ST Engineering Leases Four Airbus P2F Aircraft to Raya Airways

LONDON – ST Engineering has announced a leasing agreement with Raya Airways for four of its Airbus P2F family aircraft.

Raya Airways is joining the high-demand market for cargo as it will receive two A320P2F and two A321P2F aircraft, with deliveries expected to take place in 4Q22.

Executive Comments…

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[1] 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$191b of industry revenues.”

“With the introduction of the A320P2Fs and A321P2Fs into our fleet, we are able to scale up our operational capacity to meet the growing demand, whilst being able to reduce the carbon footprint as we push forward our sustainability agenda,”

Raya Airways’ Chief Commercial Officer, MD Hidayat Rahim, said, “These are truly exciting times at Raya Airways as the added payload capacity will enable us to add numerous major routes to further expand the company’s footprint in the region.”

“Once converted, each A321P2F will offer 27 tonnes while each A320P2F will offer 21 tonnes, effectively increasing Raya Airways’ combined payload by up to 96 tonnes. Our commitment to our clients is that wherever there are economic centers with robust future prospects, Raya Airways aims to be there”.

“We are delighted to enter our first freighter aircraft leasing partnership with Raya Airways,” said Yip Hin Meng, EVP and Head of Aviation Asset Management at ST Engineering.

“Our unique leasing solutions such as the bundling of aircraft leasing with MRO services, when combined with in-house developed P2F programs and top-notch conversion standards, offer operators best-in-class economics and unparalleled levels in reliability.”

The Timetable…

The four freighter aircraft for Raya Airways will be converted under the A320/A321P2F program of Elbe Flugzeugwerke (EFW), which is a 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.

This is more good news for ST Engineering and for the P2F market, as airlines and other companies are beginning to realize the successful potential this project has.

It is probably expected that we will see more of these aircraft ordered at the Farnborough Air Show moving forward, and will be definitely a project to look out for.


It remains clear that ST Engineering is leading the way on the P2F front, and is definitely a contender against Boeing’s Converted Freighters program.

All eyes will be on the firm going into the Farnborough Air Show as more orders will probably be expected, given the significant boom the cargo industry has had in the wake of e-commerce and the COVID-19 pandemic requiring cargo.

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