Avolon Agrees to sell and lease back nine Airbus A320neo family aircraft to the Cathay Group.
Avolon, a prominent global aviation finance company, has agreed with the Cathay Group to sell and lease back nine new Airbus A320neo family aircraft. The delivery of these aircraft is scheduled for 2026 and 2027. The transaction involves a combination of A321neo and A320neo models.
This deal allows the Cathay Group to incorporate advanced technology aircraft into its fleet. Critically, these new aircraft support its long-term commitment to enhancing connectivity at its primary hub in Hong Kong. Compared to previous-generation Airbus A320 aircraft, the A320neo family offers notable benefits, including 20% fuel savings and reduced CO2 emissions. Specifically, the A321neo is an extended version of this aircraft type. It accommodates up to 244 passengers and flies distances of up to 7,400km.
Presently, Avolon already owns a fleet of 101 A320neo family aircraft. Additionally, it has a robust order book for 192 units as of September 30, 2023.
As of June 30, 2023, the Cathay Group operates a fleet of 225 aircraft. The Group serves over 75 passenger and cargo destinations worldwide. Additionally, it has established codeshare agreements that expand its reach to 160 destinations.
Paul Geaney, President and Chief Commercial Officer of Avolon, stated: “We are delighted to establish this sale and leaseback arrangement with the Cathay Group, one of Asia’s leading airline operators. With the significant rebound in passenger traffic to and from Hong Kong this year, these aircraft will play a vital role in supporting the Cathay Group’s fleet strategy and future expansion.”
About Avolon
Avolon is a prominent global aviation finance company. Effectively, the company bridges the gap between capital and customers. Thus, Avolon drives the evolution of aviation and the widespread advantages of international travel. Avolon takes a strategic, long-term investment approach, ensuring risk diversification and efficient capital management to uphold a robust financial position. Currently, Avolon collaborates with 147 airlines across 65 countries. The lessor boasts a portfolio of 897 owned, managed, and committed aircraft as of 30 September 2023.
Learn more at www.avolon.aero
About the Cathay Group
The Cathay Group, headquartered in Hong Kong, is a renowned brand in the travel industry. With a focus on delivering exceptional experiences, Cathay Group encompasses four core business segments: Premium Travel, Cargo, Low-Cost Travel, and Lifestyle. Cathay Pacific is the flagship airline of Hong Kong and a founding member of the oneworld alliance. The airline operates premium flights for global travelers. Additionally, Cathay Group includes the low-cost carrier HK Express and the express all-cargo carrier Air Hong Kong. Cathay Group airlines enable seamless connectivity for passengers and cargo worldwide. Cathay Group is a publicly traded entity on the Hong Kong Stock Exchange (HKSE) and is part of the Swire Group.
For more information, visit www.cathay.com.