Aircraft to Be Delivered to South Korean Carrier from Lessor's Orderbook
CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Ltd. ("CDB Leasing"), announced today the signing of lease agreements for a duo of brand-new Boeing 737 MAX 8 aircraft with South Korea's T'way Air ("T'way").
Delivering from the lessor's orderbook with Boeing, the South Korean carrier is expected to take delivery of the two aircraft between January and November 2024.
"We're pleased to be strengthening our relationship with T'way, one of the fastest growing low-cost carriers in South Korea, with this transaction for two MAX aircraft. Our commercial team continues to be focused on expanding our reach in the region, working collaboratively with carriers to support their immediate and longer-term fleet needs," commented CDB Aviation Chief Marketing Officer Peter Goodman.
T'way commenced service with the 737 MAX 8 in January 2023 upon inducting its first aircraft of the type in December 2022, which was configured with 189 single-class economy seats. The carrier currently operates the MAX on multiple international routes, connecting Incheon with Philippines, Singapore, and Thailand. According to T'way, the extended range of the MAX will enable it to fly to farther-off locations such as Indonesia, and Central Asia.
"It is a great pleasure to strengthen our relationship with CDB Aviation. We anticipate expanding our fleet by replacing our NGs with MAXs, thereby ensuring a delightful passenger experience with these highly efficient aircraft. We hope that CDB Aviation will support us in accomplishing this strategic plan," commented T'way Chief Executive Officer Hong Geun Jeong.
"The teams on both sides have worked hand-in-hand to build a strong relationship between our companies, executing on the potential deal opportunities that effectively leverage the strength of our leasing franchise and access to new-gen aircraft to support T'way's network expansion," added Jie Chen, CDB Aviation Chief Executive Officer. "We're continuing to grow our global footprint, building trusted relationships with airlines across all key markets. This campaign was one of the rare MAX skyline placement campaigns in the region, and we're thrilled to be expanding business with T'way."
Forward-Looking Statements
This press release contains certain forward-looking statements, beliefs or opinions, including with respect to CDB Aviation's business, financial condition, results of operations or plans. CDB Aviation cautions readers that no forward-looking statement is a guarantee of future performance and that actual results or other financial condition or performance measures could differ materially from those contained in the forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as "may," "will," "seek," "continue," "aim," "anticipate," "target," "projected," "expect," "estimate," "intend," "plan," "goal," "believe," "achieve" or other terminology or words of similar meaning. These statements are based on the current beliefs and expectations of CDB Aviation's management and are subject to significant risks and uncertainties. Actual results and outcomes may differ materially from those expressed in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, we do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events or otherwise.
About CDB Aviation
CDB Aviation is a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Ltd. ("CDB Leasing") a 38-year-old Chinese leasing company that is backed mainly by the China Development Bank. CDB Aviation is rated Investment Grade by Moody's (A2), S&P Global (A), and Fitch (A+). China Development Bank is under the direct jurisdiction of the State Council of China and is the world's largest development finance institution. It is also the largest Chinese bank for foreign investment and financing cooperation, long-term lending and bond issuance, enjoying Chinese sovereign credit rating.
CDB Leasing is the only leasing arm of the China Development Bank and a leading company in China's leasing industry that has been engaged in aircraft, infrastructure, ship, commercial vehicle and construction machinery leasing and enjoys a Chinese sovereign credit rating. It took an important step in July 2016 to globalize and marketize its business listing on the Hong Kong Stock Exchange (HKEX STOCK CODE: 1606). www.CDBAviation.aero
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Contacts:
Paul Thibeau
Paul.THIBEAU@CDBAviation.aero; +1 612 594 9844
