Q1 2009 Placement Activity Outpaces Q1 2008 By 15 Percent; Only One AOG

Here's some good news... GE Commercial Aviation Services (GECAS) is looking fairly solid on news stating that during the first quarter of 2009, ending March 29, it placed 45 aircraft, including 33 aircraft from its existing fleet leased, 9 lease extensions, and 3 sales, representing a strong 15 percent increase over 2008 first quarter placements.

Of the 33 new leases, 12 were placed with carriers in the Middle East, Africa , Russia and Asia, building on GECAS’ already significant business in these growth areas. The unit also reported it ended the quarter with only one aircraft on ground (AOG) on its books. On March 31, but GECAS says that they signed a letter of intent (LOI) with a flag carrier to lease the one AOG.

Separately, GECAS took delivery of 20 new aircraft from its order books with Boeing and Airbus in the first quarter, versus 9 in the first quarter of 2008, with the majority going to carriers in the Middle East and Asia.

Commenting on 2008 activity, Henry Hubschman, GECAS President and CEO, said: “The first quarter of the year proved to be as challenging as any we’ve faced. Still, our global reach and local presence, combined with the team’s outstanding efforts, once again proved to be the differentiators. Our marketing/sales, risk, legal, and technical teams all excelled and successfully placed 99 percent of our planned and unplanned roll off in the midst of an extremely turbulent global economy.”

GECAS, the US and Irish commercial aircraft financing and leasing business of GE, has a fleet of approximately 1,500 owned aircraft with more than 250 airlines in some 80 countries, and it manages over 325 aircraft for others.

FMI: www.ge.com