Leasing firm Avolon adds to fleet after busiest year
AVOLON said its fleet grew 9pc in 2013 after what the leasing company said was its busiest year ever.
The Irish-founded jet lessor's fleet reached 182 aircraft by the end of the year, up from 167 in 2012. The company added nine customers, it said, bringing its total to 41 airlines spread across 25 countries.
The Dublin-headquartered firm, which has offices in Stamford, Hong Kong, Shanghai, Singapore and Dubai, raised $1.6bn (€1.18bn) in debt financing with the support of its four main shareholders -- Cinven, CVC Capital Partners, Oak Hill Capital Partners and the Government of Singapore Investment Corporation -- and 29 financial institutions, including new lenders in Singapore and the Middle East. This brought total capital raised to $6.7bn.
It delivered 34 aircraft to clients during the year including the first of five committed Boeing 787s and maintained a 100pc fleet utilisation rate, the lessor said.
"We ranked in the top five aircraft lessors globally in terms of transaction origination in 2013 -- and we continue to maintain the youngest large lessor fleet in the world," said chief executive Domhnal Slattery.
He was buoyant on the outlook for lessors for 2014. "We remain confident about the prospects for our business and the industry as a whole. IATA's recent outlook points to continued growth and improving profitability for the airline industry in 2014 and beyond."
The lessor added that Avolon Capital Partners, a new Dublin-based joint-venture with US bank Wells Fargo, received all regulatory approvals during the year and has taken delivery of two aircraft to date.