Shot1
I take yr point - but I did apologise in advance. Problem is that many Pprune threads take slightly different tacks as they develop...
And my interest was more than just "reggie spotting" or whatever you call it....
Back to the point however - and using the CV/Panalpina/Atlas/SAT leases as an example.
Panalpina have some specific contracts which require cargo to go from Mexico to USA, and Mexico to Europe, and US to Europe, and vice versa.
They get around this by using cunning plan: wet lease CV for t-rights LUX/MEX, MC or SJ for the US/MEX bit. But it is Panalpina that chooses MC or SJ or whoever, CV acts pretty much as a middle man, adding a few % on rates to cover some of admin costs.
Panalpina (or CV) need US carriers for their low costs and t-rights out of USA... they couldn't do it with CV aircraft on regular basis (if they had a/c available).