Cebu Air Inc : Cebu Pacific Air chooses CIT for A330 leases
02/22/2012 | 10:30pm
Cebu Pacific News Archive
The Philippines' largest national flag carrier, Cebu Pacific
Air (PSE: CEB) signed operating lease agreements on four new
Airbus A330-300 aircraft with CIT Aerospace, a unit of the
CIT Group Inc. (NYSE: CIT).
CEB's four Airbus A330-300 aircraft will be delivered from
2013 to 2014, and will be powered by Rolls-Royce Trent 772B
engines.
CEB earlier announced it will commence long-haul flights in
the 3rd quarter of 2013. This will allow the airline to serve
new markets beyond the range of CEB's current fleet of Airbus
A320 aircraft.
Alex Reyes, CEB General Manager for the Long-Haul Division,
said, "These Airbus A330-300 aircraft will allow us to offer
our trademark low fares to an even wider market. With the
introduction of wide-body aircraft into our fleet, we could
offer non-stop services into Australia, India, the Middle
East and parts of Europe and the US."
Since its inception in 1996, CEB has flown over 60 million
passengers. It also posted a good track record in stimulating
short-haul travel of passengers around Asia, with a 14%
system-widepassenger growth in 2011.
CEB currently offers 19 international destinations, namely
Bangkok, Beijing, Brunei, Busan, Guangzhou, Hanoi, Ho Chi
Minh, Hong Kong, Incheon (Seoul), Jakarta, Kota Kinabalu,
Kuala Lumpur, Macau, Osaka, Shanghai, Siem Reap, Singapore,
Taipei and Xiamen. It also operates the most extensive
network in the Philippines with 33 domestic destinations and
hubs in Manila, Cebu, Clark and Davao.
About Cebu Pacific
Cebu Air Inc. is the largest carrier in the Philippine air
transportation industry, offering its low-cost services to
more destinations and routes with higher flight frequency
within the Philippines than any other airline. CEB currently
operates 10 Airbus A319, 20 Airbus A320 and 8 ATR-72 500
aircraft. Its fleet of 38 aircraft - with an average age of
3.6 years - is one of the youngest aircraft fleets in Asia.
Between 2012 and 2021, Cebu Pacific will take delivery of 22
more Airbus A320 and 30 Airbus A321neo aircraft orders, and 2
Airbus A320 aircraft on operating lease agreements. For
bookings and inquiries, guests can go to www.cebupacificair.com.
About CIT Aerospace
CIT Aerospace provides financing solutions to a broad
spectrum of the global aerospace value chain ranging from
operators of commercial and business aircraft to
manufacturers and suppliers in the aerospace and defense
industries as well as financial institutions. CIT owns
or finances a fleet of approximately 300 commercial aircraft.
About CIT
CIT Group Inc. (NYSE: CIT) is a bank holding
company with more than $60 billion in finance and
leasing assets that provides financial products and advisory
services to small and middle market
businesses. Operating in more than
50 countries across 30 industries, CIT
provides an unparalleled combination of relationship,
intellectual and financial capital to its customers
worldwide. CIT maintains leadership positions in
aerospace, equipment and rail leasing, small business and
middle market lending, vendor financing and
factoring. Founded in 1908 and headquartered in New
York, CIT is a member of the S&P 500 and Fortune 500. www.cit.com
