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Avolon, aircraft lessor, has announced that it is adjusting its orders to the current market needs. The company cancelled the order for 75 unplaced Boeing 737 MAX aircraft and rescheduled deliveries of 16 aircraft of the same time to start from 2024 or even later.
Although Avolon cancelled its booking for 75 MAX jets, including 20 MAX 10s and 55 MAX 8s with due deliveries in 2021, the company still remains committed to the program.
Also, the company dropped the order for four Airbus A330neo and deferred delivery dates for nine Airbus A320neo family planes from 2020/21 to 2027.
“Building on our strong capital base, we have acted swiftly and decisively to address the market outlook and have re-profiled elements of our orderbook to better align with market conditions”, said the company in a statement.
“The net impact of our actions in the first quarter is to reduce our aircraft commitments in the 2020 to 2023 timeframe from 284 aircraft, as at year end, to 165 aircraft today and thereby significantly reducing our near-term capital commitments”, the company added.