Condor To Say Goodbye To Boeing 757s

Condor has announced a new agreement was reached with Crestone Air Partners to purchase Boeing 757s from the airline.

As part of the agreement, 11 aircraft, the Boeing 757-300s, were successfully acquired, which was described as a significant milestone for both companies.

The 11 aircraft in question were acquired subject to leasing agreements with the airline that has operated with the 757 for a considerable period; however, it is now moving away from the ageing Boeing aircraft type.

We are thrilled to welcome these Boeing 757-300 aircraft into our portfolio. This acquisition enhances our current portfolio and signifies the commencement of a promising partnership with Condor.

Steve Williamson, Principal, Head of Trading.

A New Era For Fleet

2024 and 2025 will represent critical years for Condor as they say goodbye to their long-standing Boeing fleet, which consists of types such as the 757 and 767.

Condor has already said goodbye to the Boeing 767; however, per aerotelegraph.de, the 757s are slated to depart in 2025 as replacements from the next-generation fleet arrive.

The carrier says that the much more efficient A330neo has replaced the 767-300ERs, while the A321neo and the A320neo will replace the 757s. This combination is seen as the best way to maximise capacity and efficiency.

With several aircraft types on order from Airbus-produced aircraft, the transition towards the European manufacturer is in full swing, and greater benefits are being seen.

Behind The Landmark Deal

Crestone Air Partners is a full-service assessment management platform with a diverse portfolio focusing on the aviation industry.

This portfolio doesn’t just include aircraft leased to airlines globally but also engines that are significant for airlines and allow for, in the case of Crestone, the diversification of their assets.

The company focuses on transactions in the last decade of the asset’s lifecycle. Because of this focus, the company will target these types of assets when looking to secure new deals.

The transaction is said to have been funded with equity from Crestone and Atalaya Capital management, thanks to an existing joint venture signed in 2021. A press release highlighted the expansion of their relationship.