Gol orders 28 additional Boeing 737 MAX 8 aircraft as it upgrades its fleet

Gol Linhas Aéreas Inteligentes S.A. has announced the acceleration of its fleet transformation by signing agreements for 28 additional Boeing 737 MAX 8 aircraft, which is expected to reduce the Company’s unit costs by 8% in 2022.

The total of 28 Boeing 737 MAX 8 aircraft will replace 23 Boeing 737-800 NGs by the end of 2022.

The Company currently operates 12 737 MAX aircraft, having returned 18 Boeing 737 NGs in the past 18 months. As a result of the new agreements, Gol will now end 2021 with 28 737 MAX aircraft (22% of the total fleet), and by the year-end 2022 will have received delivery of 44 737 MAX aircraft (32% of the total fleet). With its current 737 MAX commitments, Gol will meet its objective of having a 75% MAX fleet by 2030.

The aircraft will be financed via 15 direct operating leases, nine sale-leasebacks (“SLBs”) and four finance leases. The Company’s plan is to own around half of its fleet via finance leases, with the remainder in operating leases to give it high flexibility to upsize or downsize capacity based on demand. Additionally, bringing in the 737 MAXs enables Gol to accelerate returns of -700 and -800 NGs aircraft on short-term leases, while it maintains substantial flexibility to manage its fleet in close alignment with fluctuations in demand for air travel during the pandemic.

The Company operates 127 Boeing 737 aircraft. The 12 MAX in the fleet currently are financed via direct operating leases. The revised fleet plan is presented in the table below:

GOL’s Fleet Plan 2020 2Q21 2021 2022 2023 2024 2025
737 NG 700 24 23 18 18 16 14 12
737 NG 800 96 94 84 74 67 68 63
737 MAX 8 7 10 28 44 51 58 65
737 MAX 10 0 0 0 0 5 7 10
TOTAL (end of period) 127 127 130 136 139 147 150