Global aviation finance company Avolon has secured a sale and leaseback deal with the Cathay Group for nine Airbus A320neo family aircraft.
Airbus A320neo Family
The recently brokered agreement will see the acquisition of nine Airbus A320neo family aircraft by the Asian carrier, which are set for delivery in 2026 and 2027. The deal encompasses a mix of A321neo and A320neo aircraft.
Within this deal, the A321neo takes the spotlight. This extended version of the A320neo family is capable of carrying up to 244 passengers, making it a versatile choice for airlines.
With a remarkable range of 7,400 kilometers, it opens up new possibilities for long-haul flights while maintaining cost-efficiency.
Fuel Efficiency and Environmental Responsibility
One of the standout features of the A320neo family is its remarkable fuel efficiency. In comparison to previous-generation Airbus A320 aircraft, these modern marvels offer a staggering 20% reduction in fuel consumption.
This translates into not only substantial cost savings for airlines but also a significant reduction in carbon dioxide (CO2) emissions—a crucial step towards a greener aviation industry.
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Cathay Group’s Ambitious Flight Plan
The Cathay Group currently serves more than 75 passenger and cargo destinations across the globe. Through strategic codeshare agreements, they extend their reach to an additional 160 destinations, showcasing their commitment to seamless connectivity.
As of June 30, 2023, the Cathay Group’s formidable fleet consists of 225 aircraft. With this latest deal, they are gearing up for a new era of expansion and innovation.
A Word from Avolon’s President
Paul Geaney, President and Chief Commercial Officer of Avolon, expressed his enthusiasm regarding this landmark transaction.
He noted, “The Cathay Group is a leading airline operator in Asia, and we are very pleased to agree on this sale and leaseback transaction with them. We look forward to our future partnership.”
Geaney’s statement underscores the significance of this deal not only for Avolon and the Cathay Group but for the entire aviation industry.
As passenger traffic rebounds in and out of Hong Kong, these state-of-the-art aircraft will play a pivotal role in supporting the Cathay Group’s strategic fleet expansion.
Avolon’s commitment to innovation and expansion is evident in its existing fleet of 101 A320neo family aircraft. Moreover, as of September 30, 2023, the company boasts a substantial order book with an additional 192 aircraft of this type on the horizon.
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