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Cebu agrees sale and leaseback of four new aircraft

Cebu Pacific is Lufthansa Technik's A330neo inaugural base maintenance customer
photo_camera Cebu Pacific A330. Credit: LTP

Aircraft lessor, Avolon, has agreed the sale and leaseback of four new Airbus A330neo aircraft with Philippines-based low-cost carrier Cebu.

The first aircraft is scheduled for delivery in late 2024 with the final delivery planned in 2026. The new aircraft will support Cebu’s expansion of its route network in Asia and the Middle East. The airline has been a client of Avolon since 2012 and and already leases 11 aircraft from it, namely five A320ceos, three A320neos, and three A330neos.

READ: Avolon to purchase a further 40 B737-8 aircraft

The lessor continues to experience strong customer demand for its aircraft and orderbook given the undersupply of new aircraft. The widebody production recovery is lagging behind narrowbodies resulting in a tighter market and longer wait times for twin-aisle aircraft. A research paper forecasted that the remaining delivery slots from manufacturers for widebody aircraft will be sold out to 2030 by the end of this year.

Alex Reyes, Chief Strategy Officer, Cebu Pacific commented: “These new A330neos support our goal of transitioning to a more fuel-efficient fleet and will support our continued expansion of routes both in and to the Middle East. We appreciate Avolon’s continued support of our growth strategy as we further strengthen our position as one of Asia Pacific’s leading low-cost carriers.”

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