Dublin-based aircraft lessor Avolon has canceled an order for another 27 Boeing 737 Max jets scheduled for delivery between 2020 and 2022. The company has nine MAx jets currently in its fleet.
The decision follows an earlier cancellation by Avolon in the first quarter involving 75 Max narrowbodies, leaving unfilled orders for 55 jets.
During the second quarter, Avolon has also cancelled an order for a single Airbus A330neo due for delivery in 2022. It has also deferred delivery of three A320neos from 2020/21 to 2022.
“Q2 was a challenging period for the aviation sector as Covid-19 impacted the industry on an unprecedented global scale, bringing with it continued uncertainty around the pace and timing of a recovery,” said Avolon CEO Dómhnal Slattery. “The months ahead will be difficult, but we have the experience and balance sheet to manage through these headwinds.
“More significantly, we have reduced our near-term commitments by over 140 aircraft since the start of the year.,” Slattery said. “These actions provide us with the capital strength to manage through this market backdrop and to support our customers through the recovery.”
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