English asset management firm 3TOP Aviation Services has made its first move into the freighter market by acquiring three Airbus A321 freighters. The transaction marks an extension of the company's existing narrowbody aircraft investment strategy into the air cargo segment.

According to a statement released by 3TOP on November 3, all three aircraft come with their CFM56 engines. The company has not disclosed the identities of the aircraft, which were previously operated by SmartLynx before being converted into freighters by Elbe Flugzeugwerke (EFW).

Several former SmartLynx aircraft remain parked

Data from Cargo Facts Consulting indicates that at least four CFM56-powered A321-200P2F aircraft formerly associated with SmartLynx are currently parked.

The aircraft identified include:

  • Unit 1017: Built in 1999, this aircraft was registered to JP Lease as of October 28, according to the Maltese aircraft registry.

  • Unit 1713: Dating from 2002, it is owned by Cross Ocean Partners, according to the Austrian aircraft registry.

  • Units 1185 and 1241: Both manufactured in 2000, these aircraft were previously owned by Aero Capital Solutions.

The latter two aircraft have since been sold to an undisclosed buyer, Daniel Watson, chief commercial officer at Aero Capital Solutions, confirmed to Cargo Facts.

The financial value of these aircraft also provides an indication of the scale of the transaction. Teresa Rothschild, senior economist and director of asset management at aviation consultancy Avitas, estimates that a CFM56-powered A321-200P2F manufactured between 1999 and 2002 would be worth approximately $17 million to $19 million.

Separately, valuation firm IBA reported on August 28 that a 1998-built A321-200 freighter had a half-life market value of $19.3 million.

3TOP keeps its plans for the aircraft under wraps

Although the acquisition has been confirmed, 3TOP has not revealed what it intends to do with the three freighters. The company has declined to say whether the aircraft will be sold, leased to operators or dismantled for parts.

Paul Dsilva, 3TOP's vice president of operations and technical, explained that the investment reflects the company's assessment of the market's potential.

He said the company is seeing increasing demand for the A321 freighter platform and considers the acquisition a natural progression of its established narrowbody strategy into the cargo aircraft market.

A321 freighter market still facing operational challenges

However, the A321 freighter fleet is still struggling with availability and utilization issues despite the growing interest in the aircraft type.

Of the some 80 A321 freighters in service worldwide, 38% were grounded as of September 30, according to Cargo Facts Consulting data.

Performance of the aircraft has been affected by several external factors so far. These include the closure of SmartLynx in 2025 which affected the availability of aircraft that had been associated with the operator, and higher leasing costs for CFM56 engines, IBA said.

Aircraft have also been retired for disassembly in the second-hand market. APOC purchased one ex-SmartLynx A321 freighter for tearing down this summer.

A regional demand second wind for the A321F

But the outlook in some markets may be getting better. Industry experts at the Cargo Facts Symposium 2026 in Nashville, Tennessee, discussed the potential for a resurgence of interest in the A321 freighter, especially in certain geographic areas.

In Europe, Titan Airways chief commercial officer Alex Harrington said that the A321 could eventually replace Boeing 757 freighters as operators look to the longer-term development of their fleets.

Interest is also coming from the Middle East and Asia. "Stakeholders in both regions are actively looking for A321 aircraft suitable for conversion into freighters," said Gary Warner, president of 321 Precision Conversions.

For EFW’s chief executive Jordi Boto, 2027 could be a make or break year for the future of the A321F program. “The year will bring more clarity on two key issues: the availability of aircraft and the level of demand from operators,” he said.

According to Boto, many of the uncertainties around fleet availability and operator interest will finally be answered in 2027.

Thus the year ahead could be a pivotal one for the A321 freighter market as conversion opportunities, regional demand and the economics of operating the aircraft come into sharper focus.