ATSG Plans Modernization of Freighter Fleet

Air cargo operators should prepare for a potential shift in aircraft availability as ATSG moves to replace its aging 767 units.

Updated on Oct. 22, 2026 in Business Strategy

Isometric editorial illustration of two freighter aircraft silhouettes on a tarmac, representing fleet modernization and corporate logistics strategy. — Air Transport Services Group is planning a multi-year fleet modernization to replace its aging 767 cargo aircraft with larger widebody freighters. AI Illustration. Upload story photo >

Live Poll

Do you believe corporate fleet modernization efforts typically lead to more reliable service for customers?

Air Transport Services Group is initiating a fleet modernization strategy as leadership reassesses capital deployment for its aging aircraft. The company, which operates 125 converted Boeing 767 airframes, plans to shift toward larger widebody freighters over the next five years.

Why it matters

As the existing Boeing 767 fleet ages, operators must balance capital expenditures against the efficiency gains of newer, larger models. This transition reflects a broader pivot by ATSG to update its asset base following its acquisition by Stonepeak.

ATSG currently manages a fleet of 125 converted Boeing 767 airframes, a portfolio secured through a $3.1 billion acquisition by Stonepeak in April 2025. The company is now evaluating various widebody aircraft models to replace its aging inventory over the next five years.

The players

Air Transport Services Group

A provider of aircraft leasing and air cargo transportation services that operates a large fleet of converted Boeing freighters.

Greg Mays

The chief executive officer of ATSG who is leading the company's effort to modernize its fleet and reassess capital deployment.

Stonepeak

A private equity firm specializing in infrastructure and real assets that acquired ATSG in 2025.

The details

ATSG management is currently reassessing its aircraft needs to address the aging status of its 767 freighter fleet. This strategy includes evaluating advanced widebody models like the A350F or 777 to increase operational capacity and longevity. Simultaneously, the company's leasing subsidiary, CAM, is working to expand its footprint in the A330 freighter market as part of this broader capital reallocation.

April 2025: Stonepeak completed its $3.1 billion acquisition of ATSG.
September 2025: Greg Mays assumed the role of president.
2026: Greg Mays was appointed chief executive officer.
October 22, 2026: The modernization strategy was presented at the Cargo Facts Symposium.
Next five years: The expected timeframe for adding widebody aircraft to the fleet.

Market Landscape

The reliance on converted Boeing 767 airframes has long been the industry-standard strategy for regional and mid-range air cargo operators. ATSG's pivot to larger widebody freighters marks a significant departure from this established pattern as the company addresses fleet obsolescence.

Operators in the air cargo space should monitor ATSG's capital allocation as a bellwether for the shifting viability of legacy 767 conversions. Evaluating the secondary market for freighter capacity over the next five years is essential for businesses planning their own fleet renewals.

The takeaway

ATSG's transition toward widebody freighters highlights the inevitable sunset of the 767-based business model for major air cargo carriers. Owners should track these fleet shift timelines to anticipate changes in narrowbody freighter availability and leasing rates across the broader market.