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Thai Airways backs leasing 15 airplanes |
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| Bangkok Post: 9 Feb 2010 |
THAI backs leasing 15 airplanes
B35.5bn allocated to modernise aging fleet
Thai Airways International (THAI)'s board gave the nod yesterday to the acquisition of 15 high-capacity wide-body planes over the next four years for 35.48 billion baht to support its modernisation plan.
The acquisition of eight long-haul and seven medium-range jetliners are part of its plan to add 70 new aircraft to its fleet over the next 15 years because of aging planes.
The 15 new jets are in addition to orders in recent years, including six A380 superjumbos, which are due for delivery between 2012 and 2013, and five A330-300s, which are scheduled for use this year.
The medium-haul jets will each be able to carry 300 passengers and serve on regional routes.
The new jets will be leased for 31.26 billion baht, said THAI chairman Ampon Kittiampon.
The long-haul planes, each capable of seating 350 passengers and flying intercontinental flights, will be leased for 10 to 15 years.
There are 88 aircraft in THAI's fleet with an average age of 11 to 12 years. By 2026, the airline expects to have a fleet of 102 aircraft with an average age of 7.5 years.
Over the next five years, THAI will retire 25 aircraft from its fleet.
Dr Ampon said the airline opted for leases rather than outright purchases because it puts less financial constraints on THAI, which is emerging from a financial crisis.
Furthermore, the THAI board also endorsed the plan to acquire five spare jet engines, comprising three for long-haul aircraft worth 3.3 billion baht and two for its regional planes worth 922 million baht.
In another major approval, the airline's board agreed to a new fuel volume range to hedge for risk management and to mitigate high oil prices.
The decision means the airline will now hedge at least 20% and not more than 80% of its average monthly fuel requirement.
That amends the previous board's directive to limit hedging volume to a maximum of 50% of its annual consumption with contract terms not exceeding one year.
THAI president Piyasvasti Amranand, an energy technocrat, has strongly urged the airline make better use of its fuel-hedging mechanisms, despite losing 6 billion baht through the practice in 2008.
Fuel hedging was a major contributor to THAI's loss of 21.38 billion baht in 2008, the first loss in its 43-year history.
In other news, the airline's board agreed to name Pravit Ratanapien, a former science and technology minister, as a new board member to replace Wallop Bhukkanasut, who resigned from all posts at THAI over an excess baggage scandal.
Mr Wallop, who was also executive chairman of the airline, and his wife were found to have violated the airline's regulations by carrying more than 200 kilogrammes in excess baggage during a November flight from Japan to Thailand without paying extra fees.
http://www.bangkokpost.com/business/economics/32596/thai-backs-leasing-15-airplanes |
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