Avolon, the international aircraft leasing company, said leasing activity was picking up as the world of aviation opens up. For the fourth quarter, the company said it executed a total of 75 lease transactions in the quarter comprising new aircraft leases, follow-on leases and lease extensions. The company said it also delivered a total of 25 new aircraft to seven customers and transitioned eight aircraft to follow-on lessees.
The company said it sold 18 aircraft and also announced a partnership with Boeing, ORIX Aviation, SFS Ireland andSkyNRG, to conduct a feasibility study into the production of Sustainable Aviation Fuel (SAF).
For the year 2022, the company said it executed a total of 237 lease transactions comprising new aircraft leases, follow-on leases and lease extensions. It said it delivered a total of 35 new aircraft and transitioned 35 aircraft to a total of 27customers and sold 36 aircraft in 2022. The company report that its owned and managed fleet stood at 576 aircraft at year end, with total orders and commitments for 258 fuel-efficient, new technology aircraft.
Avolon also said it added 10 new customers during 2022, for a total of 146 airline customers operating in 63 countries. On the finance side, the company said it raised $2.2 billion of new debt, including Avolon’s inaugural JOLCO financing and upsized its unsecured revolving facility to $4.6 billion, bringing total revolving debt capacity to over $6.0 billion at year end.
Avalon said it placed our order for 500 Vertical Aerospace eVTOLs and delivered its first A330 to IAI for conversion to dedicated freighter and received inaugural ESG Rating from Sustainalytics with a score of 16.0, placing Avolon in the ‘Low Risk’ category and the top 5 percent of its industry grouping.
Andy Cronin, CEO of Avolon, said “2022 was a successful year for Avolon as borders reopened around the globe and our customers returned to the skies, capitalising on the pent-up demand for travel. This appetite for travel was reflected in the increased utilisation of our fleet compared to 2021, with demand for both our new and used aircraft support- ing our strong leasing and trading activity. As we enter 2023, the outlook for the business is positive; we have an industry leading platform, an orderbook of new technology aircraft, a global footprint and a robust balance sheet. We are well positioned to continue to support our customers and capitalise on the improving market backdrop.”
8 Avolon aircraft now on lease to Turkish Airlines
Avolon announced previously that it has completed the delivery of five new Airbus A321neos to Turkish Airlines. Avolon now has a total of eight aircraft on lease with Turkish Airlines. Paul Geaney, President and Chief Commercial Officer at Avolon, said: “We are delighted to have worked with Turkish Airlines on this transaction which further strengthens the bond between our two companies. We are proud to support them as they continue the expansion of their network to service the strong recovery, they are experiencing in passenger demand.”
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