Avolon agrees to lease five A330neos to South Korea’s T’way Air

Aviation finance firm Avolon recently agreed to lease five Airbus A330neos to South Korean low-cost carrier T’way Air.

Slated for delivery by 2026, these aircraft will support T’way’s expansion of its international route network, which already operates to 55 destinations.

T’way is an existing Avolon customer and, through this agreement, is now the finance firm’s 12th A330neo operator in its customer base.

Gearing up for expansion and growth

Avolon president and chief commercial officer Paul Geaney said of the leasing agreement: “The T’way Air team is rapidly expanding the airline’s operations and we are delighted to have them as a new A330neo customer. The A330neo provides an ideal widebody solution to support their growth strategy. With the largest lessor committed fleet of 447 aircraft, we are well-placed to support our global customers as they look for capacity to meet the continuing high levels of travel demand.”

T’way’s representative director Hong Geun Jeong likewise remarked: “We have forged a strong relationship with Avolon and partnering on these new A330neos is an important next step in our growth ambitions. With 55 destinations and plans to expand our network the aircraft will help us in our mission to offer passengers exceptional service, reliability and value.”

A necessary move

This decision on the part of T’Way Air to lease A330neos is a timely one, give how widebody production recovery continues to lag behind narrowbody production. This has resulted in a tighter market and longer wait times for widebody aircraft. 

In its 2024 Outlook: New Horizons report, Avolon forecaste that the remaining delivery slots from manufacturers for widebody aircraft will be sold out by 2030.

Also, compared to the previous generation A330ceo, the A330neo has an increased range of over 13,300km (7,200 nautical miles) and 25 percent lower fuel consumption and CO2 emissions.