Surveying a growing fleet of parked Boeing 757-200s and facing plummeting lease rates for the 200-seat passenger jet, Boullioun Aviation Services is predicting a bright future for the aircraft as a replacement for potentially more than 400 ageing Boeing 707, 727 and McDonnell Douglas DC-8 freighters.
"The 757 is the only real and logical replacement for these types," says John Willingham, Boullioun chief financial officer. "Passenger aircraft rates are very soft and the market for freighters looks a lot healthier," he adds.
Boullioun has contracted Precision Engineering to convert the only two 757-200s in its portfolio, with the first freighter, a former National Airlines operated aircraft, due to be completed early next year. Boullioun plans to put the second aircraft into the conversion process once it comes off lease from Philippine carrier Cebu Pacific in around three years, unless the carrier chooses to extend its agreement.
The Seattle-based leasing company selected newcomer Precision Engineering after evaluating rival conversions offered by Boeing, FSI and Structural Integrity Engineering. The deal represents a launch order for the Erickson Group/Wagner Aeronautical joint venture and its main subcontractor Goodrich.
A combination of an ageing 707, 727 and DC-8 freighter fleet and a large number of parked 757s, now totalling 50 aircraft, led Boullioun to conclude there will be lease market for a freighter version.
FedEx is understood to be looking at either new or converted 757s to replace its 727s eventually. Boeing to date is the only company to have converted 757s, delivering 21 ex-British Airways aircraft to DHL, but is currently in the process of restructuring the business to cut costs.
Source: Flight International
