The company, which underwent a bankruptcy court-supervised restructuring in 2012 completed nine conversions last year, with Casey saying the company expects to complete 16- 20 this year. A little more than half of the 2013 conversions will be B737-300s with about two-thirds of those being full conversions to freighters and the rest will be combi-freighters, or quickchange aircraft.

Several factors are contributing to this year’s increase in conversions, including low acquisition costs on the aircraft, high fuel costs and aircraft age restrictions, according to Casey. The storage and retirement of B737 Classics increased by nearly 25 per cent in 2012.

Casey says Pemco is also looking for ways to grow its maintenance, repair and overhaul business, which most likely will involve expanding its capacity in Tampa, or the “immediate vicinity.” The company is discussing that option with the local airport authority and some state officials, he added.