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Air Lease Corporation Announces Lease Placement of 25 New Boeing 737-8 Aircraft with Malaysia Aviation Group
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Rhea-AI Summary
Air Lease Corporation (NYSE: AL) announced a significant long-term lease of 25 new Boeing 737-8 aircraft to Malaysia Aviation Group (MAG), starting delivery in early 2023 through 2026. This partnership aims to enhance Malaysia Airlines' operational efficiencies and support their Long-Term Business Plan 2.0, which emphasizes sustainability and improved fleet performance, including fuel efficiency improvements of up to 15%. Malaysia Airlines currently leases six Airbus A350-900 aircraft from ALC.
Positive
Long-term lease for 25 Boeing 737-8 aircraft enhances operational efficiency for Malaysia Airlines.
Fuel efficiency improvements of up to 15% align with sustainability goals and operational flexibility.
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None.
LOS ANGELES--(BUSINESS WIRE)--
Today Air Lease Corporation (NYSE: AL) announced long-term lease placements for 25 new Boeing 737-8 aircraft with Malaysia Aviation Group (MAG), parent company of Malaysia Airlines Berhad (MAB). The aircraft are scheduled to deliver to the airline starting in early 2023 through the beginning of 2026 from ALC’s orderbook with Boeing.
“ALC is pleased to announce this significant deal for 25 new 737-8 aircraft with MAG,” said Steven F. Udvar-Házy, Executive Chairman of Air Lease Corporation. “These 25 new Boeing aircraft will help grow Malaysia Airlines’ expanding route network and improve operations and the efficiency of the airline’s fleet.”
Izham Ismail, Group Chief Executive Officer of MAG said: “After a detailed tender process in the last quarter, we are pleased to appoint ALC as the aircraft lessor for our Boeing 737-8 fleet. This exercise is tied to the restructured terms of our existing orderbook with Boeing. We are happy to have in ALC, a partner who is committed to be part of our future endeavors as outlined in our Long-Term Business Plan 2.0 ('LTBP2.0'). The 737-8 is key to LTBP2.0 with its superior product offerings and better fleet performance which includes amongst others, improved fuel efficiencies of up to 15%. This aligns well with our sustainability journey, whilst also enabling MAB with greater flexibility and agility to implement our future network strategies.”
In addition to these 25 Boeing aircraft, Malaysia Airlines currently has six Airbus A350-900 aircraft on long-term lease from ALC.
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. ALC routinely posts information that may be important to investors in the “Investors” section of ALC’s website at www.airleasecorp.com. Investors and potential investors are encouraged to consult the ALC website regularly for important information about ALC. The information contained on, or that may be accessed through, ALC’s website is not incorporated by reference into, and is not a part of, this press release.
About Malaysia Airlines
Malaysia Airlines is the national carrier of Malaysia, offering the best way to fly to, from and around Malaysia. Malaysia Airlines carries up to 40,000 guests daily on memorable journeys inspired by Malaysia’s diverse richness. Malaysia Airlines embodies the incredible diversity of Malaysia, capturing its rich traditions, cultures and cuisines via its inimitable Malaysian Hospitality across all customer touch points.
Since September 2015, the airline has been owned and operated by Malaysia Airlines Berhad. It is part of the Malaysia Aviation Group (MAG), a global aviation organisation that comprises of different aviation business portfolios aimed at serving Malaysian air travel needs. Via our alliance with oneworld®, Malaysia Airlines offers superior connectivity with seamless journeys to 1,000 destinations across 150 plus countries, and access to over 650 airport lounges worldwide. For more information, please visit http://www.malaysiaairlines.com
What new aircraft lease did Air Lease Corporation announce?
Air Lease Corporation announced a long-term lease for 25 new Boeing 737-8 aircraft to Malaysia Aviation Group.
When will the new Boeing 737-8 aircraft be delivered to Malaysia Airlines?
The aircraft are scheduled to deliver from early 2023 through the beginning of 2026.
What benefits will the new 737-8 aircraft bring to Malaysia Airlines?
The new aircraft will improve operational efficiency and support Malaysia Airlines' sustainability goals, including fuel efficiency improvements of up to 15%.
How many Airbus A350-900 aircraft does Malaysia Airlines currently lease from ALC?
Malaysia Airlines currently has six Airbus A350-900 aircraft on long-term lease from Air Lease Corporation.
