Air Lease Corp, founded by aviation leasing pioneer Steven Udvar-Hazy, has signed long-term lease agreements for 29 aircraft with various Asian airlines.
It will lease 10 new Airbus A320-200s and five new Boeing 737-800s to China Eastern Airlines (CEA) for delivery in 2012 and 2013. The transaction is valued at approximately $700 million.
In turn, it will acquire three B767-300ERs from CEA, two of which will be leased out to MIAT Mongolian and one to Orient Thai Airlines. All deliveries will be made by December of this year.
The lessor also signed a long-term lease agreement with China Southern Airlines for two new A320-200s for delivery in November and December, and a 12-year agreement with Air China for two new A330-200s for delivery in July and October.
It has entered into an eight-year lease agreement with Asiana Airlines for two new A321-200s for delivery in May and November 2012, and a 10-year agreement for one new A330-300 for delivery in July 2012.
It has also entered into a 12-year agreement with Garuda Indonesia for three new 737-800s for delivery in November 2013, December 2013 and September 2014.
''Airlines in the Asia-Pacific region have been working closely with ALC management to develop long-term jet aircraft leasing programmes to cover both growth and replacement requirements,'' said ALC chairman and CEO Steven Udvar-Hazy.