ate a combined 17 of the 23
massive An-124s in commercial service worldwide, are
teaming to launch a joint-ven-ture marketing company aimed
at streamlining management of
their respective fleets. Both carriers “will continue to operate
as separate and distinct,”
according to Volga-Dnepr, but
JV Ruslan International will provide more flexibility for the airlines’ often-pressed An-124s.
» Alaska Airlines introduced the
first of five 737-400 converted
freighters to its cargo fleet at
the end of June. The conversion
was performed by Pemco World
Air Services and is the first for
the type, Alaska said. Remaining
aircraft, which will be converted
into combis, will enter service by
the end of 2007.
» SAS Cargo established an
independent legal entity called
Spirit Air Cargo Handling
Group to operate cargo handling at 12 airport terminals in
» Great Wall Airlines, a joint
venture among China Great
Wall Industry Corp. (51%),
Singapore Airlines Cargo (25%)
and Dahlia Investments (24%),
a wholly owned subsidiary of
Temasek Holdings, started a
freighter service from Shanghai
to Amsterdam in June.
» DHL in late June signed a
long-term “strategic network
alliance” with Malaysian cargo
carrier Transmile. DHL recently spent $1.3 million upgrading its facility at Subang and
now will offer 10 weekly flights
from the airport to its main
Asia/Pacific hub in Hong Kong
aboard Transmile aircraft.
» TAM signed an MOU with
Airbus to acquire 37 aircraft
comprising 15 A319s, 16
A320s and six A330s to be
delivered through 2010.
» Cathay Pacific Airways
ordered six 747-400ERFs. The
PW4062A-powered aircraft are
scheduled to arrive between
May 2008 and April 2009.
» Singapore Airlines signed a
letter of intent to purchase 20
787-9s plus 20 options with
deliveries beginning in 2011.
Firm aircraft are valued at
» Ryanair ordered an additional
10 winglet-equipped 737-800s
with deliveries to take place in
the first half of 2008. The
order, valued at $705 million
at list prices, previously was
attributed on Boeing’s website
to an unidentified customer.
» Virgin Blue exercised purchase rights for nine 737-
800s valued at $634.5 million
at list prices with deliveries
beginning in 2008.
» SkyEurope Airlines converted
five 737-700 purchase rights
into firm orders, bringing its
737 commitments to 21.
Aircraft will be equipped with
winglets and are scheduled for
delivery in 2008.
» Philippine Airlines selected the
CFM56-5B to power nine A320s
on order; it holds five options as
well. CFMI valued the order at
$110 million. Deliveries continue through 2012 if all options
» Tunisair ordered one
» China Southern Airlines
confirmed it will take 50 A320s
valued at $3.3 billion from the
Chinese government’s order of
150 A320 family aircraft
booked in December. China
Eastern Airlines will take 30
A319s/A320s and Air China
will take 24 A320s. The aircraft will be delivered in
2008-10. A total of 46 remain
to be allocated to three more
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» Emirates signed a $261 million financing
agreement with the US Export-Import Bank
for two 777-300ERs scheduled for delivery
in August and October. The 12-year financing, arranged by Citigroup, combines an Ex-Im loan with commercial funding and carries
a weighted average cost of funds of 0.66%
over three-month LIBOR, the carrier said.
» Japan Airlines planned to sell 700 million
new shares last month in an effort to raise
as much as $1.94 billion for aircraft purchases and debt reduction. It left open the
option of selling another 50 million shares.
» Continental Airlines said it received $156
million from its recent sale of 7. 5 million
shares of Class A common stock of Copa
Holdings, parent of Copa Airlines. It will use
the funds to contribute $75 million to its
pension plans, bringing its 2006 contribution to $172 million. It still holds 4. 4 million shares in Copa.
» ACE Aviation Holdings sold an additional
2. 75 million shares of US Airways Group
stock in June and July that netted proceeds
of $137.9 million. Air Canada’s parent said
it has earned $205.5 million from the sale
of shares in US Airways from an initial
investment of $75 million in September
» Gol entered into an agreement for $50
million in long-term financing from
International Finance Corp., the private sector arm of World Bank Group, to support its
investment in spare parts inventory and
working capital requirements.
» AeroMexico will lease three 787-8s from
ILFC with deliveries beginning in 2010.
» AWAS and Viva Macau signed a deal for
the lease of a 767-200ER and a 767-300.
» Cargolux is selling two CF6-80C2B1F-
powered 747-400Fs. Cabot Aviation is the
» Swiss International Air Lines will expand its
long-haul fleet with the lease of two
Lufthansa A330-200s starting with the
LEASING & FINANCE BRIEFS
Cathay Pacific ordered six 747-400ER Freighters. Aircraft will be powered by
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