Avolon increases owned and managed fleet to 570

Dublin-headquartered aircraft lessor Avolon increased the size of its owned and managed fleet by 1 per cent, or five aircraft, to 570 aircraft in the first quarter of this year.

Additionally, the aircraft leasing company has order and commitments for 333 new aircraft, a business update issued Monday said.

The average age of Avolon’s fleet is 5.3 years and the company has 156 airline customers across 64 countries.

Avolon repossessed nine aircraft from Air Berlin following the collapse of that airline and all of those have been redeployed to generate revenue for the group.

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The company is a wholly-owned subsidiary of Bohai Capital, a Chinese company listed on the Shenzhen stock exchange. It is the world's third largest aircraft leasing business.

The group’s rival, AerCap, last week said it had signed lease agreements for 83 aircraft in the quarter and had purchased seven aircraft.

Avolon, meanwhile, said it completed a total of 21 lease transactions in the quarter comprising new aircraft leases, second leases and lease extensions.