avia time, december 2011

8
6/25/12 Avia Solutions Group - Aviatime 34 1/8 aviatime.mailer.lt/email/Aviatime-34-34441/view Problems view ing this email? Click here 2011 DECEMBER No.12 (34) BOEING 787 DREAMLINER SETS SPEED, DISTANCE RECORDS Boeing has established tw o w orld records w ith the 787 Dreamliner, setting new marks for both speed and distance for the airplane’s w eight class. “Speed and distance capabilities are fundamental to the value the 787 brings to the market,” said Scott Fancher, vice president and general manager of the 787 program. “These records are a great w ay to demonstrate that this airplane is the game-changer w e have promised.” Read more > Lufthansa and IAG sign purchase agreement for the sale of British Midland Ltd. Sale provides sustainable future prospects for bmi / Lufthansa to benefit from stronger financial position Follow ing the announcement on November 4, 2011, Deutsche Lufthansa AG (Lufthansa) and International Airlines Group (IAG) have signed a binding agreement for the sale of British Midland Limited (bmi) to IAG. The price is GBP 172.5 million (approx. EUR 207 million) in cash for bmi. The price is subject Read more > Ryanair to reduce the number of flights from Riga by 30% The number of flight from and to Riga operated by Irish low -cost operator Ryanair are expected to be reduced by 30% due to introduction of security fees at Riga International Airport, The destinations w hich w ill experience the reduction of flights form Riga are expected to be Bristol (Great Britain), Bremen (Germany), and Tampere (Finland). The airline is also expected to decrease the number of flights on eight of its routes, including such destinations as London, Milan, Rome and Brussels. Read more > Airbus CEO Predicts Decline In Orders In 2012 Airbus sees the decline in orders in 2012 compared to 2011, how ever, so many airplanes w ere ordered in 2011 that a production increase is likely. That is the assessment from Airbus CEO Tom Enders in an interview published European Commission Announces ‘Better Airports’ Package The package of measures w as created by The European Commission (EC) in order to to help increase the capacity of Europe’s airports, reduce delays and improve the quality of services offered to passengers. The measures address the quality of services passengers and airlines receive on the ground before they take off and after they land (for example, baggage handling, check-in, refueling), the transparency of decisions on airport noise, as w ell as the efficiency of the complex netw ork of take-off and landing slots that make up every journey. The Commission plans to authorise w hat is know n as ‘secondary trading’ of slots, ie

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Avia Time is a blog on aviation industry in emerging regions. We cover aircraft maintenance, aviation training, crew and fleet management topics, as well as news from aircraft manufacturers and airlines. We focus on the aviation developments in CEE, CIA and Russian markets. Here is Avia Time newsletter, released in December 2011. More news in: http://www.aviatime.com/

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6/25/12 Avia Solutions Group - Aviatime 34

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Problems view ing this email? Click here

2011 DECEMBER No.12 (34)

BOEING 787 DREAMLINER SETSSPEED, DISTANCE RECORDS

Boeing has established tw o w orld records w ith the 787

Dreamliner, setting new marks for both speed and

distance for the airplane’s w eight class.

“Speed and distance capabilities are fundamental to the

value the 787 brings to the market,” said Scott Fancher,

vice president and general manager of the 787

program. “These records are a great w ay to

demonstrate that this airplane is the game-changer w e

have promised.”

Read more >

Lufthansa and IAG sign purchaseagreement for the sale of BritishMidland Ltd.

Sale provides sustainable future prospects for bmi / Lufthansa to benefit from stronger

financial position

Follow ing the announcement on November 4, 2011, Deutsche Lufthansa AG

(Lufthansa) and International Airlines Group (IAG) have signed a binding agreement for

the sale of British Midland Limited (bmi) to IAG. The price is GBP 172.5 million (approx.

EUR 207 million) in cash for bmi. The price is subject

Read more >

Ryanair to reduce the number of flightsfrom Riga by 30%

The number of f light from and to Riga operated by Irish low -cost operator Ryanair are

expected to be reduced by 30% due to introduction of security fees at Riga

International Airport,

The destinations w hich w ill experience the reduction of f lights form Riga are expected

to be Bristol (Great Britain), Bremen (Germany), and Tampere (Finland). The airline is

also expected to decrease the number of f lights on eight of its routes, including such

destinations as London, Milan, Rome and Brussels.

Read more >

Airbus CEO Predicts Decline In OrdersIn 2012

Airbus sees the decline in orders in 2012 compared to 2011, how ever, so many

airplanes w ere ordered in 2011 that a production increase is likely.

That is the assessment from Airbus CEO Tom Enders in an interview published

European CommissionAnnounces ‘Better Airports’Package

The package of measures w as

created by The European

Commission (EC) in order to to

help increase the capacity of

Europe’s airports, reduce delays

and improve the quality of

services offered to passengers.

The measures address the

quality of services passengers

and airlines receive on the

ground before they take off and

after they land (for example,

baggage handling, check-in,

refueling), the transparency of

decisions on airport noise, as

w ell as the eff iciency of the

complex netw ork of take-off and

landing slots that make up every

journey.

The Commission plans to

authorise w hat is know n as

‘secondary trading’ of slots, ie

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Thursday in the German new spaper Boersen-Zeitung.

Read more >

Gulfstream International Airlines Re-Brands As Silver Airways

Silver Airw ays Corp, a new regional carrier launched w ith assets from the former

Gulfstream International Airlines, unveiled its new brand and logo at a special launch

event held in Fort Lauderdale today. Developed in conjunction w ith Aerobrand, the

new Silver Airw ays brand espouses core values of professionalism, quality, vibrancy

and trust, w hile also highlighting the benefits of turboprop aircraft.

Read more >

Malaysia Airlines unveils plan to regainprofitability

Malaysia Airlines (MH) unveiled a plan to return to profitability by 2013 that includes

launching a new regional premium airline, shrinking its netw ork, focusing on costs and

making aggressive efforts to w in back customers.

The plan targets a net loss of MYR165 million ($55 million) in 2012, w hich w ould be a

substantial improvement over MH’s net loss of MYR527 millionfor just the 2011 second

quarter and estimates a potential 2013 net profit of MYR1.18 billion-MYR1.51 billion.

Read more >

Norwegian reports strong passengergrowth in November

Norw egian (NAS) today reported November traff ic results. The company continues to

experience a solid passenger grow th. More than 1.3 million passengers f lew w ith the

airline in November 2011, an increase of 20 percent compared to the same month

previous year.

Read more >

Finnair optimizes its narrow body fleet

Finnair plans to reduce the size of its narrow body f leet by four aircraft in autumn 2012

as a part of its earlier announced savings program of 140 million euros. These

changes in f leet w ill bring signif icant savings and w ill be implemented by optimizing the

airline’s f light schedules and netw ork. Finnair expects to realize a signif icant boost in

narrow body aircraft utilization as a result of this move.

Read more >

Estonian Air’s AirScore the Best SocialMedia Campaign in the world

30 November 2011 in Miami, USA, Estonian Air’s social media loyalty programme

AirScore w on a Mega Aw ard in the category of the Best Social Media Campaign.

The Mega Aw ards are given out by Airline Information – a leading company in

organizing commercial aviation conferences w ordw ide. The event is the biggest of its

kind on the w orld.

Read more >

the possibility for an airline to sell

its slots to another airline. This

practice has been neither

explicitly banned nor explicitly

authorised to date. It is expected

to facilitate the entry of new

airlines at airports. The proposal

also strengthens the existing

‘use it or lose it’ rule, w hereby

airlines must use their slots at

least 80%, otherw ise they w ill

be placed in a pool and thus

made available to other airlines.

The required use rate w ill be

raised to 85%. The shift should

enable 24 million passengers a

year to pass through Europe’s

air transport system by 2025, the

EC projects.

According to Vice President Siim

Kallas, European Commissioner

responsible for Transport,

„‘Europe’s airports are facing a

capacity crunch. If business and

the traveling public are to take

best advantage of the air

netw ork, the actions need to be

taken.

He specif ied that „70% of all

delays to f lights are already

caused by problems on the

ground not in the air. By 2030, 19

major airports w ill have reached

the saturation point, including

Paris Charles de Gaulle,

Warsaw , Athens, Vienna and

Barcelona. Reforms are

therefore crucial.

Five airports already operate at

full capacity: Düsseldorf,

Frankfurt, London Gatw ick,

London Heathrow and Milan

Linate. This means that it is

already impossible to obtain new

slots at these airports.

The resulting congestion could

mean delays for half of all f lights

across the netw ork.“

He noted that „The status quo is

not an option for airports in

Europe.“

„Faced w ith intense global

competition, if w e do not change

the w ay w e do business, w e

may not be doing business at

all.” He said

The package consists of a policy

summary document and three

legislative measures, on slots,

ground-handling and noise.

How ever, The European

Commission’s plan drew a mixed

response from industry.

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Boeing’s 787 on ‘World Tour’

He and other off icials from Chicago-based Boeing said the company is seeking to raise

the pace of 787 production. Randy Tinseth, vice president of marketing for Boeing’s

commercial-aircraft division, said the company still aims to reach its output target of 10

Dreamliners a month by the end of 2013, up from 2.5 a month currently.

Read more >

Air France KLM further expands inChina

Air France (AF) is expected to start 3X-w eekly scheduled service betw een Paris-

Charles de Gaulle and Wuhan Tianhe in April 11, 2012. The Boeing 777-200ER aircraft

designed w ith 309 seats consisting of 35 in business, 24 in premium economy and 250

in economy.

AF is the f irst airline to offer direct f lights betw een Europe and Wuhan.

Read more >

Tanzania’s Precision Air Services signscontract for 5 ATR -600s

The airline w ill introduce four ATR 42-600s and one ATR 72-600 and w ill become the

largest operator of ATRs in Africa

Tanzanian carrier Precision Air Services and ATR today announced the signature of a

contract for the purchase of four ATR 42-600s and one ATR 72-600 aircraft. The deal

is valued at US$ 98 million. Delivery of the 50-seat ATR 42-600s w ill start in late 2012.

The ATR 72-600 w ill be delivered in 2014.

Read more >

Small Planet Airlines enters a long-termcooperation agreement withNeckermann

Small Planet Airlines and Neckermann, a leading Polish travel agency, have signed a 3-

year deal to operate f lights from Poland, Czech Republic, and Hungary to Greece,

Bulgaria, Turkey, Spain and Egypt resorts.

Read more >

Armavia confirms the Sukhoi Superjet100 successful operations

The first conference on the Sukhoi Superjet aircraft operations by Armavia Airlines

w as held at the headquarters of Sukhoi Civil Aircraft Company (SCAC) in Moscow on

November 22, 2011. Representatives of Armavia, SCAC, SuperJet International (SJI)

and Pow erJet attended the conference.

Read more >

Qatar Airways signs up with IberiaAirport Services

beria’s handling division w ill assist the airline’s passengers and aircraft at Madrid-

Barajas airport for the next three years

Read more >

The Association of European

Airlines (AEA) is opposed to

tightening the use-it-or-lose-it

slot standard. According to

Ulrich Schulte-Strathaus, AEA’s

secretary general, „“if this

regulation is passed, it w ill

seriously hamper airlines’ ability

to react to changing demand.”.

He also noted that “business

flexibility is an absolute

necessity in today’s tough

economic climate.”

Conversely, the European

Business Aviation Association

(EBAA) complains that it is

forced into playing a secondary

role to airlines because the slot

allocation is linked to passenger

numbers. “While EBAA

w elcomes a revision of the

system for allocating slots at

Europe’s airports, a fair and

equitable solution w ould

recognize historical rights for all

airspace users, w ith an

understanding that each

airspace model is an essential

component of Europe’s air

transport policy. It must also

consider that using slots 80% of

the time is already extremely

challenging and should not be

reconsidered,” says CEO Fabio

Gamba.

The International Air Transport

Association reacted cautiously

to publication of the European

Commission’s Airport Package of

legislation.

IATA highlighted tw o of the

package’s positive features:

IATA w elcomes the further

liberalization of the ground

handling market w hich should

allow airlines to provide a better

and more eff icient service at

European Airport s.

IATA acknow ledged that by

legalizing secondary trading of

Airport slots, the package

provides a regulatory foundation

for a practice that has become

w idespread. Transparent rules

w ill ensure that this is done in

fairness to all parties concerned.

In September IATA forecast that

European airlines w ill see profits

plummet to $300 million in 2012

for an EBIT margin of just 0.8%.

A revised industry outlook w ill be

announced on 7 December.

The Commission’s proposals

must be approved by the

European Parliament and Member

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The world class training center for theSukhoi Superjet 100, the first Russianbrand new commercial aircraft

The opening ceremony of the Training center for the f light and technical staff of

customers and operators of the Sukhoi Superjet 100 (SSJ100) aircraft w as held today

in Zhukovsky. The ceremony w as attended by representatives of the Russian

Government, Aviation Authorities, Interstate Aviation Committee, Russian aircraft

industry and institutes, airlines-operators of the SSJ100, Russian f inancial

organizations and leading media.

Read more >

Boeing Delivers the 7,000th 737

On the 16 th of December Boeing delivered the 7,000th 737 to come off the production

line to Dubai-based f lydubai. The airplane is f lydubai’s 14th Next-Generation 737-800

w ith the new Boeing Sky Interior. The Boeing 737 is the best-selling commercial jetliner

of all time w ith total orders exceeding 9,300 airplanes, including orders for the new

737 MAX.

Read more >

Airports in EU and CIS

Gatw ick Sees Small Rise In Passenger Numbers

SkyTeam Airlines Co-Locate at Beijing Capital International Airport

Riyadh Airport To Triple In Size Over 5 Years

Servisair expands w ith VivaAerobus at MIA, MCO and SAT

Riga Airport still is least expensive airport in Europe

Shanghai Pudong airport gets approval for tw o new runw ays

World’s best airport helps w orld’s w orst

Ryanair Adds Capacity at Brussels Charleroi

Aéroports de Paris introduces the automated baggage drop-off

Baltic Ground Services to provide aircraft ground services for the Russian

aviation giant Transaero

Travel Service aw arded Menzies Aviation a 3 year contract for full Ground

Handling at Prague Airport

Sw issport w elcomes EU ground handling proposal: ‘Third licence is the right

approach’

Read more >

Airlines worldwide

Pegasus Airlines Takes Delivery of It’s New est Boeing 737-800 “SEVDE NIL D.”

With Re-Designed Interior

Estonian Air gets the third new generation aircraft

Scandinavian Airlines launches Internet and GSM on board

India’s Kingfisher Airlines to be part of one w orld from 10 February

Etihad Airw ays Becomes Biggest Single Shareholder in AirBerlin

Lion Air plans new aircraft order in February

FAA gives nod to Boeing 747-8 Intercontinental

Boeing Unveils First 787 to Enter Service for Japan Airlines

airberlin once again receives sustainability rating from oekom research AG

airBaltic increase load factor +10 pp in November

State Governments by the “co-

decision” procedure, before

being adopted.

ANA to establish “pandaFlight Academy”

ANA Group, Japan’s largest

airline group, today announced it

established panda Flight

Academy to train licensed and

employed pilots for changing the

license of aircraft and for

promotion, necessary for future

expansions, including the Low

Cost Carrier ventures.

The company w ill provide pilots

w ith the training using the

simulators in order to assist them

shifting the license to A320 for

civil aviation businesses.

The new panda Flight Academy

w ill be set up w ith 75 million yen

as the initial capital. The

Academy w ill have both B737NG

and A320 plane simulators and is

expected to be operational by

May next year.

The ow nership is split betw een

ANA and ANA Trading Co. Ltd

(51% and 49% respectively).

Katsumi Nakamura, ANA

Executive Vice President of

Flight Operations, w ill be

assigned as the CEO of the

company.

The academy w ill be built upon

ANA’s established experience

as a provider of high-quality

training w ith the cooperation of

Pan Am International Flight

Academy, the leading pilot

training company in the United

States.

The new company w ill be

located at Higashi-kojiya, Ota-ku,

Tokyo, and w ill be equipped w ith

the tw o simulator bays and 11

classrooms.

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Ethiopian Airlines Joins Star Alliance

Thai Airw ays to become first Asian airline using biofuel

Emirates launches A380 connectivity

airBaltic Worlds First to Sell Cars on Board

Russian domestic f lights decreased 10% over past decade

European netw ork carriers brace for tough 2012

Avia Solutions Group AB sold Estonian charter operations

Royal Air Maroc and the Association of European Airlines agree partnership

deal

Czech Airlines Changing its Model of Operations in Slovakia

SWISS now offers automated check-in

Gulfstream Opens Beijing Sales Office

Spring Airlines prepares to launch carrier in Japan

Ryanair Announces New Billund Base

Brussels Airlines increases frequencies to f ive African destinations

Estonian Air joins ERA

airBaltic Training Starts Courses for Business Aviation

Flybe w elcomes draft civil aviation bill proposal to compel airlines to publish

eco-data

Transaero Airlines f irms up order for eight A320neo aircraft

Mobile check-in from Malev

“The future is ours” – Etihad Airw ays CEO encourages Arab air carrier

organisation delegates to unite

Ethiopian Airlines Receives the AFRAA Aw ard

Kolkata Becoming Latest Indian Gatew ay for Qatar Airw ays

Cebu Pacif ic Air and CAE to establish new aviation training center in

Philippines

Read more >

Aircraft market and industry

Final Gulfstream G200 Rolls Off Production Line

Embraer Delivers First E-Jet To China’s Hebei Airlines

Bombardier Doubles Number of Regional Support Off ice Locations for

Business Aircraft Customers

Boeing Business Jets Delivers First BBJ to Nanshan Jet of China

Boeing Delivers the 7,000th 737

Ministry of Transport intends to start provision of subsidies for acquisition of

regional aircraft in 2012

Boeing, FedEx Announce Order for 767 and 777 Freighters

Jet Blue Chooses Pratt To Pow er New Airbus Order

Embraer’s Legacy 650 Certif ied by CAAC

Skyw est Airlines to introduce 5 additional ATR 72-600s into Australia

Boeing 737 MAX Logs First Firm Order from Launch Customer Southw est

Airlines

Boeing Delivers BOC Aviation’s 50th Next-Generation 737

7,000th Airbus aircraft delivered – an A321 to US Airw ays

Boeing, Etihad Airw ays Announce Order for 10 787-9 Dreamliners

China Aircraft Leasing orders 20 COMAC C919s

First US-Assembled Embraer Phenom 100 Makes Maiden Flight

Boeing 787 Dreamliner Sets Speed, Distance Records

Aeroflot’s Sukhoi Superjet 100 has started performing international f lights

VietJet Air to Launch in December

US rejects EU’s claim of

compliance w ith WTO ruling

on Airbus subsidies

The United States on Friday

rejected a European Union plan

to eliminate subsidies provided to

Airbus and said it w ould ask the

WTO for permission to impose

trade sanctions that could

amount to betw een USD$7 billion

and USD$10 billion annually.

According to US Trade

Representative Ron Kirk „Not

only had the EU failed to comply

w ith a World Trade Organization

ruling against subsidies to

Airbus, European governments

have even provided it new

subsidies“

Washington said EU

documentation f iled w ith the

World Trade Organization

“appears to show that the EU

has not w ithdraw n the subsidies

in question and has, in fact,

granted new subsidies to Airbus’

development and production of

large civil aircraft.”

Kirk announced the US w ould

seek “consultations” w ith the EU

over the matter, and threatened

to impose sanctions as it seeks

to defend US aircraft

manufacturer Boeing, the key

rival of France-based Airbus.

Airbus said earlier this month

that the EU has made “limited

changes” that remedy the illegal

aid that WTO ruled the

manufacturer received on the

A380 program, insisting that

major reforms aren’t necessary.

The EU and Airbus are now in

“full conformity w ith WTO

obligations,” Airbus stated.

How ever, Kirk noted in a

statement that the US does not

believe the EU and Airbus have

complied and is asking WTO for

authority “to impose

countermeasures annually in

response to the EU’s claim that it

fully complied w ith the ruling in

this case. The amount of the

countermeasures w ould vary

annually, but in a recent period

w ould have been in the range of

$7-$10 billion.”

He also said “The United States

cannot accept anything less than

an end to this subsidized

financing. The United States

remains prepared to engage in

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Boeing 747-8 Intercontinental debut in Germany set for Dec. 6

Boeing rolls out f irst factory-complete 737 at higher rate

Embraer opens its global customer center for executive jets and prepares to

deliver f irst U.S. built aircraft to executive airshare

BOC Aviation’s f irst Embraer aircraft purchase and leaseback transaction

Russian airlines have transported more than 54,7 million passengers during 10

months of 2011

North America needs 5,901 new passenger aircraft in next 20 years

Sharklet-f itted Airbus A320 successfully completes f irst f light-test

Boeing Delivers Second 777-300ER to Biman Bangladesh Airlines

Airbus CEO Predicts Decline In Orders In 2012

Baltic Aviation Academy to provide type rating training for Air X Executive Jets

Gmbh

Emirates-CAE Flight Training announces long-term exclusive training services

agreement w ith f lydubai for new airline training centre in Dubai’s Silicon Oasis

AviationCV.com: the Eurozone crisis is to affect pilot markets in the emerging

economies

CAE aw arded contracts valued at more than C$50 million for four full-f light

simulators and training devices

FL Technics Training: aviation accident prevention largely depends on

technical personnel readiness

ALC Finalize Order for 787s and Next-Generation 737s

Baltic Aviation Academy Clients Are Able to Book Courses Faster via New

Online Service System

Is there a w ay to uniform the JAA and FAA licensing requirements?

CAA has approved the Baltic Academy e-Learning system for ‘no classroom’

ground school

Boeing Partners to Offer “Street to Right Seat” Pilot Training Program in Africa

EU-w ide pilot licences next year

Iberia expects to recycle 50% of solid w astes this year

Read more >

MRO overview

In the next three years’ time the Baltic States, Russia and the CIS w ill spend

over USD 1.42 billion on medium range aircraft engine maintenance

Locatory.com signs a cooperation agreement w ith Russian Civil Aviation

Institute

Pegasus Airlines extends Long-Term Contract w ith Turkish Technic for All

Boeing Fleet

Technics signs exclusive agreements w ith Philippine Airlines

Malaysia Airlines engineering and Maintenance Signs Tw o Engineering

Services Agreements And An Mou In Lima 2011

Messier-Bugatti-Dow ty and Barfield announce tw o cooperation agreements

Royal Jordanian Contracts AFI KLM E&M For A330 Component Support

Joint demonstration of new electric taxi system

MTU Aero Engines improves operating result and confirms 2011 year-end

forecast

Locatory.com: reliability is one of the key factors in the aviation industry

Yakutia Airlines signed maintenance contracts w ith Turkish Technic for ıts

B737-800

Air France suspends maintenance in Chinah

Avia Solutions Group established new representative off ice in Kuala Lumpur

Jet Aviation Dubai achieves Gulfstream G200 approval

airberlin technik provides servicing to Emirates A380 in Munich

any meaningful efforts, through

formal consultations and

otherw ise, that w ill lead to the

goal of ending subsidized

financing at the earliest possible

date.”

According to him he subsidies

received by Airbus “have

directly resulted in Boeing losing

sales involving purchases of

Airbus aircraft by easyJet, Air

Berlin, Czech Airlines, AirAsia,

Iberia, South African Airw ays,

Thai Airw ays International,

Singapore Airlines, Emirates

Airline and Qantas.”

John Clancy, a spokesman for

the European Commission in

Brussels, called the US

sanctions threat “premature and

not in line w ith the appropriate

sequence of events in WTO

disputes. We w ill nevertheless

review the requests carefully

and consider the next steps.”

Last w eek the EU presented a

plan to comply w ith a WTO

appellate body ruling against

European government support

for Airbus in a case brought by

Washington in 2004.

Boeing issued the follow ing

statement after the U.S. Trade

Representative continued its

efforts to ensure European

Union compliance w ith last

June’s WTO ruling regarding

illegal subsidies to Airbus.

“Boeing is disappointed that

EADS/Airbus and European

governments have failed to

comply w ith the WTO’s landmark

ruling against launch aid and

other forms of illegal government

subsidies that Airbus has

received for more than 40 years.

Boeing strongly supports all the

efforts by the U.S. Trade

Representative to seek full

compliance w ith the removal of

all the illegal government

subsidies to Airbus —

particularly market-distorting

launch aid, the most pernicious

form of subsidy Airbus w as

found to have received. There

can be no compliance w ith the

WTO’s ruling that ignores any

non-commercial launch aid that

Airbus is currently receiving for

the A350. Despite the very clear

WTO ruling, EADS/Airbus and

European governments have

failed to remove outstanding

subsidies. This illegal

subsidization of Airbus products

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LC Busre from Peru signs ABACUS contract w ith Fokker Services for Dash 8

turboprops.

Aerovista’s Fourth Aircraft Conducts Heavy Check in EgyptAir Maintenance &

Engineering

Read more >

– plane after plane – is

unsustainable and must stop

now .”

Icelandair Group purchasestwo Boeing 757 200 aircraft

Icelandair Group has purchased

tw o Boeing 757 200 aircraft

w hich the Group previously had

on a long term lease. It w as

decided to acquire the aircraft

from the Lessor due to the

favourable purchase price being

offered. The majority of the

purchase price w as f inanced

w ith a loan of roughly 24 million

USD w ith the maturity of 6 years.

The tw o aircraft have been used

in Icelandair´s route netw ork and

they w ill continue to operate

w ithin that netw ork. Björgólfur

Jóhannson President and CEO of

Icelandair Group: “Given the

estimated usage time of the

aircraft the net effect of the

acquisition on the Group

accounts w ill be positive, w hich

w as a leading factor in the

decision.”

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