CAM now owns a fleet of five B767-300 craft and 36 B767-200s; every plane is currently in the conversion process or has already been converted.
“This additional 767-300ER aircraft extends our leading global position in the medium wide-body freighter market,” Joe Hete, Air Transport’s president and CEO, said in a statement.
In a note from BB&T Capital Markets regarding the news, Kevin Sterling noted that the purchase from Qantas will help diminish investors’ concerns that the company is having a hard time finding adequate feedstock.
“The new 767-300 comes in addition to two incremental aircraft that were also recently announced — another 767-300 from Qantas, which will be converted to a freighter in early 2012, and a 757-200, which will be converted into a combination passenger/freighter aircraft,” Sterling wrote in the note to investors. “The 757 is expected to enter service for the military in Q3’12 and also increases our confidence in [Air Transport Services Group’s] ability to retain the military business. In addition, we believe that more 767 feedstock will begin to free up in 2012 now that the Dreamliner is coming online.”