Showing posts with label Avolon. Show all posts
Showing posts with label Avolon. Show all posts

06 May, 2024

CDB Aviation Purchases Four Airbus Aircraft from Avolon

CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Ltd., has closed the purchase of four aircraft from Avolon.

The purchased assets comprise one A330-900, two A321neo, and one A320ceo aircraft, and contain both fixed and floating rate leases with CDB Aviation’s existing and new airline customers.

“We are very pleased to have partnered with the Avolon team to carry out the acquisition of these predominantly new-gen assets on lease to some of our existing and new lessees, which allow us to further grow our strong customer base and build our modern fleet,” expressed Jie Chen, CDB Aviation’s Chief Executive Officer.

Andy Cronin, Chief Executive Officer, Avolon, commented: “We have traded over $10 billion of aircraft since our foundation in 2010, and we continue to see strong demand across all asset types. We are delighted to have completed this transaction with CDB Aviation and look forward to continuing our strong working relationship.”

“This transaction demonstrates our platform’s activity in the secondary market, which serves as an effective supplemental function that supports our fleet’s growth by adding new generation aircraft,” added Chen.


05 May, 2024

Avolon and Cebu Pacific partner on helping community project

Avolon and Cebu Pacific (‘CEB’) have forged a partnership to renovate a community centre in a rural village on Cebu in the Philippines. The centre is run by a local charity - the City Gates Academy - and helps to feed under-privileged children who are often orphans or have parents struggling with addiction.

Over 50 Avolon and CEB staff took part in the project to build the centre a new kitchen, dining area and outdoor play area.  The team also upgraded indoor areas, built a vegetable garden, and provided funds to cover the running costs of the centre for the next year.

This partnership marks a milestone for both organizations, with CEB becoming Avolon's first airline partner in a community development program. Both companies are leveraging their strong partnership to achieve goals beyond their day-to-day commercial activities, putting their shared approach to CSR and community engagement to work.

City Gates Academy runs centre for under-privileged children

‘Care Day’ shows companies’ shared commitment to making social impact

Senior management from both companies join teams on village project

The centre is located in the village of Lang Lang, Cebu in the rural heart of the island from which the airline takes its name. Avolon and CEB are both committed to CSR strategies with a strong social commitment that prioritises engagement with local communities. Avolon’s ‘Care Days’ are an annual company-wide activity, but this was the first time it has worked alongside one of its key customers in their country of operations.

19 April, 2024

Avolon's boss wins top business leadership award

New York Business Leadership award to Paul Geaney, President & Chief Commercial Officer at Avolon.
The Irish American Partnership has presented its 2024 New York Business Leadership award to Paul Geaney, President & Chief Commercial Officer at Avolon. The award was celebrated at a breakfast reception on Thursday at the historic Union League Club of New York attended by over 300 business leaders, friends, and supporters.

Irish American Partnership previous honorees include Adrian Jones, Chairman and Co-Head, Global Private Equity, Goldman Sachs; Stan McCarthy, former Chief Executive, Kerry Group; Michael Dowling, President and Chief Executive at Norwell Health; and Bernie Brennan, President of the Royal Dublin Society.

A founding member of the Avolon team in 2010, Mr. Geaney was appointed as Avolon’s Chief Commercial Officer in July 2021, adding the role of President in July 2022. He had previously held Head of Americas, Head of OEM, and Chief Risk Officer roles. A Dublin native, Geaney holds a Bachelor in Economics and Politics from Trinity College Dublin, and served on the Board of the International Society of Transport Aircraft Trading (2019-2023). 

Avolon is a global leader in aviation finance, with 145 airline customers in 64 countries, and an owned, managed and committed fleet of 1,033 aircraft. In its 2023 financial results it reported net income of $339 million and $31 billion in total assets.

Guests enjoyed an in-depth interview of Mr. Geaney by Brian Ruane, Global Head of Clearance with BNY Mellon and Board member of the Partnership. 

03 April, 2024

Avolon and Cebu Pacific agree sale and lease back deal on four Airbus A330neo jets....

This deal supports Cebu’s expansion and transition to a new fleet
Widebody delivery slots expected to be sold out to 2030 by year-end

One of the leading global aviation finance companies, Avolon confirmed this week that it has done a sale and leaseback deal with the Philippines low-cost carrier Cebu Pacific for four new Airbus A330neo aircraft.

The first aircraft is scheduled for delivery in late 2024 with the final delivery planned in 2026. The new aircraft will support Cebu’s expansion of its route network in Asia and the Middle East and its goal to transition to a fuel-efficient, new technology fleet with lower carbon emissions. Compared to the previous generation A330ceo, the A330neo has an increased range of range of over 13,300km (7,200 nautical miles) and 25% lower fuel consumption and CO2 emissions.

Cebu has been an Avolon customer since 2012 and Avolon already has 11 aircraft on lease to the airline: five A320ceos, three A320neos, and three A330neos.

Avolon continues to experience strong customer demand for its aircraft and orderbook given the undersupply of new aircraft. The widebody production recovery is lagging behind narrowbodies resulting in a tighter market and longer wait times for twin-aisle aircraft. Avolon’s 2024 Outlook: New Horizons paper forecasted that the remaining delivery slots from manufacturers for widebody aircraft will be sold out to 2030 by the end of this year.

Photo Avolon
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, Chief Strategy Officer, Cebu Pacific 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. We appreciate Avolon’s continued support of our growth strategy as we further strengthen our position as one of Asia Pacific’s leading low-cost carriers.”


09 February, 2024

Net income of US$339 million and record $1.75bn operating cashflow for leasing giant Avolon

Avolon, a leading global aviation finance company connecting capital with customers to drive the transformation of aviation and the economic and social benefits of global travel has released details of its latest performance. 

The firm reported a net income of US$110 million for the fourth quarter of 2023 whilst full-year net income amounted to US$339 million, representing a US$330 million increase on 20222 levels.

Avolon delivered record operating cash flow of US$1.75 billion, up 45% on last year and a 6% increase in lease revenue to US$2.5 billion.  It firm raised US$4.9 billion of debt across both the public and private markets.  Total available liquidity at year end of US$7.2 billion, including US$690 million of unrestricted cash and US$6.2 billion of undrawn debt facilities.

Andy Cronin, Avolon CEO, commented:  “Robust demand for aircraft, combined with continued undersupply, provided a tailwind to placing our orderbook and used aircraft at attractive lease rates, which will drive future profitability. Record operating cashflow and a sharp increase in net income are testament to our success in 2023.

The orders made for 200 new technology aircraft during the year strengthen our delivery pipeline and provide embedded growth to support our customers into the next decade. Against an attractive market backdrop, Avolon has an industry-leading platform and robust balance sheet to drive future earnings growth.”

26 January, 2024

Aircraft leasing firms in high demand as aircraft shortage continues......

More people to fly in 2024 than ever before as passenger revenue set to rise to US$717 billion

India, Saudi Arabia, and the UAE are emerging as key drivers of growth

Momentum builds behind SAF as key decarbonisation lever

The value of new aircraft deliveries is expected to rise by over 15% to c.US$100 billion in 2024, according to a paper published today by Avolon, a leading global aviation finance company. The delivery of over 1,450 new large commercial aircraft will help drive airlines’ passenger revenues up 12% to US$717 billion. Airlines’ net profit is projected to rise by 10% to US$26 billion.

Boeing 737 MAX
4.7 billion people are expected to fly in 2024, more than any year in history. Aircraft values and lease rates rose sharply in 2023 as a structural undersupply of both narrowbodies and widebodies was reflected in the market, and further increases are expected in 2024. India, Saudi Arabia, and the UAE are emerging as key drivers of growth. Airlines and lessors that waited to commit to new orders to source new aircraft risk waiting into the next decade for supply.

Domestic airline capacity has reached 106% of 2019-levels globally, whilst the international recovery lags slightly, at around 95%, largely due the slower than anticipated rebound in the Chinese market and the knock-on impact this has had on previously busy routes in Southeast Asia.

Avolon’s 2024 Outlook: New Horizons paper, available here reviews the major trends in the aviation sector including the key findings:

·         Airlines: In 2023 airline revenues accelerated 22% compared to a 3% rise in global GDP. A return to positive cashflows has enabled airlines to repay US$57 billion of government debt provided during the pandemic. The continued reopening of Chinese international travel will provide positive momentum for airlines through the year.

·         Manufacturers: The undersupply of aircraft will take years to unwind, increasing the value of delivered aircraft, and extending their economic lives. The widebody production recovery is lagging behind narrowbodies resulting in a tighter market and longer wait times for twin-aisle aircraft.

·         Lessors: With both aircraft and capital in short supply, the role of lessors is strengthening. Investment grade lessors that have secured attractive new aircraft orderbooks are best positioned for the years ahead. Market lease rates took time to adjust to higher interest rates, but they have risen as much as 35% in 2023 with further growth expected this year.

·         Innovation & Sustainability: Momentum behind sustainable aviation fuel (SAF) is building and an estimated US$2 trillion of investment is required to scale up production to levels required to hit net zero goals. Flying will get more expensive this decade as airlines face tighter labour markets, increasing sustainability pressures, and engine durability challenges.

·         Risks: The macroeconomic outlook is normalizing as inflation trends downwards, but softer demand threatens in the U.S. and potentially Europe. Political risk will be in focus in 2024, with conflicts in the Ukraine and the Middle East and ongoing tensions between China and the West. The production ramp up by OEMs is vulnerable to supply chain pressure and regulatory oversight.

Andy Cronin, CEO of Avolon
Andy Cronin, CEO of Avolon commented:  “The economic and social benefits of travelling will continue to drive aviation and underpin the resilience of our sector. Airlines’ growth in 2024 will be supported by around US$100 billion in new aircraft deliveries, with lessor orderbooks and capital supporting fleet expansion plans. While geopolitical and economic risks remain, the market backdrop as we start the year is likely to drive lease rates and residual values higher.”

Jim Morrison, Chief Risk Officer of Avolon commented:  “India, China and the Middle East are driving aviation’s growth. A structural undersupply of both narrowbodies and widebodies will take years to unwind. While new aircraft designs with step-change improvements in energy consumption will ultimately be required to decarbonise, in the short-term the industry must focus on scaling up sustainable aviation fuel production.”

The paper - co-authored by Avolon’s Chief Risk Officer, Jim Morrison, and SVP Portfolio Strategy, Marc Tembleque-Vilalta – makes eight forecasts: 

Fearless Forecasts 2024

Engine-related AOGs peak in June
New technology engine durability challenges have been major disruptions to airline operations. Design and production quality issues will continue to persist in the fleet for years, but the operational impact will diminish following the peak mid-year.

Four airline mergers close. Four don’t pass regulatory approval.
Mergers can provide synergies, reducing overhead and increasing revenue potential, but sometimes at the expense of passenger choice and affordability. Several of the dozen or so currently proposed mergers will be approved, but some will be blocked, as seen by the recent US court decision on the JetBlue-Spirit merger.


More new aircraft deliver to China than any year this decade
Boeing’s first 787 delivery to China in four years in December 2023 marked the re-opening of a key export market. 737 MAX deliveries will follow as Chinese airlines need to access new aircraft to renew their fleets and return to growth. China is too big a market to not be a priority for Boeing and Airbus.


Widebody production skylines will sell out to the end of the decade
Mega-orders have filled up the manufacturers’ skylines. Asian airlines late to order risk missing out. The remaining slots will soon be sold, leading to increased demand for lessor slots and used widebodies.

At least two new passenger aircraft variants will be certified in 2024
Likely candidates to enter service are the Airbus A321XLR and the Boeing 737-7. The 737-10 and 777-9 act as further stretch targets to our forecast.


The next clean-sheet large commercial aircraft enters service in 2036
Given the 10-years plus it will take from program green light to certification, Boeing and Airbus will need to commit to their next designs soon. No new clean-sheet designs for the next decade protects the investment case of today’s new-technology aircraft.

Two investment grade lessors receive rating upgrades, again
Investment grade is a key differentiator for scale lessors. Rating agencies will continue to acknowledge the resilience of the lessor business model with ratings upgrades.

A global framework for a SAF book-and-claim system is agreed
Airlines and lessors will have access to verified SAF credits enabling them to leverage SAF without having to transport liquid fuels over long distances. Agreeing a framework will attract the capital required to kick-start SAF production. 

11 January, 2024

Transavia France takes delivery of its first A320neo

French low-cost carrier Transavia France, part of the Air France-KLM Group, has taken delivery of its first A320neo, on lease from Avolon, from Airbus manufacturing site in Toulouse. The airline has opted for the Airbus option to have the delivery flight to Paris-Orly powered by a sustainable aviation fuel blend on board.

The new aircraft features 186 seats in a single-class layout. Selected for its outstanding operational efficiency, reduced emissions and comfort, the A320neo will be deployed by Transavia France on its services on its domestic network as well as across its European and Mediterranean markets.

The introduction of its first A320neo aircraft marks the beginning of Transavia France' transition to become an all Airbus operator, powered by efficient A320neo Family aircraft. With its reduced fuel burn and emissions, the A320neo will play a key role in advancing the airline Group's sustainable development goals.

By incorporating new generation CFM International LEAP-1A engines and Sharklets, the A320neo brings a 50% noise footprint reduction and 20% fuel savings and CO2 reduction compared to previous generation single-aisle aircraft, while improving passenger comfort in a wider single-aisle cabin.

The cabin features Airbus’ Airspace XL bins. The larger bins provide 40% more stowage space compared to conventional bins, for a more relaxed boarding. In addition, USB-C ports are available for passengers at each seat, and the latest lighting system enhances the overall passenger experience.

The A320neo Family is the world’s most popular single aisle having won nearly 9,800 orders from nearly 140 customers in all markets.

Avolon delivers first A320neo to Transavia.

Avolon, a leading global aviation finance company, has completed the delivery of the first A320neo in Transavia France’s fleet, as part of a leasing agreement with the French low-cost subsidiary of the Air France-KLM Group.

The delivery was celebrated today at a ceremony at the Airbus Delivery Centre in Toulouse. The new aircraft will support Transavia France’s fleet renewal strategy as it transitions to an all A320neo family fleet, delivering 20% lower fuel burn and CO2 emissions compared to previous-generation Airbus narrowbody aircraft, and 50% noise reduction.

This is Avolon’s first lease agreement with Transavia France, building on the existing relationship with Air France-KLM Group.

Avolon has 105 A320neo family aircraft in its fleet, with a further 287 on order.

The delivery flight is powered by a sustainable aviation fuel (SAF) blend.

Andy Cronin, CEO of Avolon, commented:  “We welcome Transavia France as a new customer and we are delighted to be able to celebrate the delivery of their first A320neo as part of their fleet renewal strategy. Building on our relationship with the Air France-KLM Group, we look forward to supporting this long-term partnership. Avolon begins 2024 with an orderbook of 458 aircraft which will support customers’ replacement and fleet expansion plans into the next decade.”   Avolon is a leading global aviation finance company connecting capital with customers to drive the transformation of aviation and the economic and social benefits of global travel. 

10 January, 2024

Strong performance from Avolon

-  Placed orders for 200 new aircraft including 100x A321neo, 80x 737MAX and 20x A330neo;


-  Entered into letters of intent for the sale and leaseback of 51 new aircraft;


-  Delivered, transitioned and sold a total of 104 aircraft;


-  Raised US$4.9 billion of new financing and increased total revolving debt capacity to
US$6.1 billion; and


-  Investment Grade ratings affirmed by Moody’s, S&P, Fitch and KBRA with Fitch moving Avolon’s BBB- rating to Positive outlook.


Avolon, a leading global aviation finance company, issues an update for the fourth quarter (‘Q4’) and 2023 full year (‘FY’).

Andy Cronin, CEO Avolon, commented:  “Strengthening market conditions allowed us to place our orderbook and used aircraft at accretive lease rates while underwriting US$4bn of new volume through the sale and leaseback market. Our balance sheet scale allowed us to order a further 200 new technology aircraft which strengthens our delivery pipeline and growth into the next decade.”

13 December, 2023

Avolon continues to drive growth with orders for additional 140 aircraft

Avolon, a leading global aviation finance company, has agreed to order 100 A321neo aircraft from Airbus and 40 737 MAX aircraft from Boeing. These aircraft are scheduled for delivery out to 2032.

Avolon has added 200 new technology aircraft to its orderbook this year direct from OEMs, building on previous orders for 20 Airbus A330neos in September and 40 737 MAXs from Boeing in June. The orderbook expansion increases Avolon’s owned, managed and committed fleet from 897 at September 30 2023 to 1037 aircraft.

Orders for 100 Airbus A321neos and 40 Boeing 737 MAXs
A total of 200 aircraft were ordered directly from Boeing and Airbus this year

The A320neo and 737 MAX family of aircraft reduce fuel use and carbon emissions by up to 20% compared to the older generation aircraft that they will replace.

The scale of these new commitments supports Avolon’s ability to provide customers with fuel-efficient aircraft into the next decade.

Andy Cronin, CEO of Avolon, commented:  “Today’s orders strengthen our delivery pipeline and reflect our confidence in the long-term outlook for aviation. We have committed to direct orders for 200 new, fuel-efficient aircraft this year, supporting the transformation of our fleet to lower-emissions aircraft. The scale of our orderbook reflects the strength of Avolon’s balance sheet, our proven ability to execute swiftly, and the longstanding relationships we have with both Airbus and Boeing.”

Both orders are binding contracts subject only to approval by shareholders of Bohai Leasing Co., Ltd., Avolon’s 70% shareholder, which is anticipated before year end.

Avolon is a leading global aviation finance company connecting capital with customers to drive the transformation of aviation and the economic and social benefits of global travel. We pride ourselves on our deep customer relationships, our collaborative team approach, and our fast execution. We invest with a long-term perspective, diversifying risk and managing capital efficiently to maintain our strong balance sheet. Working with 147 airlines in 65 countries, Avolon has an owned, managed, and committed fleet of 897 aircraft, as of 30 September 2023.

03 November, 2023

Avolon's third quarter results

Avolon, a leading global aviation finance company, announced results for the third quarter of 2023, which demonstrated the firm executed 43 lease transactions comprising new aircraft leases, follow-on leases and lease extensions.

Andy Cronin, Avolon CEO, commented:  “The third quarter showed the continuing positive trajectory of our financial performance, helped by strong demand for aircraft and rising lease rates.  We continued to support our customers’ demand for capital and have underwritten US$2.9 billion in new sale and leaseback volume year to date.  These transactions, along with lease extensions and aircraft placed from our orderbook at attractive lease rates, will drive our long-term profitability. We expect the current strong demand for travel and undersupply of aircraft to remain for the foreseeable future.”

Income Statement

Three Months Ended

September 30


Nine Months Ended
September 30




$ Change

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$ Change

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Lease revenue










Operating cashflow










Net income










Adjusted net income*










* Excluding impact of Russia and unrealized gains/losses on investments



Balance Sheet (US$M)

September 30, 2023

December 31, 2022

$ Change

% Change

Total available liquidity





Total assets





Secured debt / Total assets





Net debt to Equity






09 October, 2023

Cathay Pacific and Avolon agree on sale and leaseback deal for 9 Airbus A320 family jets.

The aircraft leasing and management company, Avolon, has just agreed on the sale and leaseback of nine new Airbus A320neo family aircraft with the Cathay Group, a leading Asian airline group. The aircraft are scheduled for delivery in 2026 and 2027 and the transaction comprises a mix of A321neos and A320neos.


The transaction adds new technology aircraft to support the Cathay Group’s long-term commitment to growing connectivity at its home hub, Hong Kong. A320neo family aircraft deliver a 20% fuel savings and CO2 reduction compared to previous-generation Airbus A320 aircraft. The A321neo is the extended version of this aircraft type, capable of carrying up to 244 passengers and with a range of 7,400km.

Avolon has 101 A320neo family aircraft in its fleet, with a significant order book pipeline for a further 192 of this aircraft type as of September 30 2023. 

The Cathay Group currently flies to more than 75 passenger and cargo destinations worldwide, serving an additional 160 destinations through codeshare agreements, and has a fleet of 225 aircraft as of 30 June 2023. 

06 September, 2023

50 Airbus A320neos on order converted to larger A321neo model by Avolon

Avolon, a leading global aviation finance company, has signed a binding agreement for its order of 20 new A330neo aircraft from Airbus. The order firms up a memorandum of understanding signed at the Paris Airshow in June. The new aircraft are scheduled to be delivered between 2025 and 2028.

Avolon was a launch customer for the A330neo programme in 2014 and is enjoying strong customer demand for additional widebody aircraft having fully placed its current order book. With over 1,400 A330ceo aircraft in operation, airlines are considering options to upgrade to the A330neo aircraft, which has an increased range of range of over 13,300km (7,200 nautical miles) and 25% lower fuel consumption and CO2 emissions.

The agreement with Airbus also confirms that 50 of the A320neo aircraft Avolon has on order with Airbus will convert to the larger A321neo model.

Andy Cronin, CEO of Avolon, commented:   “We see a high level of widebody demand within the delivery window for these aircraft. With our existing widebody pipeline already placed, these new aircraft will support our future growth plans and allow us to provide options for carriers looking to replace older A330ceo aircraft with the more fuel-efficient A330neo. The order builds on our strong relationship with Airbus as a launch customer for the A330neo, and our position as the leading lessor for this aircraft type.”

Christian Scherer, Chief Commercial Officer and Head of International at Airbus commented:   “It’s fantastic to see Avolon once again commit additional investment in the A330neo aircraft and lead the lessor market reordering widebody aircraft. Avolon’s vision and timing could not be better with this commitment for a further 20 aircraft to its portfolio. Avolon will benefit from the strong wave of growth and replacements that we currently observe across all markets, and we welcome our continuing partnership with them.”

14 August, 2023

Avolon partners with Soisa Aircraft Interiors to turn scrap material from old aircraft into craft products.

Avolon, a leading global aviation finance company, has partnered with Soisa Aircraft Interiors on a project to turn scrap material from old aircraft into craft products. Waste materials, including over 800kg of leather, are donated to members of the Tarahumara tribe in Chihuahua, Mexico, who make them into traditional artisan products like wallets, bags, aprons, and tablecloths.

Interior furnishings of aircraft being decommissioned or refitted, such as seat covers and curtains, often end up in a landfill. Through the ‘Waste to Wonder’ project they are instead helping to provide an income stream for the families of 55 Tarahumara tribe members who have participated in the project.

The project is supported by FODARCH (Fomento y Desarrollo Artesanal de Chihuahua), a government body that promotes indigenous cultural traditions. They have provided training and facilitate the sale of the finished products in a shop popular with visitors to Chihuahua, the largest state in Mexico.

Avolon’s sustainability strategy includes a commitment to support the circular economy by increasing the reuse and recycling of materials from old aircraft in a sustainable manner. Avolon recently joined a coalition of partners in a pledge to use only tear down facilities accredited by the Aircraft Fleet Recycling Association (AFRA).

Enda Swan, Head of Technical, Avolon said: “The Waste to Wonder project provides an excellent example of how, through creativity and collaboration, better use can be made of materials in the aviation supply chain that were previously regarded as scrap. The ability of the Tarahumara tribe members in Chihuahua to produce beautiful artisan products out of old leather from seat covers has been inspiring to see. Avolon is committed to finding more opportunities to decommission end-of-life aviation materials in a sustainable manner.”

Jacobo Mesta, Chief Executive, Soisa Aircraft Interiors, commented:  “Working closely with members of the Tarahumara tribe in Chihuahua, we have been honored to establish this project with the support of Avolon and FODARCH. Working more sustainably is a key objective at Soisa and this project has provided a perfect opportunity to convert something previously regarded as waste into a craft product that can be sold to improve the livelihoods of local communities.”

27 July, 2023

US-Bangla Airlines to lease two Airbus A330-300s from Avolon

Avolon, the international aircraft leasing company, has added US-Bangla Airlines as a new customer, with an agreement to lease the Bangladeshi carrier two Airbus A330-300 aircraft.   

These will be the first widebody aircraft operated by US Bangla, adding another carrier to the A330 fleet. The new deliveries will help to support US Bangla’s passenger growth and expansion plans on medium-haul routes such as Jeddah, Riyadh, Dammam, Bahrain, and Kuwait. The aircraft are scheduled for delivery in September 2023. 

US Bangla launched in 2014 and is Bangladesh’s largest privately owned carrier. 

Paul Geaney, President and Chief Commercial Officer, Avolon commented: “We welcome this lease agreement with US-Bangla for two of our Airbus A330s. We are delighted to add a new customer to the A330 programme, offering widebody capability to US-Bangla’s fleet which will help support its route expansion in the Middle East. We look forward to building further on this partnership in the future.” 

Mohammed Abdullah Al Mamun, Managing Director, US-Bangla Airlines Ltd. commented: “US-Bangla Airlines has ambitious growth plans for its international operations, and we appreciate the support of a leading lessor like Avolon. This is our first widebody aircraft and represents our aspirations to position US-Bangla Airlines as an airline of choice for travel to medium haul routes. We look forward to deploying our new A330s into service providing premium flight experience at the most reasonable costs to our esteemed passengers travelling for Hajj, Umrah and business.”