15 July 2008
Addis Ababa — Babcock & Brown Air Limited (NYSE: FLY), a global lessor of modern, fuel-efficient commercial jet aircraft, today announced that it has leased and delivered two Boeing 757-200 aircraft to Ethiopian Airlines.
In a press statement, the air transport company said the new lease agreements are for terms of five years at market rates higher than those of the previous contracts.
The new lease agreements are for terms of five years at market rates higher than those of the previous contracts.
Both aircraft had previously been leased to ATA Airlines in the United States.
"Ethiopian Airlines is a great addition to our well-diversified group of lessees around the world," Colm Barrington, CEO of Babcock & Brown Air was quoted as saying in the statement published on Earth Times.com.
"This transaction highlights the ability of B&B Air's portfolio to perform well in an environment of higher fuel prices. The Boeing 757 is a robust aircraft with a wide user base and an ability to fly unique missions for airlines." Ethiopian Airlines is the national airline of Ethiopia and is 100% owned by the Ethiopian government.
Founded in 1945, Ethiopian is one of the largest and fastest growing airlines in Africa and currently operates flights to 51 international and 30 domestic destinations with a fleet of 28 aircraft.
The airline has orders for ten Boeing 787 aircraft, reflecting the rapid pace of growth in air travel throughout North Africa's domestic and international markets.
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