Asian companies run out of hope to recover plane stuck in Russia

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 Airline leasing companies in Asia have announced that they have given up hope of recovering their planes stuck in Russia.


Nikkei reported that on Friday, Avolon Holding, a subsidiary of Chinese aircraft leasing giant Bohai Leasing, announced a loss of 298 million USD related to 10 aircraft currently still in operation. stuck in Russia.


Previously, in March, Avolon succeeded in getting back four planes leased by Russian airlines. However, a spokesman for Bohai said the possibility of recovering the remaining planes was "very uncertain" and the company had decided to record them as damages.


Accepting to remove aircraft still stuck in Russia from its list of assets caused parent company Bohai Leasing to record a loss of more than $111 million in the first quarter.


As for the aircraft leasing company BOC Aviation, a subsidiary of Bank of China, 17 of the 18 planes leased by this company to Russian airlines S7 Airlines, Ural and Pobeda have not yet been recovered. . The total value of these 17 aircraft is up to 589 million USD, accounting for about 2.5% of BOC Aviation's total assets.


"This is a complicated situation and we are still monitoring it. However, we are committed to strictly implementing sanctions and regulations of international law," BOC Aviation wrote in the report. Report to the Securities and Futures Commission of Hong Kong.


Finally, Aircastle, a subsidiary of two Japanese "financial giants" Marubeni and Mizuho, ​​has just announced that it has given up ownership of 10 aircraft worth $ 251.9 million because it is still stuck in Russia. It is known that Aircastle leased 12 planes to Russian airlines but only had time to recall two before the state of emergency on civil aviation safety was issued in Russia.


"Decades of peaceful economic coexistence have allowed the global aviation industry, especially aircraft leasing, to grow and prosper. However, the conflict between Russia and Ukraine and sanctions. The international sanctions that followed have made the future of the industry extremely uncertain," Mike Inglese, chief executive officer of Aircastle, told a news conference last Thursday.


A new state of emergency issued in Russia has allowed the country's airlines to register ownership of aircraft leased from abroad in order to "ensure that civil aviation activities are not disrupted." discontinuity". This bill has caused great damage to the aircraft leasing industry of the West. In a report to the US Securities and Exchange Commission on April 22, the US aircraft leasing company Air Lease Corporation confirmed that it will not be able to get back 27 aircraft with a total value of more than 800 million USD. trapped in Russia.

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