Texas-based aircraft lease-finance company Spectre Air Capital has placed the first orders for the Boeing 737-700 and 737-800 freighter conversions.

The order consists of three 737-800 freighters for long-term lease to Korean carrier Air Incheon, and 15 737-700 and 737-800 conversions for Israel Aerospace Industries.

“Demand for express freighters is at an all-time high, with hundreds more required in the coming years to meet the demand created by rapid growth in e-commerce and expansion of the global middle class,” said Jordan Jaffe, CEO and co-founder of Spectre. “The classic freighter feedstock is becoming increasingly scarce and overly expensive for their age. We intend to leverage our ability to purchase in fleet-sized transactions to offer next-generation freighters with attractive economics. Spectre’s order means that 737-700 and 737-800 freighters will be available on a turnkey basis for lease and purchase to forward-thinking customers beginning from Q1 2017 (-700F) and Q3 2017 (-800F), with Spectre taking the attendant technical, financial and schedule risks inherent with aircraft acquisition and PTF modification programs such as these.”

Spectre has current availability on 737-300Fs, 737-400Fs, 757-200Fs and 767-300Fs.