VANCOUVER, CANADA — Canada's new carrier Global Crossing Airlines signed a definitive agreement with the Icelandic aircraft leasing company to convert an Airbus A321 aircraft (MSN 2840) and lease it to GlobalX for a period of eight years.

The Aircraft is currently operated by GlobalX in passenger configuration and will be converted at a Precision Aircraft Solutions facility starting in October 2023 and is expected to be placed into freighter revenue service by April 2024. GlobalX helped arrange for the sale of the Aircraft from the current lessor Magnetic Leasing to Icelease in order to facilitate the conversion agreement.

"We are delighted to be working with the team at Icelease, whom I have known for many years. They understand our business, think creatively, move decisively, and will continue to work with us on additional A321 freighter transactions," said Ed Wegel, Chairman and CEO of GlobalX.