According to the Seattle Times, Cathay Pacific has extended the lease term of several Boeing 777-300ER aircraft.
Although Cathay Pacific has ordered Boeing 777x aircraft with higher fuel efficiency to replace the existing smaller 777-300ER aircraft, efficiency is no longer a key factor with the decline of oil prices.
Bertrand Grabowski, a financial consultant, said that the price of a 10-year-old 777-300ER aircraft now does not exceed $50 million, while the 777x aircraft needs more than $200 million after discount. At present, many airlines will choose cheaper and smaller models when they need to keep more cash to tide over the difficulties and the aircraft seating rate is low.
Last month, Cathay Pacific and BOC aviation leasing signed an agreement to extend the lease term of 12 777-300ER aircraft for 10 years. In addition, according to an unnamed aircraft lessee executive, Cathay Pacific is discussing with another lessee to extend the lease term of 10 other 777-300ER aircraft for 10 years.
The source pointed out that Cathay Pacific had informally said that it would not receive 777x aircraft.
Responsible editor; zl