AerCap Cites Resilience in First Quarter 2009

By Elyse Moody

AerCap Holdings N.V. maintained deliveries as scheduled and did not repossess any aircraft during the first quarter of 2009, and says that all but one of the nine aircraft it repossessed in 2008 are generating revenue again. The last aircraft, repossessed in the fourth quarter of last year, is expected to begin generating revenues in June, CEO Klaus Heinemann said.

"Though the first quarter of 2009 has seen one of worst economic environments for the aviation industry, most airlines have shown a remarkable resilience to these conditions," Heinemann said. He added that AerCap has taken note of airline interest in contracting new capacity for 2010 and beyond, a trend that "has continued to date."

However, the Q1 2009 figures show a decline from the same period in 2008, for which AerCap reported 23 new lease agreements for aircraft, delivery of seven aircraft and 10 engines under lease agreements, 19 aircraft purchases, eight sold aircraft, and three disassemblies of older aircraft.

In addition to the 13 aircraft and eight engines delivered under lease agreements in the first quarter of this year, AerCap signed new lease agreements for two aircraft; purchased 10 aircraft and four engines; sold one aircraft and four engines; and disassembled four aircraft and five engines.