ATSG plans to acquire and convert two B737-400Fs for placement with their joint venture partner, Chinese-based Okay Airways. On their 4Q16 earnings conference call, management stated they plan to acquire, convert, and place these aircraft. The all-in post conversion cost of a B737-400F is ~$8MM according to management. “ATSG is attempting to start their joint venture with Okay Airways and VIP shop. These aircraft will initially be placed with Okay Airways and likely transition to the joint venture after it receives regulatory approval. The e-commerce air freight market in China is in an earlier stage of development than it is

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