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What impact does aircraft leasing have on the Aviation industry?

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Aircraft leasing is a common practice in the aviation industry, where airlines and operators rent aircraft from lessors instead of buying them outright. This allows them to save on upfront costs, access newer models, and adjust their fleet size and composition according to demand. But what impact does aircraft leasing have on the aviation industry as a whole? How does it affect the supply and demand of aircraft, the financing and regulation of the sector, and the innovation and sustainability of the industry? In this article, we will explore some of the key aspects and implications of aircraft leasing for the aviation industry.

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Eliseo Llamazares (He/Him/His)

Socio/Partner Lider de Aviacion y Turismo LatAm/ Head Aviation and Tourism LatAm en KPMG
Omar Hosari

Founder & CEO at UAS | Board of Governors at AsBAA

1 Leasing market

The aircraft leasing market has grown significantly over the past decades, driven by the expansion of air travel, the emergence of low-cost carriers, and the availability of capital. According to the International Air Transport Association (IATA), about 40% of the global commercial aircraft fleet is leased, and this share is expected to increase to 50% by 2030. The leasing market is dominated by a few large players, such as AerCap, GECAS, and Avolon, who own and manage hundreds of aircraft and lease them to airlines around the world. The leasing market is also influenced by factors such as oil prices, interest rates, exchange rates, and geopolitical events, which can affect the demand and supply of aircraft and the profitability of lessors and lessees.

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Eliseo Llamazares (He/Him/His)

Socio/Partner Lider de Aviacion y Turismo LatAm/ Head Aviation and Tourism LatAm en KPMG
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El mercado de arrendamiento se ha incrementado de forma significativa con la entrada del modelo LCC que requiere flotas modernas, eficientes y sin riesgo de valor residual ya que su negocio no es de propiedad de aeronaves, sino de operación aérea eficiente.

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Raul Benavides Buelvas

FAA Airbus 320s Type Rated / Captain at Latam Airlines / Political Scientist
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There are different types of agreements Dry Lease, Damp Lease and Wet Lease. In the Dry Lease agreement the owner provides the aircraft to lessee without the crew and is actually the most common with the airliners. Wet Lease offers both the aircraft and the crew which allows the Lessor to maintain the operational control of the flights. Damp Lease lies between the previous ones, providing Flight Deck crew but not the Flight Attendants as an example.

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2 Leasing benefits

One of the main benefits of aircraft leasing for airlines is that it reduces their capital expenditure and debt burden, as they do not have to invest in purchasing and maintaining aircraft. This frees up cash flow and improves their financial flexibility, especially during periods of uncertainty or volatility. Leasing also allows airlines to access newer and more efficient aircraft, which can enhance their operational performance, customer satisfaction, and environmental footprint. Moreover, leasing enables airlines to adjust their fleet size and composition according to their needs, as they can lease more or fewer aircraft, or different types of aircraft, depending on the market conditions and customer preferences.

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Omar Hosari

Founder & CEO at UAS | Board of Governors at AsBAA
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Aircraft leasing opens private and business flight to a huge number of customers who wouldn’t have the opportunity otherwise. Just look at the numbers who fly private through charter as opposed to the numbers who actually own and operate their own aircraft. It’s impact on the industry’s health cannot be understated.

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3 Leasing challenges

However, aircraft leasing also poses some challenges for the aviation industry, both for lessors and lessees. For lessors, one of the main challenges is to manage the risks associated with leasing aircraft, such as credit risk, residual value risk, and asset impairment risk. These risks can arise from the default or bankruptcy of airlines, the depreciation or obsolescence of aircraft, or the disruption or downturn of the aviation market. Lessors also have to deal with the complexity and diversity of the regulatory and tax regimes in different countries, which can affect their costs and returns. For lessees, one of the main challenges is to negotiate favorable lease terms and conditions with lessors, such as lease rates, lease duration, maintenance obligations, and return conditions. These terms and conditions can have a significant impact on the operational and financial performance of airlines, as well as their strategic flexibility and competitive advantage.

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4 Leasing innovation

Aircraft leasing also has an impact on the innovation and development of the aviation industry, as it creates incentives and opportunities for both lessors and lessees to adopt new technologies and business models. For lessors, innovation can help them to enhance their value proposition, differentiate their services, and optimize their asset management. For instance, some lessors are using digital platforms, data analytics, and blockchain to improve their customer relations, market intelligence, and transaction efficiency. For lessees, innovation can help them to improve their operational efficiency, customer experience, and environmental performance. For instance, some airlines are using leasing to access new-generation aircraft, such as the Airbus A320neo or the Boeing 787, which offer lower fuel consumption, lower emissions, and higher comfort.

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5 Leasing sustainability

Aircraft leasing also has an impact on the sustainability and social responsibility of the aviation industry, as it affects the environmental, social, and governance (ESG) aspects of the sector. On the one hand, leasing can contribute to the environmental sustainability of the industry, as it facilitates the replacement of older and less efficient aircraft with newer and more efficient ones, which can reduce the carbon footprint and noise pollution of aviation. On the other hand, leasing can also pose some challenges for the social and governance sustainability of the industry, as it involves ethical, legal, and reputational issues, such as the ownership and registration of aircraft, the compliance and transparency of leasing contracts, and the protection and treatment of workers and customers. Therefore, lessors and lessees have to balance their economic objectives with their ESG obligations and expectations, and adopt best practices and standards to ensure the sustainability and integrity of the industry.

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Eliseo Llamazares (He/Him/His)

Socio/Partner Lider de Aviacion y Turismo LatAm/ Head Aviation and Tourism LatAm en KPMG
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Si bien es cierto que el arrendamiento a compa?ías en mercados exigentes les da la posibilidad de tener flotas nuevas, eficientes y con menos emisiones, estos aviones, cuando dejen de ser arrendados a estas compa?ías, van a ir a mercados menos exigentes de países emergentes y se van a convertir en menos eficientes y más contaminantes que los que operan nuevos… por ello que no es una contribución específica el que estén o no arrendados

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What impact does aircraft leasing have on the Aviation industry?

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1 Leasing market

2 Leasing benefits

3 Leasing challenges

4 Leasing innovation

5 Leasing sustainability

6 Here’s what else to consider

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