Boeing 737-800 dominates freighters; A321, A330 conversions increasing

The Boeing 737-800 freighter fleet has almost doubled in size to 113 from 59 a year ago, demonstrating its sustained appeal as an aircraft of optimal size and value for conversion, according to the latest update from aviation industry consultant IBA.

"Despite its increasing legacy status, the Boeing 767-300 freighter fleet has also continued to grow from 127 to 156, driven by the plentiful availability of feedstock aircraft from retiring passenger fleets."

Despite a much smaller baseline, data from IBA's InsightIQ platform demonstrates clear growth in Airbus converted freighter fleets. "The A321 freighter fleet has doubled from four to eight aircraft over the past year while the size of the A330 (-200 and -300) fleet has also increased from 10 to 16."

The growth in demand for these aircraft types is illustrated by the increasing number of conversion centres for each with at least nine facilities becoming active for A321, six for A330 (with IAI still to announce) and 15 for Boeing 737-800, the report added.

Over the past twelve months, IBA estimates that the market values of most freighter types have remained stable with only a slight drop, especially in younger model aircraft. "The value of a 2006 build Boeing 737-800BCF has dropped 3.7 percent to $21.23 million, and the value of a 2001 build A321-200 PTF has declined 6.3 percent to $22.79 million. The only major exception are the Boeing 737 Classic types where, for example, a 1999 build 737-400BDSF has fallen by a more significant 14 percent to $7.05 million."

During a recent webinar, IBA also outlined the impact of the Russia–Ukraine crisis on the freighter aircraft market. InsightIQ data show that there are 23 freighter aircraft on lease within Russia from non-Russian lessors – a fraction of the notable number of passenger aircraft in the same situation though still significant in terms of asset value. The non-Russian lessors with the greatest exposure in the freighter market are AerCap with 10 freighters placed in Russia, followed by Voyager Aviation and Airwork both with five, although the latter has repossessed one of its aircraft.

"The restrictions on Russian widebody freighters operating outside of the country coupled with detours caused by airspace closures and rising fuel prices have cumulatively affected air freight rates which, as of March 2022, were up 27 percent year on year."

UK-based IBA had $1.1 billion of aircraft under its asset management programmes, over 3,500 aircraft valuations in 2021, and handled over 330 aircraft and engine inspections annually.