MIAMI– AerCap Holdings N.V. a major Boeing and Airbus customer and the world’s largest independent aircraft leasing company, announced today that it has rescheduled the delivery of 37 aircraft that were to be delivered in 2021-2022.
These aircraft are now expected to be delivered in 2023 and later years.
In addition, So far, the company has rescheduled delivering over 100 aircraft that were originally planned to be sent to airlines in 2020, 2021, and 2022.
A significant reduction of cash expenditures for the short-term
According to the company’s press release, the rescheduling of all these deliveries reduces its cash capital expenditures in 2020 and 2021 by US$4.7b, approximately.
AerCap expects to have cash capital expenditures of approximately US$1.1b for the remainder of 2020 and approximately US$2.5b for 2021.
It also expects cash capital expenditures during the following years to
decrease further as it continues discussions with the aircraft manufacturers and customers. All aircraft deliveries in 2020 and 2021 have already been placed on long-term leases, the company states.
Aengus Kelly, CEO of AerCap said, “On our first-quarter earnings call, I noted the positive trends that we were starting to see in Chinese air traffic. Similarly, since the low point in mid-April we have seen a steady increase in air traffic in Europe and the United States. As economies begin to reopen, our airline customers will play a vital role in the recovery of their respective countries.”
“We have taken these steps to better align our delivery schedule with the needs of our airline customers and our OEM partners during this period of market dislocation. We expect to reschedule additional aircraft deliveries in the future as we continue to work with our customers and the manufacturers, ” concluded the CEO.