Israel Aerospace Industries’ (IAI) Aviation Group signed an agreement with World Star Aviation to convert ten B737-800 passenger aircraft to cargo configuration, with an option for additional ten conversions. The cargo conversions will take place at IAI’s partially owned subsidiary, Bedek Lingyun (Yichang) Aircraft Maintenance Engineering Co., Ltd (Belinco) in Yichang, Hubei Province, China, and in other locations.
World Star Aviation is a global leading aircraft lessor, specializing in mid-life aircraft and engine leasing/trading with a highly experienced team of professionals. Established in 2003, World Star has been providing aircraft solutions to both passenger and freighter airlines worldwide. World Star Aviation provides full, in-house asset and investment management services with end-to-end aircraft marketing and technical capabilities.
“IAI’s Aviation Group is the world’s leading conversion center and provides wide-ranging solutions at a number of conversion centers in Israel and around the world. The current agreement with World Star Aviation provides a solution for B737-800 aircraft, that will be converted at Belinco’s conversion center as part of the MRO initiative in which we are partners,” said Executive VP & GM of IAI Aviation Group, Shmuel Kuzi. “This agreement is also a result of the rising e-commerce which has increased demand for cargo jets. I am certain we will see many more similar agreements with World Star Aviation in the coming years, and we are always ready to provide top solutions in additional locations worldwide,” Kuzi added.
World Star Aviation Partner, Yoram (Yoyo) Allalouf, said, “World Star Aviation, as a full-service lessor, has a long history in aircraft conversion with IAI. We see this agreement as a strategic next step in the expansion of our global freighter fleet as part of our partnership with Oaktree Capital Management. We see the 737-800 as the backbone of the short haul and feeder freight services. This agreement with IAI compounds our plans to grow our narrow body fleet and complements our wide body freight strategy”.