Industry AerCap announces rescheduling of aircraft deliveries

The 37 aircraft that have now been rescheduled for delivery were originally planned for delivery between 2021 and 2022. Now, the aircraft are expected to be delivered between 2023 and later years.

AerCap took this measure, since the majority of airlines is currently not taking new aircraft deliveries due to the Coronavirus-crisis. Many airlines are struggling to stay in the black numbers, as often passenger demand decreased for around 90-95%. But the company also sees the steady increase in air traffic over the next months.

Aengus Kelly, CEO of AerCap commented: “On our first quarter earnings call, I noted the positive trends that we were starting to see in Chinese air traffic. Similarly, since the low point in mid-April we have seen a steady increase in air traffic in Europe and the United States. As economies begin to reopen, our airline customers will play a vital role in the recovery of their respective countries [...] We have taken these steps to better align our delivery schedule with the needs of our airline customers and our OEM partners during this period of market dislocation. We expect to reschedule additional aircraft deliveries in the future as we continue to work with our customers and the manufacturers.”

AerCap announced, that with the rescheduling of the 37 aircraft, it has reduced the cash capital expenditures in 2020 and the following year by a total of approximately US$4.7 billion. For the remainder of 2020, AerCap expects its cash capital expenditures to be approximately US$1.1 billion, and $2.5 billion for 2021.

During this year, AerCap sees its cash capital expenditures to decrease further. The company is in constant talks and discussions with aircraft manufacturers and customers. All of the aircraft that were scheduled for delivery between 2020 and 2021, were placed on long-term leases already.

AerCap is the global leader in aircraft leasing with 1,372 aircraft owned, managed or on order and $47.1 billion of total assets as of March 31, 2020. The company currently has 200 customers in 80 countries around the world. It has its headquarters at Dublin, Ireland, but further offices in Shannon, Los Angeles, Singapore, Amsterdam, Shanghai, Abu Dhabi, Seattle and Toulouse.