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Avolon doubled portfolio size at end-2017

Avolon more than doubled the size of its owned, managed and committed portfolio at the end of 2017 from 435 to 908 aircraft, mostly due to its integration of CIT’s former aerospace leasing business.

In an update on its trading activity, the company states that over the year it delivered 45 new aircraft to clients, and sold 29 owned aircraft and 19 managed jets.

At year-end, the average age of its owned fleet was 5.3 years, with the average remaining lease term 6.6 years.

It also raised $14.9 billion in new equity and debt capital, of which $9.75 billion came from the public capital markets.

During the quarter ended 31 December, the lessor delivered seven aircraft and sold five, including the three remaining aircraft from its Avolon Capital Partners joint venture with Wells Fargo.

Avolon also increased its debt facilities by around $907 million during the quarter, including a $200 million increase to a revolving warehouse facility.

“We are delighted to announce another strong quarter of trading; completing what has been a transformational year for the company,” says chief executive Domhnal Slattery.

“The year was headlined by the acquisition and integration of the CIT aircraft leasing business, and our order for 75 Boeing 737 Max aircraft.”

Looking ahead, Avolon says that all aircraft due for delivery in 2018 have been placed, while its widebody orderbook are placed out to the fourth quarter of 2019.

Flight Fleets Analyzer shows that, at the end of 2017, Avolon had 322 aircraft on order, comprised of Airbus A320neo family jets, A350s, A330neos and 737 Max aircraft.

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