Avolon, a global aviation finance company, has agreed to sell and lease back four new Airbus A330neo aircraft with Cebu Pacific, the Philippines low-cost carrier, on Wednesday (Apr. 3).
The first aircraft is scheduled for delivery in late 2024, with the final delivery planned in 2026. The new aircraft will support the route expansion of Cebu Pacific in Asia and the Middle East and its goal to transition to a fuel-efficient, new technology fleet with lower carbon emissions. Compared to the previous generation A330ceo, the A330neo offers an increased range of over 13,300km (7,200 nautical miles) and 25% lower fuel consumption and CO2 emissions.
“The (Cebu Pacific) team is doing a fantastic job expanding the airline’s operations and we are delighted to use our balance sheet to support the addition of four new A330neos to their fleet,” said Paul Geaney, President and Chief Commercial Officer, Avolon.
“With the continuing recovery of air travel in Asia we look forward to further opportunities to support customers on sale and leaseback transactions, or through our order book, as the availability of widebodies out to 2030 continues to tighten,” he added.
“These new A330neos support our goal of transitioning to a more fuel-efficient fleet and will support our continued expansion of routes both in and to the Middle East. We appreciate Avolon’s continued support of our growth strategy as we further strengthen our position as one of Asia Pacific’s leading low-cost carriers,” said Alex Reyes, Chief Strategy Officer, Cebu Pacific.
Cebu Pacific has been an Avolon customer since 2012, with Avolon already leasing 11 aircraft to the airline: five A320ceos, three A320neos, and three A330neos.
Avolon continues to experience strong customer demand for its aircraft and orderbook given the undersupply of new aircraft. The widebody production recovery is lagging behind narrowbodies resulting in a tighter market and longer wait times for twin-aisle aircraft. The company forecasts that manufacturers will sell out the remaining delivery slots for widebody aircraft up to 2030 by the end of this year.
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