Jet Airways negotiating lease of two planes

Jet Airways negotiating lease of two planes

Mumbai: Jet Airways is in talks with a couple of Middle Eastern carriers to lease out two of its wide-bodied aircraft.

“We are in discussions with Oman Air and Etihad for leasing out two of our Boeing 777 aircraft," airline sources said.

The negotiations are at an advanced stage and a decision is likely to be taken very soon, the sources said, adding that Jet Airways was looking for wet leasing of the planes for at least six months.

When contacted, a Jet Airways spokesperson confirmed that the airline was in talks with some overseas air carriers to lease out the two aircraft but declined to divulge details.

“We are exploring all options but have not yet taken a final decision," the spokesperson said.

Wet lease is an arrangement in which an airline or a lessor company provides aircraft along with its complete crew, maintenance and insurance to another of its counterpart, which pays for the number of hours the plane is operated.

The fuel, airport fees, other duties and taxes are provided for by the lessee.

Oman Air is already operating two of Jet Airways’ A-330-200 aircraft since May this year under a wet lease agreement for six months.

The premier Indian private carrier earns around $2.2 million a month by leasing out a Boeing aircraft and $2 million from its Airbus plane.

In February, Gulf Air had signed an agreement with Jet Airways to lease out four aircraft on a wet-lease basis for six-months with an option for a three-year dry lease.

However, later citing “market and other business conditions", Gulf Air dropped its plans to convert wet lease into dry lease.