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AerCap CEO: Airlines Extend Leases On Older Aircraft
Airlines are extending a substantial number of leases for older aircraft to take advantage of lower fuel prices, and are deferring deliveries of new jets, according to AerCap CEO Aengus Kelly. Affected aircraft types are mainly Airbus A340s, and Boeing 747s and 757s. Kelly also expects demand to grow for used Boeing 777s and Airbus A330s, which will be coming off their first leases in significant quantities in the next 1–3 years. “We have seen lots of these cases,” Kelly said on the sidelines of the IATA annual general meeting here. Leases are being extended by 2–3 years before the aircraft are retired, but not if heavy engine maintenance checks would be required to continue operation, he said. Kelly said he has not seen many cases where leases are extended beyond a few years.
AerCap Delivers First of Two New Airbus A350 XWB Aircraft to Cathay Pacific Airways
AerCap Holdings N.V announced the delivery of a new Airbus A350-900 to Cathay Pacific Airways, the first of two new A350-900 aircraft deliveries on long-term lease from AerCap’s order book with Airbus. AerCap has one of the largest Airbus A350 XWB portfolios with a total of 29 owned and on order aircraft – one of the most in-demand aircraft in the world.
AerCap President and Chief Commercial Officer Philip Scruggs said, “We are pleased to deliver the first A350-900 to long-time customer airline, Cathay Pacific Airways. The Airbus A350-900 offers unrivalled levels of operational efficiency while offering an enhanced guest experience with superior levels of comfort and well-being. We look forward to continuing our successful relationship with the Cathay Pacific team as the airline optimizes its fleet.”
Avolon delivers an Airbus A320-200 aircraft to Nile Air
Avolon announced the delivery an Airbus A320-200 aircraft to Nile Air. This is the first Avolon aircraft on lease to Nile Air.
GE Capital Aviation Services Delivers First of Two New Leased Boeing 787-9s to Air Canada as Part of Purchase-and-Leaseback Transaction
GE Capital Aviation Services (GECAS) announced delivery of a new leased Boeing 787-9 aircraft powered by General Electric GEnx engines to Air Canada as part of a purchase-and-leaseback transaction with the airline. A second new 787-9 aircraft is scheduled for delivery to Air Canada in June. Both aircraft are part of Air Canada’s order book with Boeing. Air Canada placed an order for 37 Boeing 787s and this delivery represents their 20th 787 to join the fleet.
“Air Canada is a longstanding GECAS customer and we are delighted to support its fleet renewal program with our first leased 787-9,” said Alec Burger, president and CEO of GECAS.
“GECAS has been a strong partner of Air Canada’s on many fleet financing opportunities over the years and this is the latest example of our successful partnership,” said Michael Rousseau, Executive Vice President and Chief Financial Officer, Air Canada.
SMBC Aviation Capital delivers its first Airbus A320neo aircraft
SMBC Aviation Capital has taken delivery of its first Airbus A320neo aircraft at the Airbus facility in Toulouse. The aircraft is being leased to GoAir and is the Indian airline’s first Neo with a second A320neo due on sale and leaseback in June. This brings the number of aircraft leased by SMBC Aviation Capital to GoAir to five. In total, SMBC Aviation Capital has 110 A320neo and 5 A321ceo on order from Airbus. Commenting on the milestone delivery, Peter Barrett, CEO of SMBC Aviation Capital said, "GoAir has been a long-standing and valued customer of SMBC Aviation Capital since 2007 and we are very pleased to announce the delivery of this aircraft, a first for both parties. This development is a positive continuation of our relationship, with both the airline and Airbus.
Irish Aviation Research Institute © 15 June 2016 All Rights Reserved