Frankfurt — The world's largest aircraft leasing company, AerCap, has filed claims totalling around $3.5 billion to insurers, chief financial officer Peter Juhas said at the company's balance sheet presentation on Wednesday.
The balance sheet revealed that Dublin-based AerCap had leased 135 aircraft and 14 engines to Russian airlines. Of these, the company has so far managed to recover just 22 aircraft and three engines, leaving them potentially $2.5 billion out of pocket.
According to the aviation consultancy IBA, foreign aircraft financiers had 523 aircraft in Russia on March 10. The largest customer was S7 Airlines with 101 aircraft, followed by Aeroflot with 89.
Aviation analyst group Ishka estimates the total value of aircraft leased to Russia to be $10.3 billion, a sum that is roughly in line with the damage that rating agencies have predicted for the insurance industry.
"We are trying to recover more aircraft and engines from former Russian airline customers," AerCap announced. "However, we do not know if we will be able to do so."
©2022 dpa GmbH. Distributed by Tribune Content Agency, LLC.
