Leasing company Avolon sells 41 aircraft in second quarter

Aircraft lessor Avolon sold 41 of its aircraft during the second quarter of the year, according to an update from the Irish company on Monday.

Avolon’s owned, managed or was committed to receiving a total of 890 aircraft at the end of June, 3 per cent less than at the same time last year, when the figure was 921.

The company said that it sold 41 aircraft during the second quarter of the year, 28 of them to the Sapphire Aviation Finance securitisation company it recently established.

Avolon buys aircraft from manufacturers such as Boeing and Airbus and leases them to airlines worldwide. The company had 156 customers in 64 countries by the end of June.

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Avolon completed 50 leases with airlines during the second quarter, including new deals, second leases and extensions.

The average age of its aircraft was just over five years, while its leases have an average of more than 6½ years to run.

During the period, Avolon extended, partially repaid and changed the interest rate of a $5 billion debt. It also increased another facility by 37 per cent to $1.44 billion.