Avolon executes 31 lease transactions in first quarter of 2023

Aircraft leasing company Avolon said 2023 started with “positive momentum” as the company executed a number of new lease transactions and delivered new aircraft in the first quarter of the year.

The company said it executed 31 lease transactions, including new aircraft leases, follow-on leases and lease extensions, during the first three months of the year. It also delivered nine new aircraft and transitioned nine aircraft to 13 customers, and sold two aircraft, with agreed letters of intent for the sale of a further 13.

The aircraft leasing company now has 147 customers operating in 65 countries, after it added three new customers during the quarter. It owned and managed a fleet of 578 aircraft by the end of the quarter.

“The year has started with positive momentum as airline passenger growth continues and the impact of reopening in China feeds into increasing travel in the region,” said chief executive Andy Cronin. “The shortage of both narrow and wide-body aircraft is a dominant theme and is supportive of growing levels of leasing and trading activity.”

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Avolon also published its sustainability report for 2022, which showed the company was on track to achieve a target of having 75 per cent fuel-efficient new technology aircraft by 2025, with the current level at 55 per cent. That was up from 50 per cent a year ago.

The company has also launched a feasibility study into the production of sustainable aviation fuel in Ireland, in partnership with Boeing, Orix Aviation, SFS Ireland and SkyNRG.

A “low risk” ESG rating from Sustainalytics puts Avolon in the top 5 per cent of its industry group.

“Our ambition is to continue to be a leader in our sector on ESG issues. We made further progress towards our key 2025 target for 75 per cent of our fleet to be new technology fuel-efficient aircraft,” Mr Cronin said. “We have also supported research into ways to scale up production levels of sustainable aviation fuel and received an industry-leading rating for our ESG performance.”