ALC leases two 777-300ERs to Air New Zealand

Washington DC
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Air Lease Corporation (ALC) has leased two Boeing 777-300ERs to Air New Zealand, allowing the airline to retire its remaining Boeing 747-400s.

Executives at the Los Angeles-based lessor say that it recently signed the lease agreement, during an earnings call on 28 February. They add that they were the only lessor with aircraft available at competitive terms that matched Air New Zealand's needs.

New Zealand's flag carrier will use the 777-300ERs to replace its two 747-400s, say executives at the lessor.

Air New Zealand disclosed that it had leased two additional 777-300ERs for delivery in 2014 during an earnings call on 28 February.

ALC has orders for five 777-300ERs with three uncommitted that will be delivered in 2015, according to Flightglobal's Ascend Online database. The remaining two are committed British Airways.

The lessor announced an order for 10 additional 777-300ERs that is valued at $3.2 billion at book values today. It did not release a delivery timeline for the new aircraft.