Aeromexico is set to welcome three new Boeing 737 MAX passenger aircraft to its fleet.
The news was announced by AerDragon in a statement released on June 21, 2022 who confirmed the purchase of the new aircraft on lease to the Mexican flag carrier.
The two planes are financed by BNP Paribas Singapore Branch with an aircraft non-payment insurance policy from the Aircraft Finance Insurance Consortium (AFIC), which is managed by global broker Marsh.
“The insurance underwriters include Fidelis Insurance Bermuda Limited [a privately owned Bermuda-based holding company, ed.-], Sompo International [a Japanese insurance company, ed.-], and Axis Insurance [a subsidiary of Bermuda-based AXIS Capital Holdings, ed.-]. This is the first AFIC-supported financing for a China-based leasing platform and the first financing transaction between AerDragon and BNP Paribas,” AerDragon explained in its statement.
The remaining Boeing 737 MAX 9 jet is financed by PK AirFinance, a commercial aviation financing and leasing company.
The lessor did not disclose when Aeromexico would receive the aircraft at its base at Mexico City International Airport (MEX).
Aeromexico, which concluded its restructuring process and exited Chapter 11 in March 2022, currently operates a fleet consisting of 101 planes – eight Boeing 787-8 Dreamliners, 10 787-9 Dreamliners, five 737-700s, 36 737-800s, 30 737 MAX 8s and 12 737 MAX 9s.
The airline, which has reported losses since 2017, voluntarily filed for bankruptcy protection in June 2020 as a result of the COVID-19 pandemic, exceeding net losses accumulated over the previous three years. The decision to file for Chapter 11 in the US was made after Aeromexico lost more than $110 million in the first quarter of 2020.
Nevertheless, the carrier is now set to take significant steps to return as a competitive player in the market. Aeromexico is currently focused on its fleet renewal and modernization plans and expects to allocate as much as $5 billion for the acquisition of new aircraft during the next five years. By the end of 2022, the carrier expects to add 22 new passenger planes, expanding its fleet to a total of 145 jets with an average age of seven years.