Sat, Sep 01, 2007
Will Also Lease Back Four 757s
Shanghai Airlines announced Friday it plans to expand its fleet
with five new Airbus A321s.
The International Herald Tribune reports the Shanghai-based
airline plans to sell four Boeing 757s in its current fleet to
aircraft leasing company Aircastle ltd., and then lease them back.
The airline will receive a little more than book value on the 757s
(about $66 million) from the sale, which Aircastle will then make
up on lease charges.
The move -- which the airline says will leverage use of its
assets, according to IHT -- was approved by the company's board
this week. As ANN reported, Shanghai
took delivery of the last 757 assembled in 2004.
Shanghai Airlines will also receive the A321s at a slight
discount off list price of $370 million. Delivery of the new planes
is expected to start in 2011.
China is expected to see a nine percent increase in air travel
in the next year alone, according to industry estimates. The
country is forecast to need over 3,000 new jets within 20
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