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The owner of the largest plane in the world lost 113 planes due to Russian sanctions

The world’s largest jet owner, AerCap Holdings, lost 113 planes when Russia seized them in response to sanctions imposed by the attack in Ukraine.

AerCap Holdings, the Ireland-based aircraft rental giant that is the world’s largest jet owner, lost 113 of them when Russia seized them in response to sanctions over the attack in Ukraine caused it, CNN reported.

The seizure of the plane and 11 jet engines by Russian authorities cost AerCap $2.7 billion in pre-tax charges for the quarter, prompting the company to report a net loss of $2 billion instead of $500 million in profit. that they can earn.

However, company executives in the quarter know they see positive signals as global demand for air travel continues to recover from the COVID-19 pandemic.

CEO Aengus Kelly said in comments to analysts: “Across all lines of business, we’ve seen increased demand and improved customer financial health.” Investors agreed, and shares of AerCap (AER) were up 6% in afternoon trading following the report.

The company was able to recover 22 jets and 3 engines before they were seized by Russian authorities. They have filed insurance claims seeking to recover the lost plane, although some of them are with Russian insurers.

AerCap owns a total of 1,624 aircraft, far more than any other airline owns or operates. The lost jets represent less than 5% of the net worth of Aercap’s fleet, which has grown larger during the pandemic by acquiring rival leasing company GECAS from General Electric (GE).

Richard Aboulafia, chief executive officer of AeroDynamic Advisory, said Aercap could easily address the jet’s financial loss.

According to data from aeronautical analysis firm Cirium, when Russia launched a special military operation in Ukraine on February 24, Russian aircraft carriers were operating 861 commercial aircraft. Just over half of those aircraft, with an estimated market value of $9.2 billion, are owned by non-Russian leasing companies.

Sanctions from many countries have required international aircraft leasing companies that own the jets to recall them by the end of March. An estimated 79 jets have been acquired, but Russia announced it would nationalize hundreds more.

(According to CNN)

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