Gulf Air cancels Jet aircraft lease

Manama: Gulf Air has scrapped a longer-term agreement to lease new aircraft only weeks after the deal was announced, throwing the airline's global expansion plans into doubt, according to Middle East business magazine MEED.
The Bahraini national carrier will cancel its deal to lease four long-range Boeing 777 ER aircraft from Indian carrier Jet Airways after just six months.
Gulf Air agreed in February to take the aircraft on a wet-lease basis for six months, which includes the provision of pilots.
The carrier originally planned to follow the initial six-month lease with a three-year dry lease, during which Gulf Air would pilot the planes itself, according to the magazine. Only the wet lease period of the deal will now be honoured.Gulf Air has made no official announcement about the lease cancellation.
The company declined to comment further on the deal, it added.
'Gulf Air is continually reviewing its fleet requirements based on the continually evolving market conditions and planned route expansion,' the company says in a statement to MEED.
'At this stage, we cannot comment on specific fleet plans.' The 777s were intended to help Gulf Air phase its ageing A340s out of service.
21/04/09 Trade Arabia

To Read the News in full at Source, Click the Headline

Categories: Foreign Apr 2009, Jet Airways Apr 2009