AerCap celebrates the delivery of its 50th 737-800 Boeing Converted Freighter

AerCap, the aircraft leasing giant has announced it has taken delivery of its 50th 737-800 Boeing Converted Freighter (BCF). The aircraft conversion was completed at COOPESA, a leading MRO provider with expertise in aircraft modifications and conversions. The aircraft was redelivered to GOL Linhas Aéreas, who will operate the aircraft on behalf of a Latin-American e-commerce company, as part of the growth strategy and logistics solution of GOLLOG, Gol's logistics business unit.

In 2016, AerCap Cargo was the launch customer of the Boeing 737-800BCF and took delivery of its first aircraft in April 2018.

"We are delighted to celebrate this milestone delivery with our partners at Boeing and our longstanding customer, GOL. Since the program launched in 2016, we have seen unprecedented demand for express air cargo from e-commerce retail businesses," said Rich Greener, the Head of AerCap Cargo. "Today, the 737-800BCF is one of the most in-demand narrowbody freighter aircraft in the industry, thanks to its versatility and reliability, making it the perfect choice for express air cargo and e-commerce networks."

2022 results for AerCap

AerCap Holdings has announced its major business transactions during the full year and fourth quarter 2022:

Full Year 2022 Transactions

Signed 570 lease agreements.

Completed 118 purchases.

Completed 207 sale transactions.

Signed financing transactions for approximately $4.2 billion.

Fourth Quarter 2022 Transactions

Signed 159 lease agreements, including 4 widebody aircraft and 76 narrowbody aircraft, 37 engines and 42 helicopters.

Completed 43 purchases for 30 aircraft (including 22 Airbus A320neo Family aircraft, 1 Airbus A220, 1 Airbus A330neo, 1 Boeing 737 MAX, 1 Boeing 787-9 and 3 Embraer 195 E2s for AerCap's owned aircraft portfolio and 1 aircraft for AerCap's managed aircraft portfolio), 9 engines and 4 helicopters.

Completed 97 sale transactions for 64 aircraft (including 9 Airbus A320 Family aircraft, 3 Airbus A320neo Family aircraft, 8 Airbus A330s, 33 Boeing 737NGs, 1 Boeing 767-300ER, 2 Boeing 777-200ERs, 1 Boeing 737-300SF, 2 Boeing 747-400Fs and 4 Embraer E170s from AerCap's owned aircraft portfolio and 1 aircraft from AerCap's managed aircraft portfolio), 20 engines and 13 helicopters.

Signed financing transactions for approximately $750 million.

Late in December, AerCap announced the delivery of the first of six new Airbus A330-900neo aircraft to German leisure carrier, Condor. The remaining aircraft are scheduled to deliver in the summer 2023 through 2024.

“We are delighted to announce the delivery of the first of six new Airbus A330-900neo aircraft to Condor, and to see the aircraft painted in their distinctive new striped livery design,” said Peter Anderson, the Chief Commercial Officer of AerCap. “The A330neo aircraft is the perfect choice for Condor and will enable them to expand their network using the most modern, fuel-efficient technology while supporting their sustainability commitments. We wish the team every success and we look forward to continuing to build our partnership in the years to come.”

"With AerCap as our very experienced and supportive partner, we are looking forward to welcoming the next A330-900neo within the upcoming months" said Björn Walther, the Chief Financial Officer of Condor. "Thanks to the great cooperation we are able to take an important step towards a successful future."

AerCap to lease deal with TUI for 3 Embraer E195-E2 aircraft

 

                        AerCap Holdings, one of the globes leading aircraft leasing specialists has confirmed a new deal signed with the TUI Group on three Embraer E195-E2 aircraft which are scheduled to begin delivery from March through to May 2023. The aircraft, powered by Pratt & Whitney GTF™ engines, will be the first E195-E2 to enter TUI's fleet and will be taken on a long-term lease arrangement. 

AerCap was the launch lessor customer of Embraer's E-Jets E2 program in 2019 and has a total of 45 Embraer E190-E2s and E195-E2s owned and on order.

"We are very pleased to announce the lease placement of three E195-E2s with TUI. AerCap has a long history of working with TUI and we are excited to be a part of their fleet renewal plan," said Peter Anderson, Chief Commercial Officer of AerCap. "The E195-E2s are the perfect aircraft to support TUI's operations with greater versatility and improved efficiencies, enabling them to meet their sustainability commitments. We wish TUI every success with the E2-Jets, and we look forward to working with them as these aircraft deliver."  

"We are thrilled to add the E195-E2 to our Belgium fleet. Operating on short and medium-haul routes, the new aeroplane is the most efficient aircraft in the market. It uses less fuel, has a longer range, while at the same time is 50% quieter and emits up to a third less carbon dioxide. The aeroplanes will operate mostly out of Antwerp, from where they will fly to more distant airports, which will allow us to expand into new holiday destinations from Northern Belgium." said Marco Ciomperlik, Chief Airline Officer, TUI Group.

Various aircraft models from many airlines are available to buy here.

AerCap has placed firm orders for 15 Airbus A321-200 Passenger to Freighter (P2F) aircraft conversions and an option for a further 15 A321P2F conversions with Elbe Flugzeugwerke GmbH ‘EFW’

Photo AerCap

AerCap Holding announced today it has placed firm orders for 15 Airbus A321-200 Passenger to Freighter (P2F) aircraft conversions and an option for a further 15 A321P2F conversions with Elbe Flugzeugwerke GmbH 'EFW'. The aircraft are from AerCap's A321 passenger portfolio and are expected to begin delivery in 2023 through 2025.

"Extending the life of our A321 fleet will complement the Cargo portfolio and meet the strong demand from our diverse customer base, from which we've seen a significant appetite for this freighter," said Rich Greener, Head of AerCap Cargo. "The A321 freighter is the best-in-class and most fuel-efficient aircraft to replace the B757-200 freighter. This transaction is in line with our cargo portfolio strategy of diversifying our fleet with improved economics and returns. We look forward to working with the EFW team on this program and thank them for the trust they have placed in AerCap."

"We are glad to finalize the agreement with AerCap on the A321P2F conversions," says Jordi Boto, CEO of EFW. "Our young A320P2F family program has gone from strength to strength and gained traction very quickly in the market with a dozen aircraft already in operation."

Elbe Flugzeugwerke GmbH (EFW), a subsidiary of ST Engineering and Airbus, combines various aviation activities under one roof including the development and manufacturing of fibre-reinforced composite components for aircraft structures and interiors of the entire Airbus family, the conversion of passenger aircraft into freighter configuration, maintenance and repair of Airbus aircraft as well as engineering services in the context of certification and approval. With almost 30 years of experience, and more than 40 conversion customers worldwide, thereof the largest Express carriers in North America and Europe but also renowned General Freight and Combination Carriers, EFW is the Centre of Excellence for freighter conversions driving the development of the Airbus freighter family.

AerCap Announces Agreement with EFW for up to 30 Airbus A321 Passenger-to-Freighter Conversions

Photo AerCap

AerCap Holding announced today it has placed firm orders for 15 Airbus A321-200 Passenger to Freighter (P2F) aircraft conversions and an option for a further 15 A321P2F conversions with Elbe Flugzeugwerke GmbH 'EFW'. The aircraft are from AerCap's A321 passenger portfolio and are expected to begin delivery in 2023 through 2025.

"Extending the life of our A321 fleet will complement the Cargo portfolio and meet the strong demand from our diverse customer base, from which we've seen a significant appetite for this freighter," said Rich Greener, Head of AerCap Cargo. "The A321 freighter is the best-in-class and most fuel-efficient aircraft to replace the B757-200 freighter. This transaction is in line with our cargo portfolio strategy of diversifying our fleet with improved economics and returns. We look forward to working with the EFW team on this program and thank them for the trust they have placed in AerCap."

"We are glad to finalize the agreement with AerCap on the A321P2F conversions," says Jordi Boto, CEO of EFW. "Our young A320P2F family program has gone from strength to strength and gained traction very quickly in the market with a dozen aircraft already in operation."

Elbe Flugzeugwerke GmbH (EFW), a subsidiary of ST Engineering and Airbus, combines various aviation activities under one roof including the development and manufacturing of fibre-reinforced composite components for aircraft structures and interiors of the entire Airbus family, the conversion of passenger aircraft into freighter configuration, maintenance and repair of Airbus aircraft as well as engineering services in the context of certification and approval. With almost 30 years of experience, and more than 40 conversion customers worldwide, thereof the largest Express carriers in North America and Europe but also renowned General Freight and Combination Carriers, EFW is the Centre of Excellence for freighter conversions driving the development of the Airbus freighter family.

A busy thrid quarter for leasing giant AerCap

AerCap leased, purchased and sold 255 assets in the third quarter of 2022

AerCap Holdings has announced its major business transactions during the third quarter 2022:

Signed 184 lease agreements, including 30 widebody aircraft, 104 narrowbody aircraft, 3 regional jets, 23 engines and 24 helicopters. Completed 34 purchases for 15 aircraft (including 12 Airbus A320neo Family aircraft and 1 Airbus A220 aircraft for AerCap's owned aircraft portfolio and 2 aircraft for AerCap's managed aircraft portfolio), 16 engines and 3 helicopters. Executed 37 sale transactions for 21 aircraft (including 4 Airbus A320 Family aircraft, 2 Airbus A320neo Family aircraft, 1 Airbus A330, 2 Boeing 737NGs, 2 Boeing 777-200ERs, 2 Boeing 767-300ERs, 1 Boeing 737-800BCF and 3 Boeing 747-400Fs from AerCap's owned aircraft portfolio and 4 aircraft from AerCap's managed aircraft portfolio), 13 engines and 3 helicopters. Signed financing transactions for approximately $1.4 billion. AerCap is one of the global leaders in aviation leasing with one of the most attractive order books in the industry. AerCap serves approximately 300 customers around the world with comprehensive fleet solutions. AerCap is listed on the New York Stock Exchange (AER) and is based in Dublin with offices in Shannon, Miami, Singapore, Memphis, Amsterdam, Shanghai, Abu Dhabi, Seattle, Toulouse and other locations around the world.

AerCap agrees retention and lease extension deal with SAS for 6 Airbus A320 Aircraft

AerCap confirmed today that it has signed agreements with SAS for the retention and lease extension of six Airbus A320 aircraft.

"We are delighted to support SAS as it implements its business transformation plan, 'SAS FORWARD', through a voluntary chapter 11 process which is expected to lead to a financially stable and profitable airline. These aircraft will help to support SAS with its objectives of being a highly competitive and operationally efficient airline," said Aengus Kelly, Chief Executive Officer, AerCap. "SAS has been a long-time customer of AerCap, and we wish Anko van der Werff and all the SAS team every success and we look forward to building on our partnership for many years to come."

Leasing firm AerCap and planemaker Boeing are celebrating the 100th contracted 737-800BCF delivery

The 100th 737-800BCF was converted at Boeing Shanghai Aviation Services Co. Ltd., (BSAS), home to the first 737-800BCF conversion line. Photo AerCap

Aircraft leasing giant AerCap Holdings and Boeing have announced the milestone delivery of the 100th contracted 737-800 Boeing Converted Freighter (BCF). 

The 100th 737-800BCF was converted at Boeing Shanghai Aviation Services Co. Ltd., (BSAS), home to the first 737-800BCF conversion line.

AerCap Cargo has leased the aircraft to GOL Linhas Aéreas, which will be operated for a Latin-American e-commerce company, as part of the growth strategy and logistics solution of GOLLOG, GOL's logistics business unit.

"We are delighted to be a part of this significant milestone with our partners at Boeing," said Rich Greener, Head of AerCap Cargo. "Since launching the 737-800BCF program with Boeing in 2016, the e-commerce market has grown at a phenomenal rate with increased demand from e-commerce retail businesses. Thanks to its versatility and reliability, the 737-800BCF is becoming the workhorse for express air cargo and e-commerce networks."

"We are honoured to celebrate this milestone with AerCap Cargo, a customer that has been an integral part of the 737-800BCF program's success since program launch," said Kate Schaefer, vice president of Boeing's Commercial Modifications, Engineering & Specialty Products business. "Across five continents, our customers' 737-800BCF utilization hours are far surpassing those of the previous generation fleet. It's a testament to the important role these freighters play in unlocking market opportunities for our air cargo operators and their customers."

AerCap Cargo has more than 25 years' experience in freighter leasing, including Passenger-to-Freighter (P2F) conversions, with more than 100 successful conversions. AerCap Cargo's 737-800BCF customers include West Atlantic Group, Amazon Air, GOL, JD.com, Kargo Xpress, ASL and Longhao Airlines.

AerCap signs lease agreements with Air Europa for 5 Boeing 787 Aircraft and 10 Boeing 737 MAX Aircraft

AerCap Holdings has announced it has signed lease agreements with Air Europa Líneas Aéreas S.A.U. for the long-term lease of five Boeing 787-9 aircraft and ten Boeing 737-8 MAX aircraft. The aircraft are scheduled to deliver beginning in 2024 through 2026.

Air Europa will become the first Spanish operator of the Boeing 737 MAX aircraft. "Air Europa has been a long-time friend and valued customer of AerCap.  With this landmark transaction for the airline, we are delighted to reconfirm our belief in the Air Europa business and management team and wish them every success with their fleet modernization program," said Peter Anderson, Chief Commercial Officer, AerCap. "The future is bright for the Boeing 787 and MAX programs.  For Air Europa these new technology fuel-efficient aircraft will provide improved cost efficiencies and help them to meet their sustainability commitments. We thank the team at Air Europa for the confidence they have placed in AerCap, and we look forward to working together as these aircraft deliver." Richard Clark, Managing Director of Air Europa, said, "We are very pleased to reach this agreement with AerCap, with whom we have a long and successful relationship. It reinforces our strategy of unifying the fleet around the most modern, efficient, and sustainable models in the industry. Once again, we are pioneers. Just as we were the first Spanish company to incorporate the Boeing 787 Dreamliner, we are now doing the same by adding the new Boeing 737 MAX to our fleet."

Air Models have a range of aircraft models, including some special 737 MAX models, including this one in the colours of flydubai.  

Other airlines featured include Air China,  Xiamen Air and China Southern 

AerCap adds more Boeing 787s to its fleet

Planemaker Boeing and leasing giant AerCap Holdings confirmed an order for five more 787 Dreamliners to join AerCaps portfolio of planes. 

"AerCap is the world's largest 787 customer and we are very pleased to strengthen that position with this order for five additional aircraft," said Peter Anderson, Chief Commercial Officer of AerCap. "This transaction is in line with our portfolio strategy of investing in the most in-demand new technology assets and will help us continue to support our airline customers meet their sustainability commitments."

AerCap now has 125 787 Dreamliners in its portfolio or on order. The world's largest 787 customer, AerCap continues to invest in the 787 family, which has received more than 700 repeat orders from 47 customers across the globe. The 787 has been the most-utilized widebody throughout the pandemic due to its efficiency, capacity and capability.

Boeing designed the 787 family with superior efficiency, which allows airlines to profitably open new routes to fly people directly where they'd like to go in exceptional comfort.

"AerCap oversees a world-class leasing portfolio, epitomized by the most utilized widebody in the industry, the 787 Dreamliner," said Ihssane Mounir, Boeing Senior Vice President of Commercial Sales and Marketing. "With its unparalleled fuel efficiency and passenger appeal, the 787 Dreamliner family is playing a major role in sustaining, reopening and pioneering new routes in the long-haul travel market."

AerCap signs lease deal for 6 Boeing 737 - 800 converted cargo planes for GOL

AerCap Holdings confirmed today a lease deal has been arranged for six 737-800 Boeing Converted Freighter aircraft to be delivered to GOL in 2022 and 23 on a long-term lease basis.

The six 737-800BCF, passenger-to-freighter aircraft, will be operated for a Latin-American e-commerce company, as part of the growth strategy and logistics solution of GOLLOG, GOL´s Logistics Business Unit, and will be based in Brazil, flying to destinations across South America.  

Peter Anderson, Chief Commercial Officer of AerCap, said, "We are very pleased to announce our agreement to lease six 737-800 Boeing Converted Freighters to our longstanding customer GOL.  These 737-800BCF's will be a versatile addition to GOL's fleet, allowing them to respond to the increased demand from e-commerce retail businesses in South America.  We are delighted to expand our relationship with GOL and wish them every success with these aircraft in the years to come."

AerCap Cargo has more than 25 years' experience in freighter leasing, including Passenger-to-Freighter (P2F) conversions, with more than 100 successful conversions.

AerCap completed 184 major transactions during the second quarter of 2022

AerCap one of the global leaders in aviation leasing with one of the biggest order books in the industry has given a brief update on its performance in the second period of this year.   The firm that serves approximately 300 customers around the world completed 184 major transactions during the second quarter of the year.  

AerCap is based in Dublin with offices in Shannon, Miami, Singapore, Memphis, Amsterdam, Shanghai, Abu Dhabi, Seattle, Toulouse and other locations around the world, signed 125 lease agreements, including 11 widebody aircraft, 43 narrow body aircraft, 2 regional jets, 32 engines and 37 helicopters.

It completed 16 purchases for 13 aircraft (including 9 Airbus A320neo Family aircraft and 1 Airbus A220 aircraft for AerCap's owned aircraft portfolio and 3 aircraft for AerCap's managed aircraft portfolio), 1 engine and 2 helicopters. Executed 43 sale transactions for 27 aircraft (including 1 Airbus A320 Family aircraft, 2 Airbus A320neo Family aircraft, 2 Airbus A330s, 3 Boeing 737 MAX aircraft, 5 Boeing 737NGs, 6 Boeing 767-300ERs and 1 Boeing 747-400F from AerCap's owned aircraft portfolio and 7 aircraft from AerCap's managed aircraft portfolio), 12 engines and 4 helicopters.

AerCap's nNet loss for the first quarter of 2022, including net charges related to the Ukraine Conflict, was $2.0 billion......

One of the world's largest aircraft leasing firms, AerCap Holdings has just released details of its performance during the first quarter of the year, which ended March 31, 2022.   Net income for the period was $540 million after adjustments for net charges related to the Ukraine Conflict and other items. Net loss for the first quarter of 2022, including net charges related to the Ukraine Conflict, was $2.0 billion

"During the first quarter, we continued to see a broad-based recovery in travel around the world as governments lifted travel restrictions and demand for travel continued to increase. We expect to see demand for travel continue to grow as the recovery progresses," said Aengus Kelly, Chief Executive Officer of AerCap.

"During the first quarter, we ceased all of our leasing activity to Russian airlines and took a charge primarily related to our aircraft and engines that remain in Russia. We have filed insurance claims related to these assets and will vigorously pursue all available remedies to recover our losses," Mr Kelly added.

Key Highlights:

Executed 157 transactions in the first quarter of 2022, including 102 lease agreements, 25 purchases and 30 sales.

First quarter cash flow from operating activities was $1.3 billion, more than three times higher than the first quarter of 2021.

Continued to see significant improvements in cash collections, trade receivables and deferral requests.

Adjusted debt/equity ratio of 2.9 to 1 at March 31, 2022.

92% of new aircraft order book placed through 2023.

$17 billion in total sources of liquidity, representing next 12 months' sources-to-uses coverage ratio of 2.1x.

Basic lease rents were $1,554 million for the first quarter of 2022, compared with $889 million for the same period in 2021. The increase was primarily due to the impact of the GECAS acquisition. Basic lease rents were reduced by $57 million in the first quarter of 2022 as a result of the amortization of lease premium assets.

Maintenance rents and other receipts were $186 million for the first quarter of 2022, compared with $183 million for the same period in 2021.

Net gain on sale of assets for the first quarter of 2022 was $3 million, relating to 23 assets sold for $452 million, compared with $5 million for the same period in 2021, relating to nine aircraft sold for $184 million. The decrease was primarily due to the composition of asset sales.

Other income for the first quarter of 2022 was $47 million, compared with $19 million for the same period in 2021. The increase was primarily due to higher management fee income, interest income and other income as a result of the GECAS acquisition.

AerCap Leased, Purchased and Sold 157 Aircraft in the First Quarter 2022

 AerCap's latest transactions for the first quarter of 2022 have just been released, showing the global leasing giant sold 157 planes this year thus far. 

AerCap is one of the biggest aircraft lessors in the world with approximately 300 customers around the world with comprehensive fleet solutions. 

Signed 102 lease agreements, including 14 widebody aircraft, 62 narrowbody aircraft, 2 regional jets, 8 engines and 16 helicopters. 

Completed 25 purchases for 23 aircraft (including 15 Airbus A320neo Family aircraft, 1 Airbus A220 aircraft and 4 Boeing 737 MAX aircraft for AerCap's owned aircraft portfolio and 3 aircraft for AerCap's managed aircraft portfolio) and 2 engines. 

Executed 30 sale transactions for 26 aircraft (including 2 Airbus A320 Family aircraft, 3 Airbus A320neo Family aircraft, 2 Airbus A330s, 3 Boeing 737NGs, 1 Boeing 767-300ER, 2 Boeing 777-200ERs, 1 Boeing 737-300SF, 5 Embraer E190 E2s and 1 Embraer E190 from AerCap's owned aircraft portfolio and 6 aircraft from AerCap's managed aircraft portfolio), 2 engines and 2 helicopters. 

Signed financing transactions for approximately $2.1 billion.

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ITA to lease 10 Airbus A320neo and 2 A330neo jets from AerCap

The new Italian airline resurected from the ashes of Alitalia, ITA has signed a deal to lease 12 Airbus aircraft from global leasing firm AerCap.

The long-term lease deal is for 10 new Airbus A320neo aircraft and 2 new Airbus A330neo aircraft with the first of the planes due to be delivered at the start of 2023 and the last before the end of 2024.  

Francesco Presicce, Chief Technology Officer of ITA Airways, said: "The integration of these new aircraft is perfectly in line with the Company's fleet plan. This agreement represents a further step in our strategy of building a new environmental-friendly fleet with leadingedge technologies which will optimize efficiency, quality of service and significantly reduce the environmental impact. ITA Airways places the best customer service at the centre of its strategy with a strong focus on sustainability. The collaboration with AerCap allows us to improve cost efficiencies across our fleet. I wish to thank the AerCap team for their cooperation."

Peter Anderson, Chief Commercial Officer of AerCap, said, "We are very pleased to expand our relationship with ITA Airways through the lease of these twelve advanced-technology Airbus A320neo and A330neo aircraft.  These aircraft will enable ITA Airways to expand its network, whilst advancing its commitment to maintain an environmentally friendly, fuel-efficient fleet. We thank the team at ITA Airways for the confidence they have placed in AerCap, and we look forward to building the partnership for many years to come."

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BOC takes back one 747-8 freighter from AirBridge Cargo

BOC  Aviation has repossessed a Boeing 747-8 Freighter that had been leased to Volga-Dnepr Group subsidiary AirBridge Cargo that was in Hong Kong.

The four-engine plane was ferried to California after a judge agreed it should be returned to the leasing giant following legal action started by BOC. In court documents filed on 14th March, the lessor said the plane was worth nearly $150 million and the Russian airline had breached the lease contracts on two other 747-8 cargo planes that were flown to Russia against BOC's wishes after they had grounded them in China. The insurance on those aircraft had been cancelled on 5th March. 

The leasing firm has 18 aircraft currently leased to Russian airlines which could be affected by the insurance cancellation. One of the planes was also flown back to Russia despite having its airworthiness certificate being withdrawn by the Bermudian authorities where the aircraft was registered.  

AirBridge Cargo has refused to make a comment.

BOC is not alone in having difficulty in recovering leased aircraft from Russian airlines, one of the largest leasing firms AerCap has been trying to get some of the 100 or so aircraft it has in the country back. Those attempts have not been successful and it has submitted an insurance claim for some $3.5 billion it says those aircraft are worth. This is the start of what will undoubtedly be a long and intense process which could lead to it being virtually impossible for Russian airlines to be able to lease western planes in future.  

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New Russian law makes it harder for leased aircraft to be returned.

Aircraft leasing firms will find it much harder to repossess aeroplanes in Russia after authorities implemented a new law that allows foreign jets to be registered in Russia.

The main Russian carriers have over 500 leased aircraft with a value of £7.7 billion in the country and those foreign leasing firms only have until 28th March to retrieve aircraft before sanctions are applied.

In the last few days, aviation authorities in both Bermuda and Ireland advised they were suspending the airworthiness certificates of all aircraft in Russia that are on their registrations, which is the bulk of foreign leased aircraft.

The new regulations, signed into law by President Vladimir Putin, would allow those aircraft to be registered in Russia and get their safety certification which allows those planes to keep flying, albeit within Russian airspace. 

SMBC Aviation Capital leases 35 aircraft to Aeroflot, S7 Airlines, Nordstar Airlines, Ural Airlines and Nordwind Airlines and has now complied with sanctions and was terminating those leases.

 AerCap, the leasing giant based in Dublin has a large contingent of its owned fleet currently placed with Russian airlines and is unsure when and if it will get those 152 planes back. BOC Aviation also has a number of aircraft with Russian airlines, however, as a wholly-owned subsidiary of the Bank of China, it is unlikely to repossess those aircraft at this stage. 

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AerCap Completed the GECAS Transaction, Raised Funding of Approximately $30.5 Billion and Executed 438 Transactions in 2021

AerCap Holdings has announced its major business transactions during the full year and fourth quarter 2021:

• Completed the GECAS transaction on November 1, 2021, making AerCap the worldwide industry leader across all areas of aviation leasing: aircraft, engines and helicopters.
• In December 2021, AerCap received an MSCI ESG Rating of "A," an improvement from our previous ESG rating of "BBB."

Aengus Kelly, Chief Executive Officer of AerCap, said, "Throughout 2021, we saw a steady improvement in the performance of the airline industry as borders reopened to travel and passenger traffic increased. For AerCap, this manifested itself in an increased level of transaction activity due to the growing demand for aircraft. I am optimistic that we will see further increases in passenger traffic during 2022 as the recovery continues.

"I am delighted that we successfully completed the acquisition of the GECAS business during the fourth quarter. Our ability to raise $24 billion of long-term funding for the acquisition at very attractive rates illustrates the depth of investor interest in aircraft leasing and is a testament to AerCap's platform and its strong management team.

"Another important milestone during the quarter was the upgrade of our ESG rating by MSCI. In addition, our Board of Directors has established an ESG Committee to further strengthen our commitment in this area."

Full Year 2021 Transactions

AerCap Delivers First of 14 Airbus A220 Aircraft to Breeze Airways

AerCap Holdings has announced that it has delivered the first of 14 new PW1500G powered Airbus A220-300 aircraft to Breeze Airways.

The 14-aircraft deal comprises the sale and leaseback of 11 A220 aircraft, the second of which is scheduled to deliver this month with the remaining deliveries continuing through 2022 and 2023, and 3 aircraft owned by Einn Volant Aircraft Leasing Holdings Limited ("EVAL"), a global aircraft leasing platform and joint venture between AerCap and Caisse de dépôt et placement du Québec ("CDPQ"), a global investment group. All three aircraft will be managed by AerCap and are scheduled for delivery through 2022.

"AerCap is excited to welcome Breeze Airways as a new customer, but an old friend in David Neeleman, with the delivery of the first of 14 new A220s," said Aengus Kelly, CEO of AerCap. "Equipped with the latest engine technology which has 25% lower fuel burn over previous-generation aircraft, as well as maximum operational flexibility with its longer range, the A220 is the ideal aircraft for Breeze's fast-growing operations. We wish all the team at Breeze every success and look forward to a long-term successful partnership."

"Breeze is excited to take delivery of our first of 80 firm A220s via sale and lease back with AerCap," said Breeze Airways' Chairman and CEO David Neeleman. "The AerCap financing structure further enhances the operating economics of our A220 aircraft while allowing us to optimize our balance sheet." 

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AerCap Holdings publishes its third quarter 2021 results.

Aircraft leasing giant, AerCap has published its latest financial results for the third quarter of 2021 ended September 30, 2021.  Aengus Kelly, Chief Executive Officer of AerCap, said, "I am pleased to report a strong quarter of earnings, with net income of $434 million, or $3.35 per share. This quarter was an important inflection point for the company. Our business continues to recover from the effects of the Covid-19 pandemic, with leasing demand and cash collections remaining strong. The GECAS transaction adds a portfolio of well-priced assets and a deeply experienced team of people that will further enhance AerCap's position as the lessor of choice for airlines around the world."

Highlights:

Completed the GECAS acquisition on November 1, 2021, making AerCap the worldwide industry leader across all areas of aviation leasing: aircraft, engines and helicopters.

Completed the offering of $21 billion of senior unsecured notes in October 2021 and a $2 billion secured institutional term loan in November 2021 to finance the GECAS acquisition with an average coupon of approximately 2.6% and an average tenor of 7.1 years.

Adjusted debt/equity ratio of 2.3 to 1 at September 30, 2021, which was a record low for the company. Pro forma for the GECAS acquisition, our adjusted debt/equity ratio was 2.8 to 1 as of September 30, 2021.

Continued to see significant improvements in cash collections, trade receivables and deferral requests.

Special items in the third quarter of 2021 included $442 million ($387 million after-tax) of other income related to proceeds from unsecured claims and $101 million ($88 million after-tax) of expenses related to the GECAS transaction.

Signed lease agreements for 42 aircraft in the third quarter of 2021.

100% of new aircraft order book placed through 2022.