ASTAR Air Cargo Acquires Aircraft
ASTAR Air Cargo today announced it has finalized terms to purchase two DC-8-73 aircraft with long-range capabilities and a spare engine currently leased from Bank of America’s leasing division. Acquisition financing to ASTAR has been arranged and is being provided by HSH Nordbank AG, New York Branch. The aircraft are part of ASTAR’s current dedicated fleet assigned to DHL Express under a long-term ACMI agreement expiring in 2019.
“ASTAR made the strategic decision to purchase these airplanes to enhance our position as a provider of airlift services for our primary customer, DHL Express,” said Steven A. Rossum, Executive Vice President and Chief Financial Officer of ASTAR. “Less than a year ago, HSH arranged and provided the financing to enable ASTAR to complete the acquisition of 20 Boeing 727-200A Freighters. This newest acquisition of aircraft is consistent with our business growth strategy to lower our costs and enhance our competitiveness”.
