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KQ signs first sub-lease of B777-300ER aircraft to Turkish Airlines

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Kenya Airways (KQ) and Turkish Airlines (THY) have signed an agreement for delivery of the first B777-300ER aircraft to be subleased to the European carrier. The B777-300ER has now been deregistered in Kenya and subsequently re-registered in Turkey.

The sublease is part of the KQ’s Operation Pride strategy as it seeks to rationalise its excess capacity through sub-leases and outright sales. This year alone, KQ has signed a sale agreement with Omni Air International (Omni) for two B777-200ERs and a sublease agreement with Oman Air for two B787-8s.

Both B777-200ERs have since been delivered to Omni and the first of the two 787-8s was delivered to Oman Air at the beginning of April 2016.

Kenya Airways GMD and CEO Mbuvi Ngunze said, “It has been a long journey and we are happy to announce our plans are now coming to fruition. Subleasing and selling of aircraft will improve our fleet costs by over $7 million a month and is part of our strategy to turn Kenya Airways into profitability in the next 18 to 24 months”.

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The airline plans to continue to utilize its B787, B737 and E190 fleets across its network in a more efficient manner and increasing utilization

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