Cyprus Airways continues renewal of fleet

Cyprus Airways (CY), Cyprus’ national air carrier, have sold one of their old Airbus A320, in the framework of their strategy to renew their fleet. The Airbus was sold for $5.6 mln.
CY Executive Chairman Kikis Lazarides said that CY has an agreement with Aircraft Solutions A320 LLC, a subsidiary of TPG Credit Management L.P. and Universal Asset Management, to place to their disposal two more of its old Α320, which will be replaced.
Last November, Cyprus Airways leased one Α319, in the framework of its policy to renew its fleet. The CY fleet comprises now 11 aircraft.
''We have a prior agreement with the same company to sell two more Α320 and replace them with other two A320. So, we can enter the new summer season with a relatively renewed fleet. I believe and I hope that we will renew all our aircraft, that is the seven Α320 we have”, Lazarides said in statements after a meeting Tuesday with Minister of Commerce, Industry and Tourism Antonis Paschalides and Eurocypria President Eleftherios Ioannou.
''Everybody is aware of the problems we had and still have with our old airplanes. The renewal of the fleet will improve things considerably”, he added.
Lazarides noted that if CY kept the particular aircraft, they would have to pay $8 mln for maintenance.
''So, the company’s profit is a big one, since apart from the fact that our fleet is being renewed with a new plane, which will have no technical problems, we have to bear in mind the fact that the company is saving $13.6 – 14 mln”, he added.
Lazarides refrained from naming the exact amount for leasing the new A319, saying that the company is still under negotiation for leasing another one. But he noted that due to the world financial crisis, CY managed to get a good price at 50% of the cost which other air companies were paying one or two years ago. CY flights, he said, will no longer be delayed due to technical problems of its airplanes.