Icelease orders up to three 767-300BCFs as Singapore conversion line set for Q1 induction

Boeing has signed a deal with Iceland-based lessor Icelease for one 767-300BCF conversion, plus options for two more, with the first airframe set to enter ST Engineering's airframe MRO facilities in Singapore in the first quarter of 2027.

The converted freighter should be redelivered in Q2 2027, according to Boeing's November 2, 2026 statement. The agreement itself was signed on October 22, 2026, on the sidelines of the Cargo Facts Symposium — the industry gathering where conversion deals have traditionally found their way onto paper.

The work goes to ST Engineering's Singapore MRO campus, one of the conversion sites in Boeing's freighter network. That matters for scheduling: a Q1 2027 induction paired with a Q2 2027 delivery implies a roughly one-quarter turn on the airframe, the kind of throughput lessors need if a single firm order plus two options is to mature into a repeatable pipeline.

What does the deal mean for Icelease and IAT Leasing?

Sigthor Einarsson, Managing Partner at Icelease, framed the contract as more than a one-off transaction.

"This agreement with Boeing to convert up to three Boeing 767 aircraft marks an important milestone for both Icelease and its Dublin-based sister company IAT Leasing," Einarsson said. "The history between Icelease and Boeing dates over 20 years and includes a multitude of new aircraft deliveries as well as cargo conversions."

The converted 767-300BCF will feed IAT Leasing's managed cargo portfolio, which is already populated with seven Boeing 737-800BCFs and other freighter types placed with various customers. Einarsson added: "The Boeing 767-300BCF will join the growing managed cargo aircraft portfolio of IAT Leasing, which already includes seven Boeing 737-800BCF and other freighters leased to various customers."

The narrowbody-to-widebody step is the structural story here. IAT's existing converted-freighter book is all 737-800BCF; adding a 767-300BCF moves the portfolio into a payload and range bracket that serves operators running regional and medium-haul cargo lanes rather than feeder networks.

By Boeing's account, Icelease manages a portfolio of around 40 narrowbody and widebody passenger and cargo aircraft. Those assets sit across four different equity partners and are leased to airlines worldwide — a structure that makes conversion timing, and the lease placements that follow it, a question of equity-partner appetite as much as airline demand.

How does Boeing read the order?

Lindsey Douglas, Boeing's Vice President for Cabin, Modifications, Maintenance and Digital Services, tied the deal to the broader converted-freighter program rather than the individual airframes.

"Icelease is an important partner for our Boeing Converted Freighter programs, and this agreement underlines our continued collaboration to meet global cargo demand," Douglas said. "The 767-300BCF is a proven performer in the cargo industry, and we are confident it will continue to deliver value for many years to come."

The claim of proven performance is one the delivery record can bear out; what remains open is whether Icelease exercises the two options. A firm order for a single conversion is a measured bet, sized to test demand before committing widebody feedstock at scale.

The first verdict arrives quickly enough: induction at ST Engineering Singapore in Q1 2027, with the redelivered freighter's first placement under IAT Leasing to follow in the second quarter.