We look forward to working very closely with ST Engineering, a world-class solution provider in aircraft maintenance and freighter conversion, and subsequently in other ways as we grow GlobalX.”
Singapore-based ST Engineering is a global technology, defense and engineering group.
Global Crossing Airlines is a U.S. 121 domestic flag and supplemental airline now in FAA certification. It intends to fly as an ACMI and wet lease charter airline serving the U.S., Caribbean and Latin American markets.
Global Crossing (JET) is down by 0.44 per cent and is currently trading at $2.26 per share as of 9:32 am ET.
