Cebu Pacific signs 'damp lease' deal with Bulgaria Air

Gokongwei-led budget carrier Cebu Pacific on Tuesday announced it signed a damp lease deal with Bulgaria Air to further strengthen its fleet next year amid the anticipated rise in demand in line with the post-pandemic air travel recovery.

In a news release, Cebu Pacific said it signed an agreement with Bulgaria Air for two Airbus 320 CEO aircraft.

The two leased aircraft will be servicing two domestic routes, namely Manila-Cebu and Manila-Davao, from January to May 2024.

Damp leasing is an agreement between two airlines, where the lessor provides aircraft, crew, maintenance, and insurance (ACMI) to the lessee.

“We continue to explore various opportunities to supplement the fleet and ensure operational resilience. This includes signing a damp lease agreement with Bulgaria Air for five months in 2024,” said Cebu Pacific president and chief commercial officer Xander Lao. 

“We expect to increase our fleet to 92 come end 2024. With this, we expect our year-on-year seat growth to be within 5% to 8% in 2024,” said Lao.

Bulgaria Air is the national carrier of the Republic of Bulgaria. It has many years of experience in damp leasing of aircraft having partnered with airlines all over the world. 

Cebu Pacific said the two leased A320 CEO will each have a 180-seat capacity and will fly passengers from Manila to Cebu and Davao. —VAL, GMA Integrated News