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Cebu Pacific, Bulgaria Air ink damp lease agreement to reinforce fleet

Cebu Pacific, the Philippines’ leading carrier, is strengthening its fleet in 2024 by entering into a damp lease agreement with Bulgaria Air to meet the expected rise in passenger demand in line with continued post-pandemic air travel recovery.

CEB has signed the agreement with Bulgaria Air for two (2) Airbus 320 CEO aircraft that will service two domestic routes — Cebu and Davao — from January to May 2024.

“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% – 8% in 2024.”

Bulgaria Air, the national carrier of the Republic of Bulgaria, has many years of experience in damp lease of aircraft having partnered with airlines all over the world. Also known as ACMI, damp leasing is an agreement between two airlines, where the lessor provides an aircraft, crew, maintenance, and insurance (ACMI) to the lessee.

The two leased A320ceo will each have a 180-seat capacity and will fly passengers from Manila to Cebu and Davao.