Avolon leases T’Way five A330neos
Avolon has agreed to lease five Airbus A330neos to South Korean low-cost carrier, T’way.
The aircraft will be delivered in 2026 and will support T’way’s expansion of its international route network, which already operates to 55 destinations.
T’way is an existing Avolon customer and becomes the 12th A330neo operator in Avolon’s customer base.
The widebody production recovery is lagging behind narrowbodies resulting in a “tighter market and longer wait times” for widebody aircraft, Avalon said.
In its 2024 Outlook: New Horizons paper, Avolon forecasted that the remaining delivery slots from manufacturers for widebody aircraft will be sold out to 2030 by the end of this year.
With Airbus and Boeing facing significant order backlogs, airlines are increasingly turning to aircraft lessors to meet their more immediate fleet needs.
As production delays push delivery timelines back, leasing offers a quicker solution for airlines seeking to expand or upgrade their fleets without waiting years for new aircraft.
This growing reliance on lessors not only helps airlines maintain capacity and meet demand but also provides greater flexibility in fleet management amidst supply chain challenges.
Paul Geaney, president and CCO at Avolon, said: “The T’way Air team is rapidly expanding the airline’s operations and we are delighted to have them as a new A330neo customer.
“The A330neo provides an ideal widebody solution to support their growth strategy. With the largest lessor committed fleet of 447 aircraft, we are well-placed to support our global customers as they look for capacity to meet the continuing high levels of travel demand.”
Hong Geun Jeong, representative director at T’way Air, added: “We have forged a strong relationship with Avolon and partnering on these new A330neos is an important next step in our growth ambitions.
“With 55 destinations and plans to expand our network the aircraft will help us in our mission to offer passengers exceptional service, reliability and value.”
