Cargo Facts Connect

Crestone Air Partners plans to continue enlarging its presence in the freighter and engine markets.

The Denver-based lessor has grown its portfolio to about $500 million in assets under management since becoming an independent subsidiary of Air T in July 2022. That portfolio includes freighter and passenger aircraft and engines as well as landing gear, Crestone Chief Executive Kevin Milligan says in this week’s episode of “Cargo Facts Connect.”

The lessor started its freighter activities by buying two 737 Classics in 2022, but Crestone now aims to make larger, “package type” transactions, Milligan says.

“In our earlier days, I think we were focused on smaller stuff generally just to get going and to build the track record and the portfolio,” he says. “And now we’re trying to look a little bit more toward scale and some efficiency with the platform.”

Crestone in late 2023 moved into 737NG freighters and bought three from GA Telesis with leases attached, but it still sees value in 737-400Fs.

“Granted, there are still a lot of parked aircraft and it’s going to take years for that to be reabsorbed into the system but, fundamentally, people need freighters and there’s a trend, I think, to more and more of that,” Milligan says. “So, we look for those types of value dynamics. We like the -800 still, at the right price.”

In October, Crestone added another freighter type to its portfolio by taking on the first of two A321Fs under management. That aircraft is an A321-200PCF on lease to Global Crossing Airlines.

“We’re looking for customers out in the market that might want to adopt the A321F,” Milligan says. “We think it offers a lot of capability. It hasn’t been widely adopted yet, though, and I think that’ll come in time.”

Tune in to this week’s “Cargo Facts Connect” to hear more of Milligan’s conversation about Crestone with Cargo Facts Senior Associate Editor Robert Luke.

AeroUnion in June started flying its first A330-300P2F as part of a fleet renewal and collaboration strategy between it and Avianca Cargo.

AeroUnion has based the 2006-vintage unit 791 (ex-SmartLynx) in Mexico City (NLU) for flights within Mexico and to Colombia and the United States, including some on an ACMI basis for the Colombia-based Avianca Cargo.

“We are really happy to welcome the new technology to our company because it’s a radical turnover to our numbers in terms of ability and capacity, and it’s also a big improvement in fuel consumption,” Chief Executive Danilo Correa says in this week’s episode of “Cargo Facts Connect.”

“We are expecting to reduce fuel consumption by about 30%, impacting positively our environmental footprint,” he says.

After beginning operations with the A330, AeroUnion retired its final A300-600F (642) at the end of June and has two 1987-vintage 767-200BDSFs left in its fleet.

Unit 791 is the first of two A330-300P2Fs Avianca Cargo will lease from CDB Aviation. The carrier also has two A330-200P2Fs on the way and intends to place more A330s on AeroUnion’s AOC.

Avianca Cargo’s own fleet consists of six production A330-200P2Fs.

“This is a milestone for the partnership because the old fleet is not as reliable, not as efficient and not as big,” Avianca Cargo Senior Vice President Diogo Elias says. “So, we are up-gauging, we are more reliable, and we have much more capacity.”

The two carriers plan to strengthen operations throughout Latin America using their hubs at NLU, Bogota (BOG) and Miami (MIA).

“This is a running business and we, of course, will find new opportunities to take advantage of,” Correa says.

Tune in to this week’s “Cargo Facts Connect” to hear more on AeroUnion and Avianca Cargo as Correa and Elias speak with Cargo Facts Editor Jeff Lee.