THE APEX TIMES
The aerospace company and the Dublin-based lessor Icelease agreed to convert one 767-300 Boeing Converted Freighter (BCF) now and add options for as many as two more. The first aircraft is scheduled to be inducted in early 2027, with deliveries expected in mid-2027.
Boeing said it has signed an agreement with Icelease for up to three 767-300 Boeing Converted Freighters, as the lessor expands its managed cargo fleet. Under the deal, Icelease will place an order for one 767-300BCF and hold options for up to two additional converted freighters, according to a Boeing company update released Nov. 2, 2026.
Boeing said the first converted aircraft is scheduled for induction in the first quarter of 2027, with delivery expected in the second quarter of 2027. Boeing will carry out the conversion at ST Engineering airframe maintenance, repair and overhaul (MRO) facilities in Singapore, where the work will be integrated into the converted-freighter build timeline.
In comments included with the announcement, Icelease managing partner Sigthor Einarsson described the agreement as a milestone for both Icelease and IAT Leasing, Icelease’s Dublin-based sister company. Einarsson said the relationship between Icelease and Boeing dates back more than 20 years and has included multiple new-aircraft deliveries as well as cargo conversions over that period.
Boeing’s update also emphasized that the 767-300BCF is intended to expand Icelease’s “managed cargo aircraft portfolio.” Icelease said the company’s existing portfolio already includes seven Boeing 737-800BCFs plus other freighters leased to customers. The company framed the 767-300BCF as a continuation of that platform, rather than a shift into a new aircraft type.
Boeing’s vice president for Cabin, Modifications, Maintenance and Digital Services, Lindsey Douglas, said Icelease is an important partner for Boeing’s Boeing Converted Freighter programs and called the agreement a continuation of their collaboration. Douglas added that the 767-300BCF is a “proven performer” in cargo and is expected to deliver value over many years.
The companies marked the occasion with a signing ceremony on Oct. 22, 2026 at the Cargo Facts Symposium. Boeing described the 767-300BCF as the world’s most efficient medium widebody converted freighter and provided performance figures, including a stated range of 3,300 nautical miles and a payload of 57 tonnes.
For Boeing, the agreement extends an approach it has used to align production capacity with demand for freighter capacity conversion. The “Boeing Converted Freighter” model refers to repurposing passenger aircraft into cargo configuration, typically through structural modifications and installation of systems tailored to cargo operations, rather than building freighters from scratch.
For Icelease and the broader aircraft leasing market, freighter conversion deals are often used to manage the tradeoff between fleet flexibility and lead-time risk. By securing conversion slots and delivery timing tied to a recognized freighter conversion program, lessors can plan aircraft placement with airline customers while keeping their fleets responsive as cargo demand evolves.
Boeing did not disclose pricing, the size of any option commitments, or details on how the options would be exercised. The company also did not provide an overall order value, contract duration, or any allocation of conversion capacity beyond the stated induction and delivery windows for the first aircraft.
Looking ahead, the near-term milestone to watch is whether Boeing and ST Engineering meet the planned Q1 2027 induction and Q2 2027 delivery schedule for the first 767-300BCF. The market will also be watching whether Icelease exercises options for the additional converted freighters and how quickly the expanded 767 freighter capacity can be placed with airline cargo operators.
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