FARNBOROUGH, United Kingdom, July 12, 2016 – Air Lease Corporation (NYSE: AL) announced today the placement of four new 737-8 MAX aircraft on long-term lease to Cayman Airways, delivering between Q4 2018 and Q3 2020 from ALC’s order book with Boeing.
In addition to the lease placement of four new Boeing 737-8 MAX aircraft, Cayman Airways will also lease one used Boeing 737-800 (MSN 30289) from ALC, with delivery in Q4 2016 on a 25-month lease, bridging the airline to the new 737-8 MAX deliveries.
“Cayman Airways is the national flag carrier for the Cayman Islands, and we at ALC are pleased with being selected by the airline, after an open tendering process, to expand and modernize their jet fleet. The new technologies in the MAX 8 aircraft will bring a new level of efficiency and passenger comfort to Cayman Airways that will greatly enhance the airline’s competitive capabilities,” said Steven Udvar-Házy, Executive Chairman of Air Lease Corporation.
“ALC is very pleased to announce these five lease placements with Cayman Airways. Cayman Airways is in its 48th year of operation and we are looking forward to a strong relationship with Cayman Airways as they grow their fleet and network,” said Kishore Korde, Air Lease Corporation’s Executive Vice President.
Cayman Airways Board Chairman Philip Rankin said, “We are very pleased to enter into these lease agreements with Air Lease Corporation. The technological advancements and passenger comfort features inherent with Boeing 737-8 MAX aircraft are key to the Cayman Airways’ fleet modernization program. This represents a monumental step towards meeting our medium to long term strategic goals and achieving the best possible reliability and customer service.”
The Deputy Premier of the Cayman Islands and Minister of Tourism with responsibility for the national airline, Hon. Moses Kirkconnell expressed that, “This is a milestone in the history of Cayman Airways and the Cayman Islands. The national airline is a fundamental part of our tourism industry and a huge part of our islands social fabric. The new aircraft will not only enhance our service levels but will create new gateway possibilities from which the Cayman Islands tourism industry can benefit, such as the US West Coast.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including expected delivery dates. Such statements are based on current expectations and projections about our future results, prospects and opportunities and are not guarantees of future performance. Such statements will not be updated unless required by law. Actual results and performance may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors, including those discussed in our filings with the Securities and Exchange Commission.
About Air Lease Corporation (NYSE: AL)
ALC is a leading aircraft leasing company based in Los Angeles, California that has airline customers throughout the world. ALC and its team of dedicated and experienced professionals are principally engaged in purchasing commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. For more information, visit ALC's website at www.airleasecorp.com.
About Cayman Airways
As the national flag carrier for the Cayman Islands, Cayman Airways currently operates non-stop Boeing 737 jet service between the Cayman Islands and the following major US cities: Miami and Tampa, Florida; New York, New York; Dallas, Texas and Chicago, Illinois. Non-stop jet service is also provided between the Cayman Islands and regional destinations including: Kingston and Montego Bay, Jamaica; Havana, Cuba; and La Ceiba, Honduras. The airline’s Cayman Airways Express service currently operates Saab 340B-plus and deHavilland DH6 Twin Otter aircraft between Grand Cayman and the Sister Islands of Little Cayman and Cayman Brac.