Asset Management announces BAe 146 lease renewals

BAE Systems’ asset management arm has announced two lease renewals in its year-end review. Australian Air Express renewed the leases on three BAe 146QT freighters (two series 300s and a series 100). Australian Air Express is a joint venture company between Qantas and Australia Post. It has operated BAe 146 freighters for 10 years on overnight cargo services throughout eastern Australia. The 146s are operated on Australian Air Express’ behalf by National Jet Systems. In addition, Air Canada has extended the leases on ten BAe 146s operated by its subsidiaries AirBC and Air Nova, who have five series 200s each. The leases were actually extended some time ago, but the announcement was postponed pending Air Canada also reaching an agreement with Honeywell for the power-by-the-hour program on the engines. Air Canada is planning to integrate all of its regional subsidiaries into a single carrier. As part of this process, it has announced its intention of seeking replacements for all the aircraft in its regional fleet, but its priority is to replace the Fokker F28s obtained from Canadian Regional. Overall, BAE Systems won new business worth about US$800 million from its regional aircraft business in 2000, including $525 million in new aircraft sales and options, $165 million in leases and sales used aircraft, and $110 million from customer support, training, and ongoing spares sales.

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