Russia has seized 113 planes from the world’s largest aircraft owner – Observer

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Following the sanctions imposed on Russia because of to the war in UkraineAerCap Holdings, the world’s largest aeronautical shipowner, lost 113 planes to the country, which seized them.

Multimedia report in Andriivka. X-ray of a village under Russian occupation for 30 days

Indeed, sanctions from several countries forced international leasing companies to leave Russia by the end of March. At least 79 aircraft were recovered, but those that remained were nationalized.

Still short of 11 engines, AerCap Holdings managed to recover 22 jets and three engines before they fell into Moscow’s hands and has already filed insurance to try to recover the confiscated aircraft — only some of these claims are filed with Russian insurance companies.

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With a total of 1,624 planes — more than any other company in the business — the planes lost to Russia represent less than 5% of the net worth of Aercap’s fleet, which has grown during the pandemic in acquiring rival leasing company GECAS from General Electric (GE).

The Irish aircraft rental giant had to recognize an extraordinary loss of 2.7 billion dollars (about 2.6 billion euros), which led to declare a loss of two billion dollars (about 1.9 billion euros) instead of the 500 million dollars (about 476 million euros) of profit that it could have made. However, business leaders have good expectations for the future as restrictions to combat Covid-19 ease.

Across all of our lines of business, we are seeing increased demand, better utilization of our assets and improved financial health for our customers. » saved CEO Aengus Kelly in statements to analysts, quoted by CNN.

By the way, the shares appreciated by 6% in the afternoon after the announcement of the report.

Richard Aboulafia, managing director of AeroDynamic Advisory, told CNN that Aercap is able to cope with this financial loss which seems permanent. Would even if the war ended and the sanctions were lifted, planes are no longer certified in the eyes of Western aviation regulatorshe explained.

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