||CIT AEROSPACE INTERNATIONAL
||+1 (212) 536-9400
||+1 (212) 536 9401
Click below for data links:
TCI-2009-01 - LESSOR STATUS
JET AIRPLANE LEASING COMPANY.
1211 AVENUE OF THE AMERICAS, 20TH FLOOR
NEW YORK, NY 10036, USA
USA (United States of America) was established in 1776, it covers an area of 9,363,123 sq km, its population is 280 million, its capital city is Washington DC, and its official language is English.
JANUARY 1999: >300 AIRPLANES.
1 727-200 (21458), EX-ACES (ACE), 7 YEAR LEASED TO CHAMPION AIR (GRD).
APRIL 1999: 25 ORDERS A320'S, & 5 ORDERS A330-200'S (OCTOBER 2000). A320 ORDERS CAN BE SWITCHED TO A319'S & A321'S. ALSO, A330-200 CAN BE SWITCHED TO A330-300. BOUGHT 1 757-200 (24760), FROM HELLER, LEASED TO ICELANDIC (ICE).
MAY 1999: 737-400 (24353) LEASED TO ICELANDAIR (ICE). A320-200 LEASED TO CHINA NORTHWEST AIRLINES (CNW).
JUNE 1999: PARIS AIR SHOW 10 ORDERS (2001) 737NG'S. 15 ORDERS A319/A320/A321'S (V2500). $48 MILLION, 2 A330-200'S (PW4168A-1D). 3 A330'S (TRENT 700) ALREADY ORDERED. BOUGHT 737-500 (25767) FROM ASIANA (AAR), & LEASED IT BACK TO (AAR). BOUGHT 757-200 (29943) FROM BRITISH (BAB), & LEASED IT BACK TO (BAB).
AUGUST 1999: 1 MD-83 LEASED TO (BWIA) INTERNATIONAL (TTA), BASED IN TRINIDAD & TOBAGO. 2 A320'S (772, 99) LEASED TO (CEA), & 1 A320 (246) LEASED TO IBERIA (IBE).
OCTOBER 1999: 737-33A (2025-25033, /91 25 12, TC-IAD) RETURNED FROM ISTANBUL AIRLINES (IST). 757-200 (22612) RETURNED FROM BRITANNIA (BRI) LEASED TO AIRTOURS INTERNATIONAL (GUE).
NOVEMBER 1999: ACQUIRES NEWCOURT CREDIT GROUP, CANADA, TO CREATE WORLD'S LARGEST PUBLICLY OWNED COMMERCIAL FINANCE COMPANY, WITH >$50 BILLION IN MANAGED ASSETS. (TCI) MANAGES A PORTFOLIO OF >230 AIRPLANES, LEASED TO >70 AIRLINES.
DECEMBER 1999: JEFFREY KNITTEL, PRESIDENT, CIT AEROSPACE (TCI).
JANUARY 2000: 757-200 (22612), EX-BRITANNIA (BRI), LEASED TO AIR 2000 (ATZ).
JUNE 2000: MIKE WALLING, VP TECHNICAL GROUP; MATTHEW BELME, VP NEW AIRCRAFT PROGRAMS.
HOLDS AUCTION FOR 2 747-200B'S (20011, /71 86 23, N607FF; 45C, 426Y PAX; 21439, /77 67 15, N624FF, 45C, 426Y), IN JULY 2000, IN NEW YORK. MD-87 (49779), EX-RENO (RNO), LEASED TO AEROMEXICO (AMX).
JULY 2000: FARNBOROUGH AIRSHOW ANNOUNCEMENT OF 35 ORDERS (FEBRUARY 2002) A320'S FAMILY, AND 15 ORDERS A330-200'S (INCLUDING LAUNCH CUSTOMER OF PROPOSED -500 SHORTENED VERSION). (TCI) PORTFOLIO TO 250 AIRPLANES WITH 85 AIRLINES.
NOVEMBER 2000: 1ST A321 (V2500) LEASED TO ASIANA (AAR).
MARCH 2001: TYCO INTERNATIONAL, BERMUDA, AGREED TO ACQUIRE (TCI), IN A STOCK-FOR-STOCK DEAL, WORTH $9.2 BILLION. (TCI) OWNS OR MANAGES >250 AIRPLANES, WITH 128 ON ORDER, WITH AIRPLANE BUSINESS REPRESENTING 10% OF GROUP.
$1.3 BILLION, 20 ORDERS 737-700'S, & 5/5 ORDERS 757-300'S.
APRIL 2001: CHANGED 3 ORDERS A320'S TO A319'S.
NOVEMBER 2001: CHANGED NAME FROM "THE (CIT) GROUP" TO "TYCO CAPITAL AEROSPACE." (CIT) GROUP, AS THE USA'S LARGEST INDEPENDENT COMMERCIAL-FINANCE COMPANY, WAS ACQUIRED BY TYCO INTERNATIONAL FOR $10 BILLION. TYCO INTERNATIONAL CEO, DENNIS KOZLOWSKI SAYS PROFITS ARE UP, THANKS TO JETTISONING SOME $5 BILLION IN UNDER-PERFORMING CIT GROUP ASSETS, AND TRIMMING $150 MILLION IN ADMINISTRATIVE COSTS. HE PROJECTS TYCO'S EARNINGS WILL ONCE AGAIN GROW BY >20% A YEAR.
July 2002: 4 orders A320's.
September 2002: Former (CEO) Dennis Kozlowski; (CFO), Mark Schwartz; and Mark Belnick, General Counsel, all indicted by the USA Securities & Exchange Commission of looting Tyco of >$600 million by stock fraud, and theft. The new (CEO) is Edward Breen.
November 2003: Converted orders for 3 A318's & 1 A321 to 4 A320's, and now has on order 1 A318, 5 A319's, 36 A320's, & 4 A321's. The total Airbus (EDS) A318 order book has now fallen to 81 (5 delivered) vs a peak of 161 in 1st Quarter 2001.
February 2004: See attached link to "Leasing Survey 2004." It shows (TCI) ranked 4th of top 40 airplane leasing companies with 33 turboprops, 131 narrow bodies, and 29 wide bodies.
August 2005: 23 orders (February 2007) A320's & 5 orders (February 2012) A380's (GEnx), including A350-800's, 253 passengers & A350-900's, 300 passengers.
October 2005: (CIT) Group (TCI) named Patrick Dowling, Managing Director and General Manager of (CIT) Aerospace and Defense Finance.
Airbus (EDS) received formal approval from its shareholders, (EADS) and (BAE) Systems for industrial launch of the A350 on the basis of 140 "firm order commitments" from 9 customers, 1 of which is unidentified. In Washington, (EDS) (COO), Charles Champion said the company is "confident" it will reach 200 commitments by year end, while Executive VP Procurement, Henri Courpron said that all 200 will be firmed within the same time frame.
As previously announced, the airplane will be offered in 2 versions, the A350-800 seating 258 in a 3-class configuration with a range of 8,800 nm and the A350-900 seating 316 with a range of 7,500 nm. The A350-800 will enter service in mid-2010 while the larger A350-900 arrives later in the year.
Also, Rolls-Royce (RRC) announced that it finally had reached agreement with (EDS) to supply a new variant of its (Trent) engine series for the A350. The (Trent 1700) will be available for A350 deliveries from mid-2011. The airframe will launch with a version of the (GEnx) engine. To date, (GE) has captured all firm orders from identified customers, a total of 130 shipsets, plus 32 options.
Courpron said the delay in bringing (RR) into the program was owing to both technical and commercial considerations: "We wanted to make sure we knew what (RR) had to offer." Implying that the delay was partly due to the engine-maker's negotiating position, he said "it was not a coincidence" that (RR) came aboard at virtually the same time (EDS) received authorization to build the jet. "We felt very comfortable going the whole way with just (GE)," he added. "We sold 140 of them without (RRC)."
The current customer list comprises Air Europa (ARE) (10), (ALAFCO) (12), (CIT) (TCI) (5), (GECAS) (GEF) (10), Kingfisher Airlines (KFH) (5), Qatar Airways (QTA) (60), TAM (TPR) (8), US Airways (USA) (20) and an unidentified customer (10).
The (Trent 1700) will offer a thrust rating of 75,000 lb and will run for the 1st time in mid-2009. The 4-digit nomenclature is a departure for (RR). A spokesperson said that the (Trent 1700) is a reference to the mid-70,000-lb thrust rating, not an homage to the (Trent 700) that powers the A350's closest sibling, the A330.
"We have strong, market-leading or sole-source positions with the (Trent) on the A330, latest A340s and the A380, and we are equally confident that the (Trent 1700) will establish itself successfully on the A350," (RRC) President Civil Aerospace, Mike Terrett said.
November 2005: The (CIT) Group (TCI) selected (IAE)'s (V2500) to power up to 24 A320s, comprising 12 firm and 12 option airplanes. If fully realized, the contract will be worth >$400 million to (IAE). (TCI) already has 33 (V2500)-powered airplanes in service and another 10 on order.
December 2005: (CIT) Group (TCI) appointed Timothy Lance to the position of VP Airline Marketing of (CIT) Aerospace International (TCI). Prior to joining (TCI), Lance directed the fleet management services division at (TUI) AG (TUG). He previously held positions at Air 2000 (ATZ) and Monarch Airlines (MON).
Delta Air Lines (DAL) received some welcome financial relief as cargo carrier (ABX) Air and (TCI) agreed to purchase a combined 21 airplanes from the beleaguered company. (TCI) announced it will buy 10 737-800 delivery positions from (DAL) in a deal worth approximately $600 million. The airplanes, part of the carrier's order backlog with Boeing (TBC), will be delivered in 2007 (9) and 2008 (1). (TCI) manages a fleet of >300 commercial and regional airplanes operated by > 100 airlines.
March 2006: Based on an "Airline Business" magazine survey of airplane leasing companies, the (CIT) Group (TCI) has a fleet of 291 airplanes valued at $4,948 million and is ranked 4th of the top 50 airplane leasing companies (see attached data).
(TCI)'s fleet includes most of the Boeing (TBC) and Airbus (EDS) type jet airplanes, as well as regional jets.
(TCI) placed a $165 million order for (CFM56-5B) installed and spare engines to power 12 firm A320 family airplanes scheduled to begin delivery in 2007.
July 2006: 4 orders A320 & 5 orders A330-200'S. Including the airplanes announced, (TCI) has ordered 117 Airbus (EDS) products comprising 97 A320 family airplanes, 15 A330s and 5 A350s. Of these, 65 have been delivered to date.
October 2006: Boeing (TBC) announced that (CIT) Aerospace (TCI) is the previously unidentified customer for five 787-8s Dreamliners scheduled for delivery beginning in 2012. (TCI), a leading global provider of commercial and consumer finance solutions, joins a growing number of airlines and lessors to order the all-new, advanced-technology airplane.
The 787 Dreamliner will use -20% less fuel than today's airplanes of comparable size, provide airlines with up to +45% more cargo revenue capacity and present passengers with ground-breaking innovations, including an improved interior environment, wider seats and aisles, larger windows and other benefits. The 787's lightweight composite structure makes many of these advances possible.
The 787 Dreamliner has accumulated 455 orders and commitments from 36 airline and leasing customers around the world. Development of the 787 is on schedule for 1st flight in 2007 and entry into service in 2008.
February 2007: Airbus (EDS) announced that the (CIT) Group (TCI) signed a firm order in December for 5 A330s and 10 A320 family airplanes. To date, (TCI) has ordered 112 A320 family airplanes, 25 A330s and 5 A350s; 73 have been delivered.
March 2007: (CIT) Aerospace (TCI) placed a $200 million engine order for (GEnx-1B64)s to power 3 787s, and (CF6-80E1)s to power 4 A330s. The lessor will take delivery of the airplanes in 2008 to 2013.
April 2007: (CIT) Aerospace (TCI) ordered five 737-700s valued at approximately $295 million at list price, bringing its firm 737 backlog to 10. It also has five 787s on order. It previously has taken delivery of 31 737NGs.
June 2007: (CIT) Aerospace (TCI) made an order for 7 A350 XWBs, which was confirming and adding to a previous commitment for 5. (TCI) also ordered 25 A320 family airplanes. (TCI) selected the (V2500) to power 10 firm and 5 option A320 family airplanes. (IAE) valued the deal, including options, at >$250 million.
July 2007: (CIT) Aerospace (TCI) announced an order for 5 additional 787s worth approximately $810 million at list prices. (TCI) already had 5 787s on order.
December 2007: (CIT) Aerospace (TCI) signed contracts with Ryanair (RYR) for the purchase of 15 737-800s. (TCI) said it will take delivery of the 737-800s it is buying from (RYR) in 2008, and 2009. "All airplanes are committed to future leases," (TCI) said. "The addition of these airplanes will help (TCI) continue to meet customer demand for the 737-800." (TCI) owns or finances a fleet of >300 airplanes, including 41 737NGs. (TCI) has an additional 10 737NGs on order with Boeing (TBC) for delivery in 2010 and 2011. (TBC) said it has sold >4,300 737NGs to 109 customers.
(TCI) ordered 5 737NGs just 2 days after announcing a deal to purchase 15 737-800s from (RYR). The airplanes are worth around $311 million at list prices, and will be delivered in 2011, along with the last of the 10 737NGs previously ordered by (TCI).
January 2008: Royal Jordanian (RJA) and (CIT) Aerospace International (TCI) signed 12-year lease contracts for 2 787s, with delivery in September 2012 and January 2013. The airplanes will operate to North America and East Asia. (RJA) plans to operate 12 787s, 4 of which will be purchased directly from Boeing (TBC) for delivery in 2013 and 2014. (RJA) will take 2 787s from (ILFC) (ILF) in 2010 to 2011 and said it plans to sign a contract with (LCAL) for an additional 3 of the type. It did not account for the 12th airplane. (RJA) currently operates 23 passenger airplanes and will take delivery this year of 2 E175s, 2 A319s and 2 A321s.
February 2008: (CIT) Aerospace (TCI) will lease a (CFM56)-powered 737-800 to (MIAT) Mongolian Airlines (MNG). Delivery is scheduled for April.
March 2008: CIT Aerospace (TCI) signed a firm contract for 15 A320s and 5 A330-200s. The airplanes are worth approximately $1.9 billion at list prices, (TCI) said, and will be delivered from 2011 through 2014. "We continue to see a growing demand from our customer base for more efficient airplanes similar to the Airbus (EDS) A320 and A330 family of airplanes. As a result of this demand, we decided to take advantage of the opportunity to further enhance and diversify our fleet," President Transportation Finance, C Jeffrey Knittel said. No engine choices were announced. (TCI) has ordered a total of 189 airplanes from (EDS), of which 93 have been delivered.
July 2008: International Aero Engines (IAE) announced that (CIT) Aerospace (TCI) chose (V2500)s to power 15 A320 family airplanes in a deal worth around $250 million at list prices.
September 2008: (CIT) Aerospace (TCI) exercised options for 8 A320s and 2 A319s, lifting its firm Airbus (EDS) commitment to 199 airplanes (162 A320 family, 30 A330s, 7 A350s), of which 100 already have been delivered. Delivery of the newly ordered airplanes, worth approximately $756 million at list prices, is scheduled to begin in 2012.
(TCI) signed leases for 5 737-800s with Garuda Indonesia (GIA), a new customer. Delivery is scheduled to begin in January.
January 2009: (CIT) Aerospace (TCI) said it signed lease agreements last year covering 119 airplanes for delivery through 2010 and that it delivered 49 airplanes in 2008. It added 5 new customers during the year.
SEE ATTACHED - - "TCI-NEWS-JAN09."
March 2009: (CIT) Aerospace (TCI) delivered a new (CFM56-5B4/P)-powered A320-200 to Saudi Arabian Low Cost Carrier (LCC) Nas Air (NAZ) and a (CFM56-7B24)-powered 737-800 to Garuda Indonesia (GIA).
(TCI) announced the delivery of a (Trent 772B)-powered A330-200 to Etihad Airways (EHD).
September 2009: (CIT) Aerospace (TCI) said it delivered 14 new and used airplanes to airline customers in the 2nd quarter.
January 2011: (CIT) Aerospace (TCI) ordered 38 737s comprising 15 737-900ERs and 23 737-800s with purchase rights for 7 additional 737NGs. It is the largest order placed by a leasing company for the 737-900ER and the largest order placed by (TCI) for Boeing (TBC) airplanes. Deliveries run into 2017.
“This order of Next-Generation (TBC) airplanes reflects our efforts to maintain one of the youngest and most technologically advanced fleets in the industry,” (CIT) (TCI) President Transportation Finance, Jeffrey Knittel said. As of September 30, 2010, (CIT) (TCI) had 140 Boeing (TBC) airplanes in its portfolio. With this new order, (TCI) has an order book of 111 airplanes, of which 58 are Boeing (TBC); it has 140 (TBC) airplanes in its portfolio.
June 2011: The (CIT) Group (TCI) has inked a memorandum of understanding (MOU) with Airbus (EDS) for 50 A320neo family airplanes.
The order, when firmed, "will help us meet our customers' demand for state-of-the-art, fuel efficient airplanes", said C Jeffrey Knittel, President of Transportation Finance at (CIT) (TCI).
It brings the total number of airplanes in the Airbus (EDS) order book for (CIT) (TCI) to 241, comprising 195 A320 family airplanes (including the 50 A320neo airplanes), 39 A330s and 7 A350 XWBs. Of these, 141 have been delivered so far.
November 2011: CIT Aerospace (TCI), the airplane leasing unit of the (CIT) Group, signed an agreement with Embraer for up to 30 Embraer E190 and/or E195 jets, with 10 firm orders. Deliveries are scheduled through 2015.
July 2012: At the Farnborough Air Show, CIT Aerospace (TCI) placed a firm order for 10 A330s including an unspecified number of the new longer range, 240-tonne high gross weight A330-300 variant, at an estimated list price of $2.3 billion. Jeff Knittel, (TCI) President Aerospace Transportation & Finance said he had seen increased interest in the longer range A330, particularly in Asia. "If you are flying 4,000 nautical miles consistently, then you gravitate to the longer range version."
(CIT) (TCI) is one of the largest A330 customers, with this order bringing its total up to 51 of the type.
August 2012: (CIT) Aerospace (TCI) will lease 2 new (GEnx-1B70)-powered 787-8s to Aeromexico (AMX), with deliveries scheduled in 2015 and 2016.
January 2013: The (CIT) Group (TCI) arranged and syndicated a $125 million senior secured credit facility to A J Walter Aviation (AJW), which (AJW) will use to support spare parts acquisitions.
Lessor, the (CIT) Group (TCI) has placed a firm order for 10 A350-900s. This is the second time (TCI) has ordered A350 XWBs and brings the lessor’s total backlog for the type to 15.
(CIT) Transportation Finance, C Jeffrey Knittel said the deal “further expands our portfolio of medium- to long-haul airplanes.”
Including this transaction, (CIT) (TCI) has ordered 253 Airbus (EDS) airplanes, comprising 187 A320 family, 51 A330 family and 15 A350 XWB family, according to Airbus (EDS).
March 2013: The grounding of the 787 is lifting demand for A330s and 767s, according to Jeffrey Knittel, (CIT) Aerospace (TGI) President Transportation & Finance. Knittel said the 787 issues made it a “difficult time” for Boeing (TBC) and the entire industry, but he said he was confident of (TBC)’s proposed solution for the lithium ion battery problem and he said the fix would be permanent and ensure long-time operation of the 787.
(CIT) Aerospace (TCI) has 10 787-8s on order and is expecting its 1st delivery in late 2014. Knittel said there was a very real demand for the 787 in the market and (TCI) is considering accelerating its delivery positions forward.
Knittel said none of (TCI)’s 787 customers had requested any changes to their orders since the airplane was grounded in mid-January. “Boeing (TBC) has done a good job of finding a solution and [Boeing Commercial Airplanes (BCA) (CEO) Ray Conner] has done a good job of outreach to the customers. We feel very confident that we have a pulse on where things are going,” he said. “Demand for the airplane is there, so when the solution is arrived at and agreed to by all prevailing agencies, we will move forward.”
“A handful” of 787 customers have been in talks with (CIT) (TCI) over alternative short-term plans should the problem not be alleviated in the near term; however, Knittel said it varied from airline to airline and “people are being prudent; it is not a feeding frenzy.”
He added, however, that lease rates remained strong “and have probably strengthened slightly on the A330 and 767. We are one of the owners of the A330 and demand for that airplane has gone up, and somewhat for the 767 as well, with the 787 issue. [Demand for] the A350 has slid a little bit,” Knittel said.
CIT (TCI) also has 15 Airbus A350-900s on order, and Knittel cautioned that Airbus (EDS)’ decision to revert to a traditional ni-cad battery for the A350 XWB program was no reflection on its opinion of the new technology associated with lithium ion batteries, but rather a way to de-risk the program. “Airbus had the opportunity because of the timing that allowed them to de-risk the program and I think that is prudent,” he said.
May 2013: Rolls-Royce (RRC) has won an order from USA leasing company CIT Aerospace (TCI) for (Trent XWB) engines to power 10 A350 XWB airplanes, and (Trent 700) engines to power 13 A330 airplanes. The (Trent XWB) engines are for the 10 A350s (CIT) ordered in January, which were in addition to 5 A350 XWB airplanes already on order. Specifically designed for the A350, >1,200 (Trent XWB)s have already been sold.
June 2013: Boeing (TBC) closed in on some of the early Airbus momentum at the Paris Air Show, announcing orders for >200 of its 737 family airplanes from Ryanair (RYR) and leasing firm, the (CIT) Group (TCI) worth a combined $18 billion.
(RYR) finalized an order for 175 Next-Generation 737-800s, originally announced as a commitment in March. The order, worth $15.6 billion at current list prices, is the largest ever airplane order Boeing has received from a European airline.
"These 175 new airplanes will enable us to lower costs and airfares even further," (RYR) (CEO), Michael O'Leary said, adding that his airline hopes to use the new airplanes to compete with European flag and regional airlines, many of whom are reducing their short-haul operations.
Also, (CIT) placed a $3 billion order for 30 of Boeing's 737 MAX 8 aircraft, in a deal comprised of 10 new airplanes and the conversion of 20 existing Next-Generation 737 orders into 737 MAX 8 orders.
(CIT) is also considering purchasing the 787-10 Dreamliner, the largest 787 Dreamliner variant, launched by Boeing (TBC).
March 2014: USA lessor, the (CIT) Group is pushing Airbus (EDS) to make a decision “in the next 6 months” on whether to re-engine the A330 for a potential 2017 entry-into-service (EIS).
(CIT) Transportation & International Finance President, Jeff Knittel said the A330 has “historically been the star of our fleet” but is now “at a crossroads. Airbus (EDS) will need to make some decisions on where they take that airplane.”
(CIT) placed a firm order for 10 A330s valued at $2.3 billion at the 2012 Farnborough Airshow, bringing its total orders for the type to 41.
(CIT) Aerospace (TCI) VP Aircraft Analysis, Steve Mason noted the A330 “is not selling as well as Airbus would like. The question now facing both [Airbus] and its customers is what options remain for the A330 and, for that matter, this entire [200-to-300 seat airliner] market. The key for Airbus (EDS) is that they move quickly.” An A330 re-engining “may be the best bang for the buck” for Airbus (EDS), Mason said, warning that A330 orders “will dwindle down” without a move such as a re-engining.
(EDS) has acknowledged it is studying the so-called “A330neo” option, but has said little publicly about the potential program or its timing. “There is a lot of discussion on the A330neo, but not in Toulouse,” Airbus Senior VP Leasing Markets, Andrew Shankland told the (ISTAT) Conference 2014 Americas conference in San Diego.
“We shouldn’t oversimplify what it takes to re-engine an airplane,” Knittel said. “The entire wing structure will have to be looked at. When [Airbus (EDS) is] done with their analysis, you will get an answer [on the A330neo]. I would suggest they don’t know enough to know [yet whether to move forward]. It’s entirely possible they will see something from an engineering perspective that [reveals] this won’t work.” However, he cautioned, “If they wait too long, they will miss the window.”
Knittel would not commit to ordering a re-engined A330 if it is launched, but suggested (CIT) would be strongly interested. “I think there are a number of people that support an A330neo,” he said. “Certainly [Delta Air Lines (DAL) (CEO)] Richard Anderson has been vocal about how a more efficient airplane in that [midsize wide body] market would be welcomed by (DAL). I think for a lot of [airlines] who are current operators of the A330, it would be a natural evolution to consider a neo.”
AirAsia Group (CEO) Tony Fernandes last year called on Airbus (EDS) to launch the A330neo, saying a re-engined A330 would have a +5% fuel burn advantage over the A350-800 on a 6,000 nautical mile mission.
July 2014: Avolon Leasing Group (AZV) and (CIT) Aerospace (TCI) each signed memorandums of understanding (MOU)s for 15 Airbus A330neos at the Farnborough Airshow, making it a leasing company hat trick for the newly launched re-engined wide body.
When Airbus (EDS) announced program launch for the A330neo, USA lessor Air Lease Corporation (ALE) signed an (MOU) for 25 A330neo-900 variants.
Dublin-based lessor, Avolon (AZV) announced an (MOU) for 15 A330neos with a list price value of $4.1 billion and deliveries scheduled to begin in 2018.
USA lessor (CIT) Aerospace (TCI) similarly signed an (MOU) for 15 A330neos-900 variants, for deliveries also to begin in 2018, as well as 5 A321ceos for deliveries to begin in 2015.
Avolon (AZV) (CEO), Dómhnal Slattery said that the current A330 is “the workhorse” in the Asia-Pacific. “There is no question that the sweet spot for the [A330] neo is Asia. We see huge potential in emerging city pairs and this airplane will fit that spot perfectly over the next 20 years,” he said.
The A330neo will enter service at the end of 2017 with a Rolls-Royce (RRC) (Trent 7000) engine, a derivative of the (Trent 700) that powers the current A330.
(CIT) Aerospace (TCI) has entered into an agreement with Delta Air Lines (DAL) for the purchase and lease-back of 24 new airplanes (10 Boeing 737-900ERs and 14 Bombardier (BMB) CRJ900s). The 737-900ERs will be operated by (DAL), while the CRJ900s will be flown by Delta Connection carrier, Endeavor Air. 6 of each have entered service, with the remaining orders due to arrive during 2014.
December 2014: USA lessor, the (CIT) Group (TCI) has firmed up its order for 15 Airbus A330-900neos and 5 A321ceos. (TCI) became one of the launch customers of the A330neo after signing an initial agreement in July at the Farnborough Airshow. “Given our long-term leadership on the A330 program, we are proud to be 1 of the 1st customers to sign a purchase agreement for the all-new A330neo airplanes,” (CIT) President Transportation & International Finance, Jeff Knittel said. “These agreements will enable us to provide fuel-efficient solutions to our customers as (CIT) continues to be a leader in providing early access to the most sought after airplanes for our customers.”
In March, the (CIT) Group urged Airbus (EDS) to make a decision “in the next 6 months” on whether to re-engine the A330 for a potential 2017 entry-into-service (EIS).
April 2015: The (CIY) Group Inc, a global leader in transportation finance has placed a firm order for 5 more A321ceo airplanes, in effect doubling its most recent commitment for 5 A321ceo’s signed at the 2014 Farnborough International Airshow and firmed up in November 2014.
While passengers benefit from the A321’s state-of-the-art cabin design, wider seats and superior comfort, airlines profit from the unique operational flexibility of Airbus’ single-aisle airplane. The A320 Family has >11,500 orders to date and >6,400 airplanes delivered to 400 customers and operators worldwide.
July 2015: (CIT) Aerospace (TCI) chose the (GEnx-1B) engine to power its four Boeing 787-9s. This engine order will boost (CIT)’s (GEnx-1B)-powered Boeing 787 fleet to a total of 7 airplanes. The new (GEnx) engine order is valued at >200 million at list prices.
January 2016: (CIT)'s Transportation & International Finance Division, to which (CIT) Aerospace International (TCI) belongs, made pre-tax income of $156 million in the final quarter of 2015, compared with $141 million for the group as a whole.
(CIT) has a total of 126 Airbus (EDS) and Boeing (TBC) airplanes on order.
July 2016: News Item A-1: "Bohai Financial to Acquire Leased Aircraft from (GE)'s (GECAS)" by Meg Shen & Lee Chyen Yee, "Reuters" July 01, 2016.
Two of Chinese aircraft lessor Bohai Financial's subsidiaries have agreed to buy 45 leased aircraft worth US$2 billion from General Electric's (GECAS).
The deal, to be conducted by Bohai's units Avolon Aerospace Leasing Ltd (AZV) and Hong Kong Aviation Capital Ltd, will further boost Bohai Financial's foothold in the global aircraft leasing market.
Western firms such as AerCap (DEA) Holdings and General Electric's (GECAS) (GEF) still dominate the US$228 billion global aircraft leasing industry, but Asian firms have broken into the big league in recent years.
Chinese aviation and shipping conglomerate (HNA), which is also the controlling shareholder of Bohai Financial, is a leading contender for USA lender, the (CIT) Group (TCI) Inc's aviation assets, the sources said in May.
News Item A-2: The (CIT) Group filed a registration statement with the Securities Exchange Commission (SEC) to separate its commercial aircraft leasing business into a standalone company, C2 Aviation Capital, by the end of 2016.
October 2016: News Item A-1: Avolon Leasing (AZV) agreed to acquire (CIT) Commercial Air (TCI) which includes 334 owned/managed aircraft and +133 more on order or committed, from the (CIT) Group for $10 billion to create a single leasing company with owned/managed/committed fleet of 910 aircraft.
"Avolon Acquisitions Boost 3Q Statistics" by (ATW) Alan Dron email@example.com, October 28, 2016.
Ireland-based lessor Avolon (AZV) recorded a +67% increase in its fleet of owned, managed and committed airliners for (3Q) 2016 compared to the same period a year ago.
The number of airplanes rose from 258 to 432. The past quarter has seen Avolon (AZV) (recently acquired by Chinese company Bohai Leasing) take on 45 airplanes from the portfolio of fellow-lessor (GECAS) (GEF) for $2 billion.
The last 3 months have also seen it make a $10 billion purchase of (CIT) Group (SIL)’s leasing business, which will add a further 400-plus airplanes to its fleet when the deal is finalized.
In a (3Q) trading update, Avolon (AZV) said it delivered 31 airplanes over the past 3 months, including 22 from the (GECAS) (GEF) portfolio, to 19 customers.
The company sold 11 airplanes, 7 from its owned fleet and 4 from its managed fleet. Letters of intent were executed for sale of a further 13 airplanes.
(AZV) added that it had increased secured and unsecured committed debt facilities by >$1 billion in the period, strengthening its balance sheet and providing additional liquidity to accelerate growth.
Also secured was a commitment for $8.5 billion of debt finance, underwritten by Morgan Stanley and (UBS), for the acquisition of the (CIT) Group business.
Avolon (AZV) said 23 airplanes from the (GECAS) (GEF) portfolio are scheduled to be delivered in (4Q).
The average age of (AZV)’s owned fleet is 3.2 years, with an average remaining lease term of 7.5 years at the end of 33. Its customer base increased to 84 airlines in 40 countries.
News Item A-2: Thai Airways International (TII) took delivery of its 2nd A350-900 (050) on lease from (CIT) Aerospace (TCI).
June 2017: A320-251neo (7638, VT-CIF), ex-(F-WWID) leased from Avalon (AZV) ((CIT) Aerospace).
Click below for photos:
TCI-787-9 - 2015-07.jpg
TCI-A321ceo - 2015-04.jpg
TCI-EMB-190 - 2011-11
3 727-200 (JT8D) (20625 PARTED OUT 2001-09).
9 737-200 (JT8D).
25 737-300 (CFM56-3) (737-3L9: 23718 LST (CBD) 15 MTHS 2000-08) (23812, /88).
1 737-322 (CFM56-3) (24662, N387UA).
14 737-400 (CFM56-3).
1 737-408 (CFM56-3) (24353, N353CT), RF (GBN) 2005-07.
1 737-46B (CFM56-3) (24124, N412CT), RF (AID).
16 737-500 (CFM56-3B1) (25218; 25419, /91).
1 +34 ORDERS 737-700 (CFM56-7B), LST (HAU).
7 +15 ORDERS 737-800 (CFM56-7B26).
15 ORDERS (2/08) 737-800 (CFM56-7B26), BF (RYR).
23 ORDERS 737-800.
175 ORDERS 737-800, FOR (RYR):
15 ORDERS 737-900ER.
6 +4 ORDERS 737-900ER FOR (DAL).
30 ORDERS 737 MAX 8:
1 747-200 (20011, /71, N607FF; 21439, /77, N624FF; BOTH FOR AUCTION 2000-07). 21140 PARTED OUT. 21439 PARTED OUT AT ROSWELL 2002-06. 45C, 426Y PAX.
13 757-200 (RB211-535E4) (22612 LST (ATZ) 2000-01) (24771, /90).
0/0 ORDERS 757-300 (2003-02), 5/5 CANCELED:
4 +3 ORDERS 787-8 DREAMLINER (GEnx-1B64).
1 DC-10-30 (46551, N229NW), RF (NWA).
1 DC-10-30 (46552, N230NW), RF (NWA).
2 MD-83, LST (TTA) 1999-08.
2 MD-87 (49779, EX-(RNO), LST (AMX) 2000-06).
6 ORDERS A319/A320/A321 (CFM56-5B):
1 ORDER A318.
19 +5 ORDERS A319.
195 ORDERS A320 (V2500) FAMILY AIRPLANES, INCLUDING 50 A320-251neo):
15 ORDERS (2011-02) A320:
2 A320 (CFM56-5B4/P) (772; 799), LST (CEA) 1999-08.
1 A320 (CFM56-5A1) (246), LST (IBE) 1999-08.
4 ORDERS A321.
1 A321 (V2500), LST (AAR) 2000-11.
51 ORDERS A330, INCLUDING A330-300:
2 ORDERS A330-200 (PW4168-1D):
5 ORDERS (2011-02) A330-200:
30 ORDERS A330-200 (INCL -500, 200-275 PAX):
3 ORDERS A330-300 (TRENT 700):
2 +13 ORDERS A350 AWB-800/-900 (TRENT XWB) (050, 2016-10, LST THAI AIRWAYS INTERNATIONAL (TII)), 253 PAX/300 PAX:
30 ORDERS (2015-02) EMBRAER E190/E195:
6 F 28-4000 (SPEY 555-15P).
6 +8 ORDERS BOMBARDIER CRJ900, FOR ENDEAVOR AIR OPS 2014-07.
JOHN THAIN, (CIT) GROUP CHIEF.
EDWARD BREEN, CHIEF EXECUTIVE OFFICER (CEO) (TYCO) INTERNATIONAL (2002-09).
JEFFREY KNITTEL, PRESIDENT (CIT) AEROSPACE TRANSPORTATION & FINANCE (firstname.lastname@example.org) (1999-12).
ALBERT GAMPER, PRESIDENT.
C JEFFREY KNITTEL, PRESIDENT TRANSPORTATION FINANCE.
PATRICK DOWLING, MANAGING DIRECTOR & GENERAL MANAGER, (CIT) AEROSPACE & DEFENSE FINANCE (2005-10).
ANTHONY DIAZ, EXECUTIVE VP (email@example.com).
STUART SCHWARTZBERG, VP AEROSPACE, (firstname.lastname@example.org).
TIMOTHY LANCE, VP AIRLINE MARKETING, EX-(TUM)/(ATZ)/(MON), (2005-12).
MIKE WALLING, VP TECHNICAL GROUP, (email@example.com) (2000-06).
MATTHEW BEIRNE, VP NEW AIRCRAFT PROGRAMS (2000-06).
STEVE MASON, VP AIRCRAFT ANALYSIS.
LARS DURBAN, ASSISTANT VP NEW AIRCRAFT.