GECAS to Lease Seven Converted 737 Freighters to Kitty Hawk
18 May 2004
DALLAS, May 6, 2004 -- Kitty Hawk announced today it has signed a contract to lease seven (7) Boeing 737-300SF aircraft from GE Commercial Aviation Services (GECAS). Kitty Hawk will be the North American launch customer for the 737-300SF, the freighter version of one of the best-selling and most popular commercial passenger aircraft of all time.
The first aircraft will be delivered to Kitty Hawk in November, with the balance of the order delivered through 2005. The two pilot, twin-engine aircraft will be powered by CFM-56 jet engines. The lease term for the new aircraft will be 10 years, with extension options at the end of that term. Other financial terms were not disclosed. Work to convert the passenger 737-300s to SF models (freighters) will be performed by one of the premier passenger to cargo aircraft conversion companies in the world, Israel Aircraft Industries, Bedek Division. For the present time, Kitty Hawk will continue to operate all of its 20 Boeing 727F aircraft, though some of those aircraft will be retired in the years ahead.
“This is a significant step toward enhancing the Kitty Hawk fleet and preparing our company for the future,” said Robert W. Zoller, Kitty Hawk’s president and CEO. “The 737-300SF will be a tremendous addition - it is a very fuel efficient, environmentally friendly aircraft, capable of achieving federal Stage 4 noise regulations and possessing a modern digital technology flight deck. As such, the B737-300SF will provide lower operating and maintenance costs for our company. This obviously expands our fleet and reaffirms our commitment to growing our company in a way that makes good, solid economic sense. We are honored to be working closely with industry leaders GE Commercial Finance and IAI.”
As a recognized leader in air cargo customer service, Kitty Hawk is the premier provider of guaranteed, mission-critical, scheduled overnight air freight transportation to approximately 60 cities across North America including, Alaska, Hawaii, Toronto, Canada and San Juan, Puerto Rico. With more than 30 years experience in the aviation and air freight industries, Kitty Hawk plays a key connecting role in the global supply chain. Kitty Hawk serves the logistics needs of more than 1,500 freight forwarders, integrated carriers and major airlines with its fleet of B727 freighter aircraft (and soon, new Boeing 737-300SF aircraft), its ground truck-network as well as its 239,000 square-foot cargo warehouse, US Customs clearance and sort facility at its Fort Wayne, Indiana hub.
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