Air Transport Services Group (ATSG) has signed a new lease agreement with Air Incheon for one Boeing 767-300 converted freighter and an option for a second.

The company says both are set for delivery in 2018, while it has also expanded its dry-leased 767-300 freighter fleet with three deliveries in November.

ATSG West Leasing Limited subsidiary in Ireland has committed to lease one converted B767-300F to Air Incheon of South Korea for a multi-year term anticipated to commence on 31 March, 2018. ATSG West Leasing has also granted Air Incheon an option to lease a second 767-300F for delivery later in 2018.

Air Incheon currently operates two Boeing 737F aircraft from its base in Seoul Incheon International Airport. A third 737 is undergoing passenger-to-freighter conversion via a contract with PEMCO, a division of ATSG’s Airborne Maintenance and Engineering Services (AMES) subsidiary.

Air Incheon president and founder, YK Park says: “Adding the 767-300 to our fleet means we can offer our customers more options for reliable, economical air lift throughout our growing network. We look forward to a lasting partnership with ATSG.”

ATSG chief operating officer, Rich Corrado adds: “We are very pleased to announce ATSG’s relationship with Air Incheon via this Boeing 767 freighter lease. Together with its expanding Boeing 737 freighter fleet, the larger 767 will extend Air Incheon’s range and level of service for its expanding base of customers in Asia and elsewhere.”

In November, ATSG’s Cargo Aircraft Management subsidiary completed delivery of three converted 767-300Fs under multi-year dry-lease agreements, one each to Cargojet, Northern Aviation Services, and Amerijet. ATSG holds lease commitments for six of the eight 767s it currently expects to deliver through September 2018.