INDIA: No takers for wet leases for Air India’s B777s

Air India is struggling to find someone willing to take up to six B777s off its hands for wet-leases up to two years as carriers are still reluctant to add back capacity to the market. “Inquiries are coming but the rentals they are quoting are much less than our expectations,” sources in the airline told […]


Air India is struggling to find someone willing to take up to six B777s off its hands for wet-leases up to two years as carriers are still reluctant to add back capacity to the market.

“Inquiries are coming but the rentals they are quoting are much less than our expectations,” sources in the airline told the Press Trust of India. This has forced the airline to extend the date for submitting bids for the third time.

The ailing national carrier had invited requests for quote (RFQs) to lease out these wide-body Boeing 777s last November in its bid to mop up some additional funds amidst huge financial losses. The flag carrier is awaiting a government bail out now. Of the six aircraft three are Boeing 777-200LRs and remaining ones are Boeing 777-300ERs.

In mid-January, wet leases for new Boeing 777-300 ER or Boeing 777-200 LR aircraft were around $6,400 per flying hour in the global market, the report quoted leasing agency Flying Machine Managing Director, Sandeep Malkar as saying.