05 Feb 2018
Irish Aircraft Leasing Newsletter 5 February
Aergo Announces Senior Management Transition
Aergo Capital announced 29 January that its Chief Commercial Officer, Gerry Power, will depart Aergo on 28 February 2018. Gerry was seconded to Aergo to undertake the role of Chief Commercial Officer and he will now return to Power Aviation Support after successfully completing his contract.
Aergo Capital delivers two new A330-300 aircraft to South African Airways
Aergo Capital announced 22 January the acquisition of two A330-300 aircraft (MSN 1779 & MSN 1792) from Airbus Financial Services. Both aircraft are on long term operating leases with South African Airways and take Aergo Capital’s current portfolio to 42 aircraft.
Avinco Places 2x A320’s with Sundair
Avinco announced 19 January the placement of two CFM-powered A320s MSN4953 and 4974 on behalf of LATAM Group in Q4 2017. The two aircraft have been placed on lease for 5 years with Sundair GmbH a new German airline, partly owned by Schauinsland-Reisen, one of the biggest tour operators in Germany. The two aircraft are flying to southern European destinations since the last quarter of 2017.
Ireland's aviation leasing industry contributes US$660 million to Ireland's economy, supporting nearly 5,000 jobs
Ireland's aviation leasing industry currently contributes US$660 million (€541 million) to the Irish economy supporting nearly 5,000 jobs. The industry in Ireland experienced exceptional growth of 36% in aircraft numbers in the five years to 2016 and is expected to show further significant growth to 2021. This is according to PwC's inaugural report 'Taking flight 2018: An economic & employment analysis of the aviation leasing industry in Ireland', published 22 January.
Intrepid Highlights Published Ratings
Intrepid announced 19 January that both Fitch Ratings and Kroll Bond Rating Agency (“KBRA”) have published the assignment of a long-term issuer rating of BB- with a Stable Outlook to Intrepid Aviation Group Holdings, LLC. These inaugural published ratings are a significant milestone for Intrepid, one that underscores the strength of our assets, our balance sheet, and our platform,” stated Mike Lungariello, Intrepid’s Chief Financial Officer.
NAC delivered one ATR 72-500 to Aeronova on lease
Nordic Aviation Capital (NAC) announced 19 January the delivery of one ATR 72-500, MSN 879, to Aeronova on lease.
NAC places a firm order with ATR for 15 additional -600 series aircraft
NAC placed an order for 15 additional ATR -600 series aircraft valued at $330 million at current list prices. All of the aircraft will be leased to Silver Airways, making them the first operator of ATR -600 series aircraft in the US. The transaction also includes the placement of five additional aircraft with Silver Airways from NAC’s current ATR orderbook. These aircraft will be placed with Silver Airlines, along with four 42-600’s and one 72-600 from NAC’s current orderbook. The first aircraft is due to deliver to Silver Airways in March 2018 with the remainder expected to deliver through to 2020.
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