World Star Aviation (WSA) has finalized a two-aircraft lease agreement with Philippine cargo operator Skyway Airlines Inc. through the delivery of a second Boeing 737-400SF freighter.

Announced in a company press release on June 26, 2026, the handover increases Skyway’s total fleet to three aircraft. The addition is intended to support the carrier’s network expansion across the Asia-Pacific region.

Completing the two-aircraft agreement

The delivery concludes an arrangement that began with a letter of intent signed in June 2025. World Star Aviation delivered the first Boeing 737-400SF of the pair on October 27, 2025. That initial handover marked the lessor’s first registered cargo-aircraft in the Philippines.

Skyway Airlines Inc. Chief Executive Officer José Peralta stated the new capacity will directly support regional operations.

“It is with great excitement that we welcome our third aircraft, the second one from WSA. This addition will further enhance Skyway’s network within the Asia-Pacific region. We are grateful to WSA for their professionalism and dedication in delivering this aircraft,” Peralta said.

Lessor strategy and regional growth

For World Star Aviation, the transaction reinforces its footprint in the Asia-Pacific cargo sector. The lessor has positioned itself to supply converted narrowbody freighters to growing regional operators.

André Abreu, Vice President Marketing & Sales at World Star Aviation, highlighted the ongoing collaboration between the two companies.

“This second delivery reflects the strong relationship WSA has built with Skyway Airlines since its debut as a cargo airline. We are grateful for Skyway’s continued trust in our team and proud to support the airline’s growth with cost-effective freighter solutions,” Abreu said.

AirPro News analysis

We view the continued reliance on Boeing 737 Classic freighters, such as the 737-400SF, as a practical strategy for emerging cargo airlines in the Asia-Pacific market. While newer generation conversions like the Boeing 737-800BCF are becoming more prevalent, the 737-400SF offers a lower capital entry point for operators looking to scale capacity quickly. Skyway’s decision to triple its fleet over the past year indicates strong regional demand for dedicated narrowbody freight services.

Sources: World Star Aviation

Emirates SkyCargo has commenced commercial operations with its first Boeing 777-300ERSF, completing an inaugural flight from Hong Kong to Dubai on June 30, 2026. The deployment makes the Dubai-based operator the first combination carrier to utilize the passenger-to-freighter converted aircraft, commonly known in the industry as the “Big Twin.”

In a press release issued on June 30, 2026, Emirates detailed the integration of the converted freighter, registered as A6-EBK, into its expanding logistics network. The aircraft introduces a 25 percent increase in cargo volume compared to the production Boeing 777-F, targeting the high-volume, low-density requirements of the global e-commerce sector.

Fleet expansion and capacity metrics

The introduction of the Boeing 777-300ERSF marks the sixth freighter inducted into the Emirates SkyCargo fleet since March 2026, following the delivery of five production Boeing 777-F aircraft. The converted airframe provides 811 cubic meters of cargo volume and a payload capacity of 100 tonnes.

The spatial design of the 777-300ERSF accommodates 47 total pallet positions, which is 10 more than the standard Boeing 777-F. This volumetric advantage aligns with shifting air freight demands, as e-commerce goods currently constitute approximately 20 percent of global air cargo tonnage.

Badr Abbas, Divisional Senior Vice President of Emirates SkyCargo, stated that the induction represents the next step in the expansion of the fleet and operational agility.

“We are optimising our fleet assets by converting older Boeing 777-300ER passenger aircraft to meet the growing demand for air cargo capacity to transport goods rapidly across the world,” Abbas said.

The Big Twin conversion program

The Boeing 777-300ERSF conversion program is a joint venture launched in 2019 by aircraft lessor AerCap and Israel Aerospace Industries (IAI). The modification process engineers older passenger airframes into dedicated freighters, extending the operational lifecycle of the Boeing 777-300ER.

The specific aircraft deployed by Emirates, A6-EBK, was originally delivered to the airline as a passenger jet in 2006. The conversion program achieved regulatory clearance in September 2025, receiving its Supplemental Type Certificate (STC) from the FAA and the Civil Aviation Authority of Israel (CAAI).

Emirates plans to continue its fleet expansion through the end of the year. The carrier expects Delivery of five additional Boeing 777-F aircraft and one more converted Boeing 777-300ERSF by December 2026. Three additional converted Boeing 777-ERSFs are scheduled to join the fleet in 2027.

Network growth and strategic positioning

The rapid induction of new capacity has facilitated a significant expansion of the Emirates SkyCargo route map. The carrier’s global freighter network has grown from just over 40 destinations in February 2026 to 62 current destinations.

Abbas noted that the combination of the growing Boeing 777-F fleet and the new converted freighters allows the airline to provide scalable capacity and connectivity through its Dubai hub.

AirPro News analysis

We view the deployment of the Boeing 777-300ERSF by a major combination carrier like Emirates as a strong validation of the IAI and AerCap conversion program. While purpose-built freighters like the Boeing 777-F remain the backbone of heavy lift operations, the volumetric efficiency of the 777-300ERSF fills a specific and growing niche. With e-commerce driving demand for space over sheer weight, converting fully depreciated passenger airframes offers a capital-efficient method to capture market share. The aggressive delivery schedule through 2027 indicates Emirates is positioning itself to dominate the high-volume logistics corridors connecting Asia, the Middle East, and Europe.

Sources: Emirates

CDB Aviation has executed a sale and leaseback agreement with Lufthansa Airlines for two Boeing 787-9 aircraft, marking the Irish lessor’s first direct leasing transaction with the German flag carrier.

Announced in a company press release on July 1, 2026, the transaction involves widebody aircraft delivered to Lufthansa in late 2025 and early 2026. The deal expands CDB Aviation, a wholly owned subsidiary of China Development Bank Financial Leasing Co., Ltd., into a direct relationship with a top-tier European credit while adding new-technology assets to its portfolio.

Transaction details and delivery timeline

The two Boeing 787-9s involved in the agreement feature Lufthansa’s new Allegris cabin configuration. The lessor is acquiring the aircraft specifically from Lufthansa Asset Management Leasing GmbH, the airline’s dedicated asset management entity.

The leaseback arrangement, structured under operating leases, is expected to close by mid-July 2026. This timeline aligns with CDB Aviation’s broader strategy to grow its aviation leasing assets under Hong Kong listing rules, securing long-term placements for highly liquid aircraft types.

Expanding the Lufthansa Group relationship

While this agreement represents the first direct aircraft lease between CDB Aviation and Lufthansa Airlines, the lessor has an established history with the broader corporate group. CDB Aviation previously executed aircraft sales to Lufthansa Group sister carriers Austrian Airlines and Eurowings, and has also conducted business with Lufthansa’s engine leasing division.

Gavan Daly, Head of Commercial for Europe, the Middle East, and Africa at CDB Aviation, highlighted the strategic value of formalizing a direct lease with the mainline carrier.

“This sale and leaseback agreement with Lufthansa represents a key transaction for CDB Aviation, as we continue to grow the portfolio with top-tier credits and new technology, liquid assets.”

AirPro News analysis

We view this transaction as a standard but strategic portfolio enhancement for CDB Aviation, aligning with the broader industry trend of lessors targeting highly liquid, new-generation widebody aircraft. Securing a direct lease with Lufthansa Airlines diversifies the lessor’s European footprint while providing the airline with capital flexibility following its recent fleet modernization investments. The Boeing 787-9 remains a highly sought-after asset in the secondary market, minimizing residual value risk for the lessor over the life of the operating lease.

Sources: CDB Aviation