DAE has granted 29 rent deferral requests totalling aggregate rent of about 12% of annual reported revenue and is evaluating another 28 representing 6% of annual revenues, the firm said in a H1 update .
The statement said the lessor expected to provide additional assistance to its clients and for arrears to climb in the light of current market conditions.
Firoz Tarapore, DAE’s chief executive officer said, “The first half of 2020 has proven to be the most challenging half year ever for the global aviation industry. As we continue to navigate through uncertain times, DAE has focused on executing well on the fundamentals.
During the last 6 months, we have transitioned aircraft to new airline customers, we have actively taken back aircraft from airlines that did not need capacity and placed them with other existing clients, and we have grown our managed asset portfolio.
“We have used our industry-leading liquidity position to assist clients with rent deferrals, support our bond repurchase program and still maintain a strong liquidity profile. We do not have any speculative orders with an OEM and we do not expect that to change in the near-term. “Our team of professionals continues to leverage our technology investments and deliver our platform capabilities to our clients in a seamless way every day.”
DAE ended 1H2020 with total available liquidity of US$2.8 billion which comprised of approximately US$600 million of unrestricted cash and US$2.2 billion of long-term committed available lines of credit, according to the update.