Under the terms of the agreement, the first two aircraft will still be delivered on long-term lease to Philippine Airlines later this month and in December, honoring a delivery schedule first announced in June 2015.
Two of the aircraft will be cancelled, with Intrepid instead opting for two new 747-8F freighter jets scheduled for a 2017 delivery.
The 747F deal is subject to long-term lease with a current Boeing customer of the type. A further two will be rescheduled from Q4 2017 and Q1 2018 to Q1 2019.
“While we are confident in the long-term value proposition of the 777-300ER, we saw value for our business in converting a portion of our investment commitment with Boeing into earlier and uniquely capable 747-8F freighters on very long lease to one of the industry’s premier cargo operators,” said Doug Winter, Intrepid’s president & chief commercial officer.