Leasing companies have mixed day on exchanges
Shares in aircraft leasing companies were mixed, with European independent lessor AerCap losing 3.8% and Aircastle and FLY Leasing both down 3.3%. Kuwait-based ALAFCO, partially owned by Kuwait Airways Corp, went against the general downward trend in the Middle East and North Africa, gaining 1.4%. Regional aircraft lessor Aerocentury was 2.8% higher.
- Shares in aircraft leasing companies experienced mixed performance, with AerCap losing 3.8% and Aircastle and FLY Leasing down 3.3%.
- ALAFCO, a Kuwait-based lessor partially owned by Kuwait Airways Corp, bucked the trend in the Middle East and North Africa by gaining 1.4%.
- Regional aircraft lessor Aerocentury saw a 2.8% increase in its share price.
- AerCap's subsidiary, AeroTurbine, signed an exclusive four-year agreement with American Airlines to purchase surplus material and remarket it globally.
- AeroTurbine and American Airlines will jointly operate a warehouse in Tulsa, Oklahoma, to prepare the material for remarketing.
- AeroTurbine will have personnel located on-site within American Airlines to explore further opportunities to reduce the airline's inventory levels.
AerCap announced its AeroTurbine subsidiary has signed a four-year exclusive agreement with American Airlines. Under the agreement, AeroTurbine will have exclusive rights to purchase material deemed surplus by American Airlines and remarket the material globally. AeroTurbine and American Airlines will jointly run a warehouse in Tulsa, Oklahoma to prepare the material for remarketing. AeroTurbine will locate personnel on-site within American Airlines to research additional opportunities to reduce American Airlines' inventory levels.
Selected Lessors daily share price movements (% change): 22-Feb-2011
