Avation successfully delivers last off-lease aircraft to PNG Air

Avation plc

Avation PLC (LON:AVAP), the commercial passenger aircraft leasing company, has announced that it has successfully delivered its last remaining off-lease ATR 72-600 aircraft to PNG Air Limited for a 72-month lease at a market lease rate.  Avation’s fleet of 34 aircraft is now fully utilised for the first time since the COVID-19 pandemic.

PNG Air operates a substantial route network in Papua New Guinea connecting more than 20 locations on PNG’s largest domestic network. PNG Air operates a mixed fleet of ATR 72-600 72-seater aircraft and the Dash 8-100 series 36 seaters plus a Dash 8 freighter. The airline has orders in place with ATR and over the next five years will phase out the older Dash 8 aircraft and replace them with ATR 72 aircraft.

Avation’s Executive Chairman, Jeff Chatfield said: “We are pleased to add PNG Air as a new customer. We have achieved 100% fleet utilisation with no further COVID-19 era grounded aircraft on commencement of this lease.  Clearing the backlog of off-lease aircraft is a major milestone for the company and we may now look to the future with confidence in the knowledge that our current fleet is fully employed. The Company no longer has storage and rectification costs as a consequence from the transition of aircraft associated with the COVID-19 era. Consequently the Company can now adjust its activities to continue to repurchase bonds opportunistically in order to lower levels of overall Company debt, consider share repurchases when applicable and put in place an organic growth pathway from our new generation low CO2 ATR orderbook.”

We’ll keep you in the loop!

Join 1,000's of investors who read our articles first

We don’t spam! Read our privacy policy for more info.

Share on:
Find more news, interviews, share price & company profile here for:

Avation signs six-year lease agreement with Colombian airline Clic Air

Avation PLC has signed a six-year lease with Colombian airline Clic Air for an ATR 72-600, marking a significant expansion into the South American market.

Avation completes Airbus A320 acquisition on long-term lease to Etihad Airlines

Avation PLC has successfully acquired an Airbus A320 on long-term lease to Etihad Airlines, expanding its fleet to 33 aircraft and enhancing customer diversity.

Three Exclusive CEO Video Interviews in March on Important Breaking News You May Have Missed

CEO Interviews providing valuable insights into their companies' latest financial results, strategic moves, and future outlooks

Avation generates improved revenue, EBITDA and operating profit in half year results

Avation PLC announces strong financial growth, unveils new Airbus A320 acquisition set to diversify its fleet with high-credit airline Etihad.

Avation signs $85 million expandable portfolio financing facility

Avation Plc secures an $85M portfolio financing facility, enhancing cash flow and financial strength by refinancing aircraft with future flexibility.

Avation to publish Interim Results on 25th February 2025

Avation Plc (LON:AVAP) announces upcoming interim results release and investor call for February 25, 2025, detailing six-month performance.

Search

Search