Titan Aviation Leasing (Titan), the joint venture between Titan Aviation Holdings, Inc. (a subsidiary of Atlas Air Worldwide) and Bain Capital, has announced the sale of two Boeing 737-800SF aircraft to ST Engineering, a leading global technology, defense and engineering group headquartered in Singapore.

The aircraft are currently on long-term lease to Georgian Airlines and ASL Airlines.

In a statement, Titan said the sale will enable it to redeploy capital from mature assets to new aircraft acquisitions while the aircraft remain on lease to established operators, maintaining cash flow continuity and delivering risk-adjusted returns to shareholders. This strategy allows the company to balance near-term returns with long-term growth.

"Our collaboration with Titan adds two important lessees and narrowbody freighters as we continue to build up our portfolio of next-generation green freighter aircraft, underscoring our commitment to maintaining fleet flexibility and creating long-term value in a dynamic cargo market," said Ramesh Krishna, head of Aircraft Leasing at Aviation Asset Management, ST Engineering.

"This transaction demonstrates our disciplined approach to capital allocation," said Eamonn Forbes, chief commercial officer, Titan Aviation Leasing. "Selling in-service aircraft to a strategic partner like ST Engineering allows us to realize value while ensuring continuity for our airline customers."

"It also positions us to pursue accretive growth opportunities in a market where demand for modern freighter capacity continues to outpace supply."

Michael Steen, chief executive officer, Atlas Air Worldwide, said the sale is a testament to Titan's versatile asset management model. "It reflects our proven ability to collaborate with industry leaders and generate value throughout the freighter lifecycle," he said.

Matt Evans, a partner at Bain Capital, also welcomed the sale of what he described to be "high-quality aircrafts assets" that both of which underwent passenger-to-freighter conversions in 2022, to a respected industry partner like ST Engineering.

"We look forward to further building on our successful partnership with Titan as we continue to capitalize on attractive, long-term growth opportunities that align with the joint venture's thematic strategy," he said.