Air Lease Corporation Announces Delivery of First of Four New Boeing 737 MAX 8 Aircraft with Cayman Airways
LOS ANGELES, November 29, 2018 – Air Lease Corporation (NYSE: AL; “ALC”) announced today the delivery of one new Boeing 737 MAX 8 aircraft featuring CFM International LEAP-1B27 engines on long-term lease to Cayman Airways (KX). This Boeing 737 MAX 8 is the first of four 737 MAX 8 aircraft confirmed to deliver to Cayman Airways through 2020 from ALC’s order book with Boeing. With this new ALC aircraft, Cayman Airways will be the first 737 MAX 8 operator in the Caribbean and the aircraft will feature a new addition to the livery to showcase the airline’s first 737 MAX.
“ALC is pleased to announce this new Boeing 737 MAX 8 delivery with Cayman Airways today,” said Steven F. Udvar-Házy, Executive Chairman of Air Lease Corporation. “With this new 737 MAX 8 and the additional three aircraft set to deliver from ALC, Cayman Airways is successfully modernizing its fleet with the most technologically advanced, fuel-efficient aircraft to enhance the airline’s overall operations, maximize customer comfort and bring a new standard of excellence for travelers to and from the Cayman Islands.”
“Several members of the ALC team have had a very long and valued relationship with Cayman Airways and these four new ALC 737 MAX 8s will progressively replace Cayman Airways’ current fleet of Boeing 737-300s and one Boeing 737-800. Incidentally, key members of the ALC team were also involved in initial placements of the aircraft that are now being replaced, having successfully participated in various competitive tendering processes at Cayman Airways between 2002 and 2016,” said Kishore Korde, Executive Vice President of Air Lease Corporation.
“Since 1968, Cayman Airways has proudly connected the Cayman Islands with each other and with the world. In 2018, as we celebrate 50 years of safe and reliable service, we take great pride in introducing this first Boeing 737 MAX 8 to our fleet. Over the next 20 months, we will be adding three additional MAX-8 aircraft while retiring our exiting jet fleet. Following a competitive public tendering process, the unique lease structure and terms offered to Cayman Airways by ALC, has afforded Cayman Airways the ability to be the first 737 MAX 8 operator based in the Caribbean, and we look forward to a continued strong working relationship with ALC,” said Fabian Whorms, President and CEO of Cayman Airways.
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.