Aircraft leasing company Avolon will lease five Airbus A330neos to South Korean low-cost carrier T’way Air. Avolon has several customers worldwide and boasts a large fleet of aircraft to supply airlines globally.
Avolon Leases 5 Airbus A330neos to T’way Air
Dublin-based aircraft leasing firm Avolon
has announced that it will lease five Airbus A330neos to South Korean low-cost carrier T’way Air. The carrier enjoys a significant network of international routes, and the new planes will help it strengthen its offerings even further.
Deliveries for these planes are scheduled for 2026, and with this, T’way, which is already an existing customer of Avolon, will also become the 12th A330neo operator on the lessor’s list. Paul Geaney, President and Chief Commercial Officer, Avolon commented,
“The T’way Air team is rapidly expanding the airline’s operations and we are delighted to have them as a new A330neo customer. The A330neo provides an ideal widebody solution to support their growth strategy. With the largest lessor committed fleet of 447 aircraft, we are well-placed to support our global customers as they look for capacity to meet the continuing high levels of travel demand.”
Photo: VanderWolf Images | Shutterstock
Avolon highlighted that the market for widebody airplanes is tight, and waiting times are longer. It added that by the end of this year, the remaining delivery slots from manufacturers for widebody aircraft will be sold out to 2030.
Among its other A330neo customers include Cebu Pacific Air, a Philippines-based low-cost carrier, which earlier this year
signed a sale-and-leaseback (SLB) agreement with Avolon for four aircraft
.
Avolon to increase aircraft portfolio
Recently, Avolon also announced its decision to acquire Castlelake Aviation Limited (‘CA Ltd’), an entity managed by Castlelake L.P., the global alternative investment manager.
CA Ltd’s total assets also include a portfolio of 105 aircraft on lease, commitments for 13 new-technology aircraft, two engines on lease, and nine loans. Of these, 68% are narrowbody aircraft and 70% are new-technology aircraft, with a weighted average aircraft age of 4.7 years and a weighted average remaining lease term of 8.4 years.
Photo: M101Studio | Shutterstock
Avolon has more than 140 airlines as its customers in over 60 countries. As of June 30, 2024, the leasing firm has an owned, managed, and committed fleet of more than 1,000 aircraft.
About T’Way Air
T’Way Air is a Korean low-cost carrier that has been in operation since 2010. With a fleet of more than 25 Boeing 737s and seven A330s, the carrier operates a significant network that also includes various destinations in Japan, China, Southeast Asia, Central Asia, Australia, and Europe.
Hong Geun Jeong, Representative Director, T’way Air said that the recent deal with Avolon is “an important next step in our growth ambitions.” The carrier has 55 destinations in its network, and the new planes are expected to expand it even further.
The A330neo’s range will allow T’Way to include more long-haul destinations. Currently, some of its longest flights are to cities in Europe, including Rome, Frankfurt, Barcelona, Paris, and Zagreb. Once the new planes arrive, more such destinations will likely be announced.
