BAE Says Airliner Leasing Has Record Year (Jan. 20)
The Hatfield-based asset management arm of BAE SYSTEMS enjoyed a record year for maximising lease income revenue in 1999 with business secured worth US $275 million at out-turn values.
A total of 34 new leases or lease extensions were secured involving all aircraft types in the portfolio - BAe 146/Avro RJ and ATP.
No aircraft were sold from the portfolio during the year in line with the "hold philosophy" resulting from the continued implementation of the Financial Risk Insurance Programme.
New leases secured during the year included four further ATPs for Air Europa Express, making the airline the single largest operator of the aircraft, and, announced today, two ATPs for British World Airlines (2051 and 2053).
Asset Management has also secured two further BAe 146 lease extension deals, announced today. The first is with KLMuk, for a long-term extension to BAe 146-300 (E3203) operated by its newly launched low-cost subsidiary buzz . The new airline has commenced operations from London-Stansted with a fleet of BAe 146s, the majority on long-term lease from Asset Management.
Another lease extension is with Air Wisconsin Airlines Corporation (AWAC) for the long-term lease of BAe 146-200 (E2156). AWAC has four Series 200s on extended lease from Asset Management and these aircraft fly alongside a further 14 BAe 146s operated by AWAC as United Express linking the Chicago and Denver hubs with regional cities.
Other lease extensions achieved during the year include five Avro RJ100s with THY of Turkey, a single BAe 146-100 with BAE SYSTEMS Military Aircraft and Aerostructures and two ATPs with British World Airlines.
The Hatfield arm of BAE SYSTEMS Asset Management is responsible for the management, sale and leasing of a worldwide portfolio of 107 jetliners (76 BAe 146s and 31 Avro RJs) and 42 ATPs.