Cathay Pacific Airways (Hong Kong) will retire its last Airbus A340-300 in 2017. The airline has announced a deal with AerFin to gradually take and dispose the aircraft from this month through 2017. The airline issued this statement:
AerFin Ltd (UK) and Cathay Pacific Airways have announced that AerFin has been selected to provide an end-of-life solution for the fleet of 11 A340-300 aircraft operated by the Hong Kong-based carrier. The agreement will see AerFin acquire and/or consign the aircraft over a three-year period through to 2017. The first A340 will be delivered to AerFin in March 2015 and will be disassembled to provide Cathay Pacific continued support for its operational fleet, and at the same time provide AerFin’s customer base with Serviceable Used Material to support continued operations.
Cathay Pacific is retiring the A340-300s as part of ongoing fleet modernization program that is seeing the airline replace older, less-efficient aircraft with new, more fuel-efficient aircraft. Cathay Pacific currently operates 147 aircraft in what is one of the youngest all-wide-body fleets in the world. The airline has some 79 aircraft on firm order for delivery up to 2024, including 48 Airbus A350s and 21 Boeing 777-9Xs.
UK based AerFin Limited specializes in providing end-of-life fleet solutions for investors, MROs, and airlines exposed to technically challenging assets. US based CarVal Investors LLC took an 80% shareholding in AerFin in December 2014 and their experienced team has navigated ever-changing credit market cycles, investing more than $78 billion in 5,200 transactions across 71 countries.
Copyright Photo: Antony J. Best/AirlinersGallery.com. Airbus A340-313 B-HXI (msn 220) completes its final approach to the runway at London (Heathrow).