Dubai-based ACMI operation Silver Air has unveiled plans for fleet upgrade after two new investors contributed $4 million to the company.

Silver Air, which currently operates three Boeing 737-200 aircraft on an ACMI basis, is to upgrade its fleet with 737 classic models.

It plans to have a fleet of 10 aircraft by 2010 to establish the company as the Gulf Region's leading ACMI carrier. The carrier is looking at 737-300 and 737-400 models to be the core of its fleet.

ATI sister publication Commercial Aviation Online understands that Silver Air is in the process of receiving its first aircraft, a Boeing 737-300.

In an interview with CAO, the ACMI carrier's CEO Steffen Harpoth says Silver Air will operate five aircraft by the end of this year. "Our business plan is to add an aircraft on a quarterly basis," he comments.

However the 737-200 fleet is not scheduled for an exit before the next decade. According to Harpoth, Silver Air will still operate two aircraft of the type by 2010.

Harpoth says the new funding also means that Silver Air can forge ahead with plans to secure an aircraft operating certificate in the UAE.

Silver Air will look at additional funding in the future to fund its fleet upgrade and expand operations.

"We are planning to come to the market for a private funding round by early next year, in which we aim to raise a significant amount of money," he concludes.

Source: Air Transport Intelligence news