Boeing 767-300F ACMI Wet Lease: Costs, Terms and How to Secure Capacity in 2026
What a Boeing 767-300F ACMI lease covers, what the customer still pays, how block-hour rates and minimum guaranteed hours work, and the clauses to check before signing. With 767F production ending in 2027, we also profile Georgian 767 operator Geosky.
Leasing a 767 Freighter on ACMI: What Airlines Pay For and What They Get
The Boeing 767-300F sits between the narrowbody freighters and the 747 and 777. It is large enough for containerised widebody loads and small enough to fill on medium-haul lanes. New-build supply is ending and conversion feedstock is thin, so for many airlines, forwarders and integrators the fastest way to add 767 lift is an ACMI contract with an operator that already flies the type. This article sets out who pays for what, how the rate is built, which clauses carry the risk, and where independent operators such as Georgia's Geosky fit.
The 767-300F at a glance
Figures below are as published by Geosky for its 767-300 freighters. Payload and volume vary between factory-built 767-300Fs and converted 767-300BCFs, so always ask the operator for the aircraft-specific weight and balance data before planning loads.
Why 767 freighter capacity is tight
Boeing has said it will end 767-300F production in 2027 once its existing orders are delivered, leaving the 767-2C tanker platform as the only version on the line. Forecast International reported that the bulk of the remaining backlog belonged to UPS and FedEx, which means almost none of the last new aircraft will reach the open market.
The second source of supply is conversion. Air Cargo News, citing Cirium, reported that 767 conversion feedstock is now very limited and fewer conversions are being carried out. Delta, United and Japan Airlines are retiring passenger 767s over the coming years, but each airframe still needs a conversion slot and several months in the hangar before it can carry freight.
What the operator covers and what stays with you
Under ACMI, the operator flies the aircraft on its own air operator certificate and supplies the four items in the name: aircraft, crew, maintenance and insurance. The customer controls the commercial side, sells the space and pays the costs that change with every sector. Cargo Facts describes the arrangement as closer to an extended charter than a lease, with the customer providing the loads and paying for fuel and airport and handling fees.
The split below is the market norm. Individual contracts move items between the columns, so check each line in the term sheet.
| Cost item | Usually paid by | What to check in the contract |
|---|---|---|
| AircraftOwnership or head lease | Operator | Named tail number, age, engine type and the substitute aircraft offered if it goes AOG |
| Flight crewPilots and loadmaster | Operator | Crew sets per aircraft, duty limits and who pays crew positioning to your base |
| MaintenanceLine and heavy checks | Operator | Who supplies line engineers at outstations and how scheduled checks affect the MGH |
| InsuranceHull and third-party liability | Operator | Liability limits, war risk cover and whether you are named as additional insured |
| FuelIncluding into-plane fees | Customer | Fuel burn assumptions per sector and who buys fuel at each station |
| Airport and navigationLanding, parking, route charges | Customer | Whether the operator invoices these at cost or adds a handling margin |
| Ground handlingRamp, cargo and de-icing | Customer | Handling agents at each station and who arranges de-icing in winter |
| Permits and traffic rightsOverflight and landing permits | Customer | Which party applies, lead times and who carries the cost if a permit is refused |
| Crew hotels and transportAway from the operator's base | Usually customer | Hotel standard, per diems and whether long layovers count against your hours |
How a 767F ACMI rate is built
Cargo ACMI is priced per block hour, measured from chocks off to chocks on. The customer commits to a minimum guaranteed number of block hours each month (the MGH) and pays for those hours whether or not the aircraft flies them. Hours above the minimum are billed at the agreed rate. Long-term agreements commonly run for one to three years.
Five factors move the hourly rate more than anything else:
- Term and MGH. A two-year contract at high utilisation earns a lower hourly rate than a six-week peak-season placement.
- Aircraft age and engines. Older airframes cost less to own but more to maintain, and maintenance is in the operator's price.
- Crew base. Flying from the operator's home base is cheaper than basing crews abroad for months.
- Routing. Short sectors use more cycles per block hour, which raises maintenance cost per hour.
- Timing. Rates rise when the market is tight, especially ahead of peak season and Chinese New Year.
For broader market pricing, see our analysis of aircraft lease rates by model in 2026, and our explainer on operating and finance leases if you are weighing ACMI against a dry lease.
Short-term charter or long-term ACMI
Short-term placements of a few weeks to a few months suit peak season, a customer's own aircraft going into heavy maintenance, or a trial on a new lane before committing to it. Expect a higher hourly rate and less choice of aircraft.
Long-term ACMI suits scheduled networks with steady volumes, such as a forwarder running a fixed China to Europe programme. A longer term gives the operator the certainty to base crews and plan maintenance around your schedule, and it usually brings the rate down.
A middle route is a fixed charter: the operator flies a set rotation for one customer on a weekly schedule. Geosky's programme for COSCO Shipping Airfreight, which links Chongqing and Milan through Tbilisi four times a week, is an example of this model.
Eight things to check before you sign
- AOC and safety audits. Ask for the current AOC, the IOSA registration and recent audit findings.
- Approvals for your network. A non-EU operator flying into the EU needs EASA third-country operator authorisation. See our guide to EU and UK wet-lease rules.
- Dangerous goods approval. Confirm the operator is approved for the DG classes you plan to carry.
- Named aircraft and substitution. The contract should name the tail and set out what happens, and who pays, if it goes AOG.
- MGH mechanics. Check whether unused hours roll over, how maintenance downtime reduces the minimum, and how the minimum is measured (monthly or quarterly).
- Crew levels. The number of crew sets per aircraft decides how many hours the aircraft can really fly each day.
- Insurance certificates. Get them before the first flight, with your company named.
- Termination and failure. Notice periods, early-exit fees and what happens if the operator loses its certificate. Our guide to protecting capacity when an ACMI provider fails covers the clauses.
Geosky: 767 freighter ACMI from the Caucasus
Founded in 2017 and based in Tbilisi, Geosky is, according to Georgia's Civil Aviation Agency, the busiest airline in the country by number of flights. Its core market is cargo between Europe and Asia, with Germany, Georgia and China as the main flows. The airline has moved to a single-type widebody fleet, retiring its 747-200 freighters and ending 757 operations to focus on Boeing 767-300 converted freighters. Its fleet page now lists the 767-300F only.
Geosky's ACMI and charter offer covers both short-term leases for seasonal peaks and long-term ACMI with dedicated crews and maintenance support, with a stated focus on operations across Europe and Asia. The airline reports more than 4,000 flights to 66 countries since launch, and lists pharmaceutical, automotive, retail, forwarder and airline customers on its cargo page. Certificates and approvals are published on its certifications page.
Frequently asked questions
What does a Boeing 767-300F ACMI lease include?
The operator supplies the aircraft, the flight crew, maintenance and hull and liability insurance, and flies under its own air operator certificate. The customer sells the cargo and pays the variable costs of each flight: fuel, landing and navigation charges, ground handling, overflight permits and, in most contracts, crew hotels and transport away from the operator's base.
How is a 767 freighter ACMI rate calculated?
ACMI is priced per block hour, and the customer guarantees a minimum number of block hours per month (the MGH). The customer pays for the MGH whether or not the aircraft flies them, and hours above the minimum are billed at the agreed rate. Aircraft age, contract length, crew base, routing and market demand all move the rate.
How long do freighter ACMI contracts run?
Long-term cargo ACMI agreements commonly run for one to three years. Short-term placements of a few weeks or months are used to cover peak season, maintenance gaps or the launch of a new route, usually at a higher hourly rate.
Why is 767 freighter capacity getting harder to find?
Boeing plans to end 767-300F production in 2027 once current orders are delivered, and most remaining new-build aircraft are going to FedEx and UPS. Consultants have also reported that passenger 767s suitable for conversion are now limited. That leaves ACMI operators with existing 767 freighters as one of the quickest routes to this size of capacity.
Which operators offer Boeing 767-300F ACMI capacity?
Providers include large US operators such as ABX Air and Atlas Air, European groups such as Challenge Group, and independent carriers such as Georgia's Geosky, which flies Boeing 767-300 converted freighters from Tbilisi and offers both short-term charter and long-term ACMI.
Key takeaways
The 767-300F remains the default medium widebody freighter, and the end of new production in 2027 will keep existing aircraft in demand. Under ACMI the operator carries the aircraft, crew, maintenance and insurance, while the customer pays fuel, handling, airport charges and permits. Price is set per block hour against a monthly minimum, and the minimum is where most of the customer's risk sits. Before signing, confirm the operator's approvals for your network, the named aircraft and substitution terms, and what happens on early exit. Capacity for winter and early 2027 is being contracted now.
Looking for 767 freighter capacity?
Geosky offers Boeing 767-300 freighters on short-term charter and long-term ACMI from its Tbilisi base, serving Europe, the Middle East, Africa and Asia.
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