Philippine low-fare carrier Cebu Pacific has signed a deal with Avolon for the sale and leaseback of four new A330neo aircraft. The first aircraft is scheduled for delivery in late 2024, and the final delivery is planned for 2026.
Avolon already has 11 aircraft on lease to the airline, comprising five A320ceos, three A320neos and three A330neos. The new aircraft will support Cebu’s expansion of its route network in Asia and the Middle East.
Paul Geaney, President and Chief Commercial Officer, Avolon, commented: “The Cebu 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. 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.”
Alex Reyes, Cebu Pacific’s Chief Strategy Officer, commented: “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.”
As the short supply of new aircraft continues, lessors will likewise continue to see strong customer demand for their aircraft and order books.
As part of its New Horizons paper, Avolon anticipates that the remaining delivery slots for manufacturers of widebody aircraft will be sold out to 2030 by the end of 2024, and Asian airlines that wait to order risk missing out.
Image credit: Avolon
