Air Lease Corporation Announces Lease Placement of Six New Boeing 737 MAX 8 Aircraft and the Option to Lease Five Additional ...
October 13 2016 - 6:45AM
Air Lease Corporation (NYSE:AL) announced today the placement of
six new 737 MAX 8s with CFM Leap-1B engines on long-term lease to
LOT Polish Airlines. In addition to the six firm lease
placements, the agreement includes the option to lease five new 737
MAX 8s, to be confirmed by early 2017. All eleven aircraft
are from ALC’s order book with Boeing.
A photo accompanying this announcement is available
at
http://www.globenewswire.com/NewsRoom/AttachmentNg/d7088994-bb3f-4f9f-aeae-191e09c182f0.
Delivery of the first two firmly-contracted
aircraft will begin in the fourth quarter of 2017, the next two in
2018, one in 2019, and the sixth aircraft will deliver in or before
the first quarter of 2020. The optioned aircraft are expected
to deliver in 2019 and 2020.
“We are very pleased to announce these 737 MAX 8
lease placements with LOT, a transaction that again demonstrates
ALC's strong airline market presence in Europe,” said Steven
Udvar-Házy, Executive Chairman of Air Lease Corporation. “The
new technologies in the MAX 8 aircraft will bring an increased
level of efficiency and passenger comfort to LOT that will greatly
enhance the airline’s competitive capabilities.”
“LOT is Poland’s national flag carrier with more
than 85 years in operation, and we at ALC are pleased with being
selected by the airline to modernize its fleet and help develop its
expanding network of connections. We are looking forward to a
strong relationship with the LOT team as they execute their growth
strategy,” said Alex Khatibi, Air Lease Corporation’s Executive
Vice President.
The new 737 MAX 8 aircraft will be used by LOT
to increase frequencies and add new destinations on LOT's extensive
European and Eurasian route network.
“We are thrilled to enter into these lease
agreements with Air Lease Corporation. The addition of these new
aircraft to our fleet represents a significant step toward
achieving sustainable viability as we gradually grow, simplify and
standardize our target fleet and launch new flights. Specifically,
Boeing’s 737-8 MAX 8 offers advancements in both technology and
passenger experience critical for enhanced reliability and customer
service,” says Rafal Milczarski, CEO of LOT Polish Airlines.
LOT has one of the youngest fleets in Europe and
was the first European airline to introduce into service the Boeing
787 Dreamliner. LOT estimates that in 2020 it will operate a total
of approximately 70 aircraft, including 16 Dreamliners and
approximately 15 new single-aisle planes with 150-plus seating
capacity.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including expected delivery dates. Such
statements are based on current expectations and projections about
our future results, prospects and opportunities and are not
guarantees of future performance. Such statements will not be
updated unless required by law. Actual results and performance may
differ materially from those expressed or forecasted in
forward-looking statements due to a number of factors, including
those discussed in our filings with the Securities and Exchange
Commission.
About Air Lease Corporation (NYSE:AL)
ALC is a leading aircraft leasing company based
in Los Angeles, California that has airline customers throughout
the world. ALC and its team of dedicated and experienced
professionals are principally engaged in purchasing commercial
aircraft and leasing them to its airline customers worldwide
through customized aircraft leasing and financing solutions. For
more information, visit ALC's website at www.airleasecorp.com.
About LOT Polish Airlines
LOT Polish Airlines is a modern airline that
connects Central and Eastern Europe with the world. It provides
nearly 5 million passengers a year with the shortest and most
comfortable travel options to almost 60 destinations worldwide via
Warsaw, a competitive hub that offers fast connections. As the only
carrier in the region, LOT offers direct long-haul flights to New
York, Chicago, Newark, Los Angeles, Toronto, Beijing, Tokyo and
Seoul. It flies one of the youngest fleets in Europe and, as the
only airline, operates the Boeing 787 Dreamliner, the world's most
advanced aircraft, on all long-haul connections. LOT relies
primarily on the passion and positive energy of its team members,
including top ranking pilots in the global aviation business, often
champions in many aviation sports. With 87 years of experience, LOT
is also one of the oldest airlines in the world and the most
internationally recognized Polish brand.
Investors:
Ryan McKenna
Vice President
Email: rmckenna@airleasecorp.com
Media:
Laura St. John
Manager, Media and Investor Relations
Email: lstjohn@airleasecorp.com
Air Lease (NYSE:AL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Air Lease (NYSE:AL)
Historical Stock Chart
From Apr 2023 to Apr 2024