Singapore Aircraft Leasing Enterprise (S.A.L.E.) has sold one B777-200ER aircraft to Korean Air, following the completion of a purchase agreement at the end of December. The aircraft, powered by Pratt & Whitney PW4090 engines, was originally acquired new by S.A.L.E. in December 1998 for lease back to the carrier.
Commenting on the deal, S.A.L.E. Managing Director Robert Martin said that the transaction reflected the strong long-term residual values offered by newer aircraft such as the B777.
“In building its portfolio S.A.L.E. has focussed on the latest products in both the single aisle and widebody aircraft markets, providing the company with a strong asset base,” he said. “We will seek to continue to develop our successful aircraft trading activities with quality airlines such as Korean Air, through both the purchase and sale of aircraft in the new generation categories.”
Following the sale of the Korean Air aircraft, S.A.L.E. now owns five B777s, with two more on firm order for delivery in the middle of this year. The S.A.L.E. widebody portfolio also includes four Airbus A330s, one of which is on long term lease to Korean Air.
The latest deal with Korean Air follows several other transactions undertaken by S.A.L.E. since September 2001, including the purchase and leaseback of two B737-800s with Air Berlin and an agreement to acquire and lease back one A320 with Finnair. The lessor also took delivery of one new A321 in the last quarter of 2001, which is on lease to Italian carrier Volare.
Established in 1993, S.A.L.E. has swiftly grown to become the world’s leading Asia- based aircraft leasing company, with a current portfolio of 40 modern airliners and 21 customers in 15 countries across the world. The company has 31 more aircraft on firm order for delivery through 2008.
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