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Cebu Pacific entered into a damp lease with Bulgaria Air to boost its fleet amid rising post-pandemic travel demand
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The five-month agreement involves two Airbus 320 CEO aircraft serving domestic routes—Cebu and Davao—from January to May 2024
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Cebu Pacific aims to expand its fleet to 92 by the end of 2024, anticipating a 5% – 8% year-on-year seat growth
Cebu Pacific (CEB) is leasing aircraft from Bulgaria Air to strengthen its fleet and meet the expected rise in passenger demand in line with the continued post-pandemic air travel recovery.
The damp lease agreement is for two 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,” CEB’s president and chief commercial officer Xander Lao said in a statement.
The goal is to expand the fleet to 92 aircraft by 2024, anticipating a year-on-year seat growth of 5% to 8% in 2024, according to Lao.
Bulgaria Air, the Republic of Bulgaria’s national carrier, brings extensive experience in damp leasing, having partnered with airlines globally. Damp leasing involves the lessor providing an aircraft, crew, maintenance, and insurance—commonly referred to as ACMI—to the lessee.
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