Cebu Pacific has acquired additional five Airbus A320neo (new engine option) through a lease agreement with an Ireland-based aircraft leasing company to support its expansion plans.
The country’s biggest budget airline signed an operating lease agreement with Avolon Aerospace Leasing Ltd., one of the largest aircraft leasing companies in the world, for the five aircraft.
This is the second lease agreement between Cebu Pacific and the Dublin-based Avolon following the placement of three Airbus A330-300 aircraft with the carrier.
Cebu Pacific said the additional A320neo aircraft was on top of its order of two more A321ceo, 32 Airbus A321neo and six ATR 72-600 aircraft, which were scheduled for delivery between 2018 and 2022.
The new aircraft will be delivered starting the first half of 2019 and will be completed within the same year.
“We see expansion opportunities in new markets, as well as pent-up demand in areas where we currently operate. The introduction of the first new generation, fuel-efficient A320neo aircraft to the Philippine market will help us to further strengthen our position in the Philippines and allow us to further pursue expansion of our international route network. From this year until 2022, we are adding an average of nine new aircraft per year to our fleet,” Cebu Pacific vice president for commercial planning Alexander Lao said.
“With higher seat capacity and much greater fuel efficiency, the A320neo will enable us to fly further and more economically. It’s the perfect addition to our fleet, allowing us to offer even more compelling fares to more passengers,” he added.
The single-aisle A320neo aircraft for Cebu Pacific will be equipped with the Pratt & Whitney PurePower PW1100G-JM geared turbofan. The aircraft has a maximum range of 6,300 kilometers but burns up to 20 percent less fuel.
Cebu Pacific has one of the youngest fleets in the world, with a total of 67 aircraft with an average age of 4.8 years.
