Aircraft to Be Delivered to South Korean Carrier from Lessor’s Orderbook

DUBLIN – June 5, 2023 – CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Ltd. (“CDB Leasing”), announced today the signing of lease agreements for a duo of brand-new Boeing 737 MAX 8 aircraft with South Korea’s T’way Air (“T’way”).

Delivering from the lessor’s orderbook with Boeing, the South Korean carrier is expected to take delivery of the two aircraft between January and November 2024.

“We’re pleased to be strengthening our relationship with T’way, one of the fastest growing low-cost carriers in South Korea, with this transaction for two MAX aircraft. Our commercial team continues to be focused on expanding our reach in the region, working collaboratively with carriers to support their immediate and longer-term fleet needs,” commented CDB Aviation Chief Marketing Officer Peter Goodman.

T’way commenced service with the 737 MAX 8 in January 2023 upon inducting its first aircraft of the type in December 2022, which was configured with 189 single-class economy seats. The carrier currently operates the MAX on multiple international routes, connecting Incheon with Philippines, Singapore, and Thailand. According to T'way, the extended range of the MAX will enable it to fly to farther-off locations such as Indonesia, and Central Asia.

"It is a great pleasure to strengthen our relationship with CDB Aviation. We anticipate expanding our fleet by replacing our NGs with MAXs, thereby ensuring a delightful passenger experience with these highly efficient aircraft. We hope that CDB Aviation will support us in accomplishing this strategic plan," commented T’way Chief Executive Officer Hong Geun Jeong.

“The teams on both sides have worked hand-in-hand to build a strong relationship between our companies, executing on the potential deal opportunities that effectively leverage the strength of our leasing franchise and access to new-gen aircraft to support T’way’s network expansion,” added Jie Chen, CDB Aviation Chief Executive Officer. “We’re continuing to grow our global footprint, building trusted relationships with airlines across all key markets. This campaign was one of the rare MAX skyline placement campaigns in the region, and we’re thrilled to be expanding business with T’way.”