The US company signed the LOI to lease five A321s with ST Engineering's Aviation Asset Management unit.
In October, GlobalX signed a letter of intent to lease 10 converted Airbus A321 freighters from the asset management specialist Vallair, reports London's Air Cargo News.
ST Engineering will acquire the five Airbus A321 passenger aircraft on its own or through its joint venture companies and finance these aircraft through a mix of equity and non-recourse debt.
These aircraft will be converted and maintained at ST Engineering's global facilities, with the first A321 aircraft to be converted in April 2022 and placed on lease in the fourth quarter of 2022.
The remaining four P2F aircraft will be converted and leased to GlobalX progressively.
Chairman and chief executive of GlobalX, Ed Wegel, said: 'We are extraordinarily pleased and honoured to be working with ST Engineering on our fleet of A321P2F, which is a game changer in the air freight industry. We look forward to working very closely with ST Engineering, a world-class solution provider in aircraft maintenance and freighter conversion, and subsequently in other ways as we grow GlobalX.'
Yip Hin Meng, executive vice president and head of aviation asset management, ST Engineering, said: 'We are delighted to be able to support GlobalX as they make their foray into the growing airfreight market with our end-to-end Aviation Asset Management solutions.'