Air Lease Corporation latest results.

Air Lease Corporation has announced an update on aircraft investments, sales, and significant financing activities occurring in the first quarter of 2023.

As of March 31, 2023, ALC’s fleet was comprised of 437 owned aircraft and 86 managed aircraft, with 376 new aircraft on order from Boeing and Airbus set to deliver through 2029.  

Aircraft Investments

Delivered 22 new aircraft from ALC’s order book including six Airbus A321neos, two Airbus A330-900neos, one Airbus A350-900, five Boeing 737-8s, and eight Boeing 737-9s.

Aircraft investments in the quarter totalled approximately $1.4 billion.

Sales

Sold two aircraft to third-party buyers.

Financing

Issued $700 million of 5.30% senior unsecured medium-term notes due 2028.

Completed inaugural US$600 million sukuk offering, consisting of 5.85% trust certificates due 2028.

ALC is a leading global aircraft leasing company based in Los Angeles, California that has airline customers throughout the world. ALC and its team of dedicated and experienced professionals are principally engaged in purchasing new commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. 

Air Lease Corporation Announces Fourth Quarter & Fiscal Year 2022 Results

Air Lease Corporation has released its financial results for the three months and year ended December 31, 2022.

“Aircraft demand is bolstering lease rates, accelerating our orderbook placements, and intensifying lease extension requests. Airline industry recovery with constrained balance sheets, drive for environmental sustainability, and lack of available delivery slots from the OEMs continues to favor ALC’s business model of providing new aircraft from our orderbook,” said John L. Plueger, Chief Executive Officer and President.

“High quality commercial aircraft are increasingly in limited supply given strong airline need for capacity – exacerbated by ongoing delivery delays at both Boeing and Airbus, which we do not see abating. We expect to see continued growth and strength in global air traffic and airline yields in 2023, offering a counterbalance to global macroeconomic cross-currents,” said Steven F. Udvar-Házy, Executive Chairman of the Board.

Air Lease Corporation Announces Third Quarter 2022 Results

Global passenger traffic, along with airline revenue trends and yields, remains on a solid recovery path with little sign of abatement despite global economic and geopolitical factors is how Air Lease Corporation's boss John L. Plueger opened his statement on the firm's latest results.  

“Our strong balance sheet, young fleet, and attractive order book are once again proving to be the right combination in today’s world for our airline customers. Reflecting this confidence, I am pleased to announce that our Board of Directors has authorized an increase in our quarterly common stock dividend to $0.20 per share, representing the 10th increase and 40th consecutive dividend payment since the founding of ALC,” said Steven F. Udvar-Házy, Executive Chairman of the Board.

Highlights

Took delivery of 14 aircraft from our new order pipeline, representing $843 million in aircraft investments, ending the period with over $28 billion in total assets.

As of September 30, 2022, we had 405 aircraft in our owned fleet, with a net book value of $23.9 billion, a weighted average age of 4.5 years and a weighted average lease term remaining of 7.0 years.

Placed 99% of our contracted orderbook positions on long-term leases for aircraft delivering through the end of 2023 and have placed 58% of our entire orderbook.

Ended the quarter with $30.9 billion in committed minimum future rental payments consisting of $15.1 billion in contracted minimum rental payments on the aircraft in our existing fleet and $15.8 billion in minimum future rental payments related to aircraft on order.

Increased our quarterly cash dividend by approximately 8.1%, from $0.185 per share to $0.20 per share of our outstanding Class A common stock. The next quarterly dividend of $0.20 per share will be paid on January 10, 2023 to holders of record of our common stock as of December 16, 2022.

Third Quarter 2022 Results

The following table summarizes our operating results for the three and nine months ended September 30, 2022 and 2021 (in millions, except per share amounts and percentages):

Three New Boeing 737 MAX jets for Aeroitalia

Today Air Lease Corporation confirmed it had completed a deal to lease three new Boeing 737- MAX jets to Aeroitalia.  These three new Boeing aircraft are scheduled to deliver to the Italian airline from ALC’s order book with Boeing beginning in 2023 through 2024.

“We are very pleased to announce this placement of three new Boeing 737-8 aircraft with Aeroitalia,” said Steven F. Udvar–Házy, Executive Chairman of Air Lease Corporation.  “The capabilities of the Boeing 737-8 will greatly enhance Aeroitalia’s operational efficiency and expanding fleet with the most modern, fuel-efficient aircraft.”

“With this placement, Aeroitalia’s team of seasoned airline industry veterans are prudently growing their fleet and operations to meet the needs of the airline’s steadily growing business,” said AJ Abedin, Vice President of Marketing at Air Lease Corporation.

Gaetano Intrieri, Chief Executive Officer of Aeroitalia, added: “With this lease agreement, we strengthen our business relations with ALC.  We consider this deal a very important step for Aeroitalia in its plan for sustainable green growth and to support the Italian market.  Our team is very proud of the support and trust we have received from ALC, one of the most important worldwide lessors.  Let me give a special thanks to Mr Hazy for believing in our project.”

a 10th Airbus A320-200 for Allegiant from Air Lease Corp.

Air Lease Corporation has confirmed the delivery of a tenth Airbus A320-200 aircraft to the U.S. budget carrier Allegiant this week.  The jet was formerly on lease to Alaska Airlines and is the tenth of ten used Alaska A320s the firm has delivered to Allegiant Air. 

“ALC is pleased to announce this tenth A320 delivery to Allegiant,” said Steven Udvar-Házy, Executive Chairman of Air Lease Corporation. “These ten young A320s are providing valuable service to Allegiant’s growing fleet with advanced technology and fuel efficiency.”

To replace Alaska’s A320 fleet, ALC and Alaska signed long-term lease agreements for 14 new Boeing 737- MAX 9 aircraft of which 11 have already been delivered. The remaining aircraft are scheduled to deliver through the end of 2022 from ALC’s order book with Boeing.

Air Lease Corporation Announces Lease Placement of Five New Airbus A321-200 XLR Aircraft with LATAM Airlines

Air Lease Corporation Announces Lease Placement of 

Five New Airbus A321-200 XLR Aircraft with LATAM Airlines

Air Lease Corporation announced long-term lease placements for five new long-range Airbus A321-200 XLR aircraft with LATAM Airlines.  The aircraft are scheduled to deliver to LATAM starting in fall 2025 through 2026 from ALC’s order book with Airbus.

“We are pleased to announce this lease placement for five new long-range Airbus A321-200 XLRs with our airline customer based in Chile, LATAM Airlines, and be the first to introduce the XLR to the airline,” said Steven Udvar-Házy, Executive Chairman of Air Lease Corporation.  “As the largest South American carrier, LATAM is continuing its fleet modernization program adding the most advanced technology aircraft to enhance efficiency and passenger experience. These five new ALC A321XLR jets will optimize and grow the airline’s expanding international route network.” 

LATAM is Latin America’s leading airline group, with presence in five domestic markets in South America: Brazil, Chile, Colombia, Ecuador and Peru, along with international operations within Latin America and to Europe, US and the Caribbean.  The group operates a fleet including Boeing 787, Airbus A350, A321, A320neo and A319 aircraft, the most modern models of their kind.  

Air Lease Corporation is a leading global aircraft leasing company based in Los Angeles, California that has airline customers throughout the world. ALC and its team of dedicated and experienced professionals are principally engaged in purchasing new commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. 

Air Lease Corporation Activity Update for the Third Quarter of 2022

Air Lease Corporation Activity Update for the Third Quarter of 2022

Today Air Lease Corporation announced an update on aircraft investments and sales activity occurring in the third quarter of 2022.

As of September 30, 2022, ALC’s fleet was comprised of 405 owned aircraft and 87 managed aircraft, with 412 new aircraft on order from Boeing and Airbus set to deliver through 2028.  

Aircraft Investments

Delivered 14 new aircraft from ALC’s order book including two Airbus A220-300s, three A321neos, three Airbus A330-900neos, five Boeing 737-8s, and one Boeing 737-9 

Aircraft investments in the quarter totalled approximately $840 million

Sales 

Sold one aircraft to a third-party buyer

LOT Polish Airlines signs lease deal for 6 Boeing 737 MAX 8 aircraft.

LOT to take 6 unwanted 737 MAX 8 on lease  Photo Boeing

This week the aircraft leasing giant Air Lease Corporation confirmed it had agreed on a deal to lease 6 Boeing 737 MAX 8 jets to LOT Polish Airlines. 

This deal will see all the planes delivered to LOT this month, October 2022 and will add to the five Boeing 737-8 and one Dreamliner aircraft currently on lease to the Polish airline from ALC.

“We are honoured and pleased to expand our long relationship with LOT by leasing the airline six modern 737- [MAX] 8 jet aircraft, in addition to the six aeroplanes currently on lease, doubling the size of the ALC-owned portfolio to 12 aircraft at LOT.  ALC has played an important role in the recent fleet modernization program of LOT since late 2017 and these six additional aircraft will support LOT’s network and development strategy,” said Steven F. Udvar-Házy, Executive Chairman of Air Lease Corporation.

“LOT is in the process of selecting a new fleet in the regional and narrow-body segment.  Until a supplier is selected, we are planning to source aircraft as a bridging solution - the first Embraer 175 and 190 have already joined LOT Polish Airlines' fleet and will soon be followed by the Boeing 737- [MAX] 8.  I am very pleased to see these reliable and economical aircraft completing our single-aisle fleet,” said Maciej Wilk, Chief Operating Officer of LOT Polish Airlines.

Book LOT Polish Airlines flights here.

LOT Polish Airlines was founded in 1928 and is based in Warsaw using Chopin Airport as its main hub. It also flies from Tallinn, Krakow and Budapest, and with over 90 destinations covered in mainly Europe and the Middle East it also has many long-haul flights to North America and Asia.

19 new Airbus aircraft for Germany's Condor.....

One of the global leading aircraft leasing and management companies, Air Lease Corporation, has confirmed the placements of 19 new Airbus aircraft with the German leisure and holiday airline Condor on a long lease basis.

This deal includes 17 Airbus A321neos and 2 Airbus A320neos, with the new aircraft scheduled to start arriving with the airline in early 2024 and continue through until mid-2027.  ALC currently leases five aircraft to Condor, including three A321s and two A320s and the new planes are all from ALC’s existing order book with manufacturer Airbus. 

“We are looking forward to continuing our partnership with ALC in the future. We are thankful for this collaboration as it supports Condor in reaching its next milestones,” says Ralf Teckentrup, CEO of Condor. “With the replacement of our entire long-haul fleet, it‘s the obvious next step for us to modernize our short/medium-haul fleet as well. We consistently focus on modern technology, maximum efficiency and the highest customer comfort and as a result, will have one of the greenest fleets in Europe.”

Steven Udvar-Házy, Executive Chairman of Air Lease Corporation said:  “This significant lease placement for 19 Airbus new generation aircraft continues ALC’s excellent relationship with Condor, one of our key German airline customers. -  The A321neo and A320neo are fundamental to Condor’s fleet operations and to maintain the airline’s highly competitive position in the European market.”

Two new Airbus A321neo aircraft for Qanot Sharq Airlines of Uzbekistan

Air Lease Corporation leases two new Airbus A321neo jets to Qanot Sharq Airlines

Aircraft leasing giant Air Lease Corporation has placed two new Airbus A321neo aircraft on a long-term lease basis with Uzbekistan's Qanot Sharq Airlines, the first privately-owned airline in the country.

Qanot Sharq is led by a team of highly accomplished airline industry professionals and operates as a scheduled carrier, performing services from multiple regional airports in Uzbekistan, providing regular and charter air service to international destinations such as Istanbul, Ankara, Dubai, Jeddah, Medina, Almaty and other Central Asian countries.

 

“We are very pleased with this placement of two new A321neo aircraft with Qanot Sharq Airlines. Thanks to positive economic reforms intended to encourage private sector growth, the Uzbek economy and middle class have been expanding and Qanot Sharq is successfully servicing the increased travel needs of this growing economy,” said AJ Abedin, Vice President of Air Lease Corporation.  "With the addition of these two new state-of-the-art A321neos equipped with long-range fuel tanks for expanded flight mission capabilities, Qanot Sharq and its passengers will benefit from new destinations, operational efficiencies and a premium travel experience.”

Air Lease Corporation Selects Pratt & Whitney GTF™ Engines to Power Up to 166 Airbus Aircraft

Pratt & Whitney announced this week that leading aircraft leasing company Air Lease Corporation (ALC) has selected GTF engines to power 80 firm A320neo family aircraft, as well as 76 firm and 10 option GTF-powered A220 aircraft. This brings ALC’s total to date to 222 firm and 10 option GTF-powered aircraft.

“ALC is continuing to foster our fleet’s growth in 2022 and beyond,” said John Plueger, chief executive officer at ALC. “We are pleased to add more GTF-powered aircraft to our fleet, which offer our customers world-class operating economics and dependability.”

ALC owns, manages and has on order more than 275 aircraft powered by Pratt & Whitney, including Airbus A220 and A320neo families with GTF engines, Airbus A320ceo family with V2500® engines and Airbus A330 family aircraft with PW4000 engines. ALC serves over 110 customers in approximately 70 countries with dynamic fleet solutions. 

“Pratt & Whitney and ALC have a long, collaborative history,” said Rick Deurloo, president, commercial engines and chief commercial officer at Pratt & Whitney. “With increasing fuel and commodity prices and growing concerns about climate change, the GTF leads the pack on fuel efficiency, emissions and noise. These GTF-powered aircraft will help ALC’s customers lower their operating costs and environmental footprint, and we look forward to working with them for years to come.”

Six new Airbus A220-300 aircraft for TAAG Angola Airlines

Today one of the leading aircraft leasing firms,  Air Lease Corporation confirmed a deal for six new Airbus A220-300 aircraft leased long-term to TAAG Angola Airlines. These planes will come from ALC's existing order book with Airbus and are scheduled to arrive between 2023 and the end of 2024 

“ALC is pleased to announce this significant lease placement for six new Airbus A220s with TAAG and be the first to introduce Airbus aircraft to the airline,” said Steven Udvar-Házy, Executive Chairman of Air Lease Corporation.  “The capabilities of the A220-300 will greatly enhance TAAG’s operational efficiency and expanding route network with the most modern, fuel-efficient aircraft.”

“The A220-300 with its fuel efficiency, range and improved operating economics will progressively replace TAAG’s Boeing 737-700 fleet and allow the airline to optimize and broaden its flight schedule coverage and destinations from Luanda,” said Kishore Korde, Executive Vice President of Air Lease Corporation.

“Today we start our relationship with ALC incorporating six new Airbus A-220-300 into our fleet.  It’s indeed a significant announcement for us as we are celebrating a new era and a new vision for TAAG.  We are alive, back in business, breaching with the past to achieve greater results and becoming a reference for Africa. This partnership emphasizes our commitment to grow and further improving our credibility among international stakeholders while creating a new value proposition for our passengers,” said Eduardo Fairen, CEO of TAAG. 

Business slows for Air Lease during second quarter.

One of the major leasing firms has seen a slowing down of business during the second quarter of this year, in which no aircraft sales were recorded. 

The company delivered 21 new aircraft from its own order book including two Airbus A320neos, five Airbus A321neos, one Airbus A330-900neo, two Airbus A350s, nine Boeing 737 MAX jets.

ALC only purchased one new incremental Airbus A321neo, which was concurrently leased to an ALC customer the firm advised in its latest statement. 

ALC is based in Los Angeles, California and has airline customers throughout the world.  ALC and its team of dedicated and experienced professionals are principally engaged in purchasing commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions.  

Air Lease Corporation has leased three new Airbus A321neo aircraft with LATAM Airlines

Today Air Lease Corporation announced long-term lease placements for three new Airbus A321neo aircraft with LATAM Airlines.  The aircraft are scheduled to deliver to LATAM in the summer and fall of 2023 from ALC’s order book with Airbus. 

“We are pleased to announce the long-term leases of three new Airbus A321neo aircraft to the largest airline in South America: LATAM Airlines,” said Steven Udvar-Házy, Executive Chairman of Air Lease Corporation.  “This is another important step in LATAM’s fleet modernization and network strategy optimization.”

LATAM is Latin America’s leading airline group, with presence in five domestic markets in South America: Brazil, Chile, Colombia, Ecuador and Peru, along with international operations within Latin America and to Europe, US and the Caribbean.  The group operates a fleet including Boeing 787, Airbus A350, A321, A320neo and A319 aircraft, the most modern models of their kind.  LATAM is the only airline group of the Americas and one three in the world to join the Dow Jones Sustainability Index World, where it’s recognized for its sustainable practices, based on three criteria: economics, social and environmental. 

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Air Lease Corporation Announces First Quarter 2022 Results

Air Lease Corporation Announces First Quarter 2022 Results

Air Lease Corporation has just announced its financial results for the three months ended March 31, 2022.

John L. Plueger, Chief Executive Officer and President said: “Industry fundamentals continue to strengthen globally – demand is expanding both for new and young used aircraft, supporting continued 

firming of lease rates and bolstering the value of the existing aircraft in our fleet. We benefited from this improving backdrop during the first quarter. While we wrote-off our Russia exposure, we are vigorously pursuing our insurance coverage and believe we have strong and valid claims,” 

Steven F. Udvar-Házy, Executive Chairman of the Board said:  “With the strengthening market, we are monitoring continued delivery delays from Boeing and Airbus very closely, and will adjust accordingly to take advantage of market opportunities – fostering fleet growth in 2022 and beyond. ALC is well-poised to execute successfully on our strategy as the recovery continues. We are also pleased to report that we have fully completed our $150 million common stock repurchase program,” 

Flight Equipment Portfolio

As of March 31, 2022, the net book value of our fleet decreased to $22.3 billion, compared to $22.9 billion as of December 31, 2021. The decrease is due to the write-off of the net book value of our 21 aircraft that remain in Russia, totalling approximately $791.0 million, partially offset by the delivery of eight new aircraft from our new order pipeline and one aircraft from the secondary market. As of March 31, 2022, we owned 370 aircraft in our aircraft portfolio, comprised of 268 narrowbody aircraft and 102 widebody aircraft, and we managed 87 aircraft. 

The 21 aircraft that remain in Russia have been removed from our owned fleet count. The weighted average fleet age and weighted average remaining lease term of our fleet as of March 31, 2022, was 4.5 years and 7.0 years, respectively. We have a globally diversified customer base of 114 airlines in 60 countries. 

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Air Lease Corporation Increases Senior Unsecured Revolving Credit Facility to $7.0 Billion

Air Lease Corporation Increases Senior Unsecured Revolving Credit Facility to $7.0 Billion

Global leasing giant Air Lease Corporation has amended and extended its senior unsecured revolving credit facility with JPMorgan Chase Bank, N.A., as administrative agent, whereby the company extended the final maturity date of the facility from May 5, 2025, to May 5, 2026, and increased the total revolving commitments to approximately $7.0 billion from $6.8 billion, across 52 financial institutions as of May 5, 2022.  The senior unsecured revolving credit facility accrues interest at adjusted term SOFR plus a margin of 1.05% per year with a 0.20% facility fee, each subject to adjustments based on the company’s credit ratings.

“We are pleased to announce the extension of our senior unsecured revolving credit facility by one year to 2026 and upsize of the facility to $7.0 billion,” said Gregory B. Willis, Executive Vice President and Chief Financial Officer of Air Lease Corporation.  “The success of this facility is reflective of ALC’s investment-grade credit metrics and the strength of our platform, and we appreciate the continued support of our lender group.  This credit facility remains a foundational component of ALC’s funding strategy, providing us with a highly cost-efficient and flexible financing tool to support the continued expansion of our fleet.

Aviation Capital Group confirm financing for two Airbus A321neo LR jets for TAP Air Portugal

Aviation Capital Group has confirmed a deal for the financing of two Airbus A321NEOLR aircraft for the national carrier of Portugal, TAP.  

This financing marks the fifth use by ACG’s Aircraft Financing Solutions (“AFS”) program of its $650 million secured funding facility.  This allowed ACG to provide a senior secured loan to TAP and to partner with Novus Aviation Capital, who provided complementary mezzanine financing.  Together, ACG and Novus were able to offer TAP an attractive and comprehensive financing solution.  

 “ACG is grateful to have had the opportunity to work with TAP and Novus on this financing.  We were able to draw upon our established relationship with Novus to effectively meld the senior and junior loans and to provide TAP with timely and efficient financing.  Moreover, we were finally able to bring to fruition ACG’s long-held desire to work with TAP again,” said Andrew Falk, Managing Director of ACG.

Mamoun Kuzbari, Chief Commercial Officer, Novus Aviation Capital said: “We are delighted to complete this transaction with both ACG and TAP, continuing to support an existing airline customer. Not only are we building on our relationship with this additional financing for TAP, but we are also very proud to have a strong foundation with ACG that will allow both parties to collaborate on future opportunities. This debt structure is an attractive value proposition and the combination of asset type and stakeholders involved makes it appealing for both Novus and Tamweel Aviation Finance, one of the industry’s leading mezzanine loan providers.”

Gonçalo Pires, Chief Financial Officer of TAP Air Portugal said: “TAP is very pleased to work with ACG and Novus on this financing and we are very confident that these two additional A321neo LR aircraft that are joining our fleet, already one of the youngest and most efficient in the world, will contribute to the success of our airline,”

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Air Lease Corp releases its latest results.....

Today Air Lease Corporation announced an update on aircraft investments, sales, new significant financing, and other activity occurring in the first quarter of 2022.

As of March 31, 2022, ALC’s fleet was comprised of 391 owned aircraft and 93 managed aircraft, with 451 new aircraft on order from Boeing and Airbus set to deliver through 2028.  

Aircraft Investments

• Delivered eight new aircraft from ALC’s order book including one Airbus A320neo, two Airbus A321neos, one Airbus A330-900neo, three Boeing 737-8s, and one Boeing 737-9
• Purchased one incremental Boeing 737-800, which was concurrently leased to an ALC customer
• Aircraft investments in the quarter totalled approximately $490 million

Sales

• No aircraft sales occurred during the quarter

Financing

• Issued $1.5 billion of senior unsecured medium-term notes comprised of $750 million of 2.20% senior unsecured medium-term notes due 2027, and $750 million of 2.875% senior unsecured medium-term notes due 2032

 Russia Exposure

• In March of 2022, we terminated leases for all ALC aircraft on lease to Russian airline customers.  We currently have 21 owned aircraft remaining in Russia, representing approximately 3.4% of our fleet by net book value as of March 31, 2022.

ALC is a leading aircraft leasing company based in Los Angeles, California that has airline customers throughout the world.



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Airbus A330-200 for new UK Sentra Airlines

This week Air Lease Corporation confirmed it will lease a used Airbus A330-200 aircraft to the new UK based start-up airline, focused on niche point-to-point scheduled destinations, Sentra Airways.

This used plane will be the first for the new airline and is scheduled to delivered this summer to the Bradford based airline. The first destination for Sentra is scheduled to be Accra, Ghana, from Manchester, which it hopes to start before the end of the year. More routes will then follow including further African destinations and the USA. The startup is trying to position itself as an "Airline of Choice" for the operational routes served, future alliances,  “Sentra Airways, Your Best Value Airline.”        

    

“Sentra Airways is delighted to have finally reached this significant milestone,” said Ishmael Musah, Chairman and Accountable Manager of Sentra Airways. Bruce Fenton, Executive Director of Sentra Airways also commented: “We would like to express our thanks to ALC for being our lease partner for the first Sentra Airways A330-200. We look forward to further collaborations with ALC and completing the regulatory approvals to gain our UK AOC certification later this year.” 

    

“ALC is pleased to announce this lease placement for one A330-200 with Sentra Airways,” said Lauren Kervick, Assistant Vice President of Marketing of Air Lease Corporation.  “Sentra has an exciting growth and business plan operating from the UK to West Africa, and we look forward to growing our relationship over the coming years.”

          

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Corendon Airlines Group to get Boeing 737 MAX jets from Air Lease Corporation

Aircraft leasing giants Air Lease Corporation has confirmed the placement of nine new Boeing 737 Aircraft with the Corendon Airlines Group.

The deal includes five new 737-MAX 8 aircraft to be delivered this year to Corendon Airlines (Turkey) and one new 737 MAX 8 delivered next year.  Corendon Airlines Group will lease three new 737MAX 9 aircraft that are scheduled to deliver to the airline starting in the first half of 2023.  

“ALC is a major lessor to the Corendon Airlines Group with three operating airlines in the Netherlands, Malta and Turkey, and we are pleased to announce these lease placements today,” said Steven F. Udvar-Házy, Executive Chairman of Air Lease Corporation.  “These nine new Boeing 737 aircraft offer the most modern, fuel-efficient new technology that will greatly enhance Corendon’s overall fleet operations and passenger experience.”

“We appreciate and thank ALC for the long-time cooperation and fleet support,” said Yildiray Karaer, Chairman of the Corendon Group.

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