SINGAPORE: Avation PLC, the commercial passenger aircraft leasing company, has negotiated a six year lease extension on an Asian flag carrier-operated Boeing 737-800 aircraft.

The lease extension rent is at a market rate and the expiry date for the lease has been extended from June 2022 to June 2028.

Jeff Chatfield, Executive Chairman of Avation, said: “We feel it is prudent in terms of risk mitigation to extend the duration of this lease to the year 2028, given the uncertain near term outlook for mid-life narrow body commercial passenger aircraft.”

Avation PLC is an aircraft leasing company, headquartered in Singapore, owning and managing a fleet of commercial passenger aircraft which it leases to airlines around the world.