Airwork Update

An interesting article which was just brought to my attention on air freighter operator Airwork...

Airwork Holdings Limited (hereinafter referred to as "Airwork"), a wholly-owned subsidiary of Rifa Seiki, recently received a notice from its customer Team Global Express (hereinafter referred to as "TGE", formerly known as Toll Holdings Limited, hereinafter referred to as "TOLL") that the relevant aircraft lease contract will not be renewed after the expiration of May 31, 2024. Airwork and TGE/TOLL have been cooperating since 30 April 2007, during which Airwork provided aircraft leasing services to TGE/TOLL on a wet-lease basis. 

At the end of last year, Airwork had 36 fixed-wing aircraft, including 22 Boeing B737 aircraft, 12 Boeing B757 aircraft (5 of which were detained in Russia), and 2 Airbus A321 aircraft; It has 24 fixed-wing aircraft (excluding 5 aircraft detained in Russia), 22 737 aircraft and 2 757 aircraft, respectively, in operation with customers in Oceania, North America, Europe, Africa and Asia. However, the outbreak of geopolitical conflicts has caused uncertainties in the international economic and trade environment, and Airwork's aircraft leasing relationship with Russian customers has to be terminated. Five of Airwork's aircraft were detained in Russia, and the company and Airwork had tried unsuccessfully to retrieve them in various ways. In 2022, Airwork made a full asset impairment provision for five Boeing 757 aircraft detained in Russia, amounting to more than 700 million yuan... 

For the full article see : https://www.laitimes.com/en/article/659bg_6llmn.html, 3 November 2023