AirBridgeCargo said to be in negotiations on freighter lease deals
RUSSIA's AirBridgeCargo (ABC) is in negotiations with lessors over five of its B747 freighters, according to Moscow's liberal daily Kommersant
RUSSIA's AirBridgeCargo (ABC) is in negotiations with lessors over five of its B747 freighters, according to Moscow's liberal daily Kommersant.
The report quotes Tatyana Arslanova, president of AirBridgeCargo, as saying that the airline has entered negotiations with lessors over a break in the lease deals or reduced rates.
Ms Arslanova said that negotiations with GE Capital Aviation Services and Sberbank Leasing have been ongoing since the end of last year.
In other reports, she said that the Volga-Dnepr Group expects to post a loss of US$110 million for 2019, reported London's Air Cargo News.
Ms Arslanova said that the need to re-negotiate deals has been heightened by the outbreak of the coronavirus, but it was initially down to the general downturn in air cargo.
She also pointed out that the value of aircraft has depreciated as a result of the downturn. Both Atlas Air and Nippon Cargo Airlines have written down the value of their B747 freighters this year.
Atlas Air also parked four of its converted B747-400Fs. Last year, ABC was forced to cut services and re-organise as it came under financial pressure due to weakness in air cargo, so it is no surprise that the airline may be seeking to re-negotiate deals with suppliers.