Russian and Chinese partners earlier this month signed a rather unexpected agreement to set up a new leasing company aimed at placing Sukhoi Superjet 100s in China and Southeast Asia.
The Russia-China leasing firm – to be based in Xixian, China – will over the next three years purchase up to 100 Superjets worth $3 billion. This is twice the total number of aircraft so far delivered to customers.
Flightglobal's Ascend Fleets database shows that there are currently 44 Superjets in service, 12 in storage, and 72 on firm order. There are also letters of intent for 25 of the jets, with options for a further 11.
Forecast International senior aerospace analyst Ray Jaworowski says the agreement potentially "expands significantly" the scope of the Superjet market beyond its core target in Russia, and also allows it to maintain a local presence in the fast-growing region.
He adds that the Superjet already has had some "limited success" in the region and the upcoming leasing firm will help build on this.
In disclosing the agreement, United Aircraft president Yuri Slyusar said: "Along with our Chinese partners, we are going to create a highly competitive leasing proposal, which will allow the SSJ100 jet to capture a prominent share of fast-growing air transportation markets of China and Southeast Asia."
In Southeast Asia, only three parties have ordered Superjets thus far - two of which have suspended operations. China has yet to sign for any.
Ascend
Ascend shows that Lao Central Airlines, which suspended operations last June, has two Superjets in storage, a further two on order (due to be delivered in October and April 2016) and one on option. The Royal Court of Thailand also has three Superjet in its books, two of which are to be delivered in August and the third in October.
The largest order from the region comes from Indonesia's Sky Aviation, which has signed for 12 of the type, three of which have been delivered and are in storage. The remaining nine are scheduled to be delivered from May 2016 through to August 2018. However, the situation looks far from promising for the Russians, since the Indonesian regional carrier also suspended operations last year, and is apparently seeking cash injections from new investors.
The government of Myanmar has signed a letter of intent for two of the type.
Ascend’s head of consultancy Rob Morris says the upcoming leasing firm will most likely act to provide financing to operators in the region.
"For a lessor to be acquiring aircraft speculatively is challenging. So I think they are perhaps looking to provide finance to operators who have already selected the aircraft in Asia and who may be struggling to find finance for it elsewhere," he says.
"Perhaps there's an opportunity for them to place some aircraft in China, but then the question would be: where does that leave the ARJ?"
Morris is of the view that the majority of the 100 Superjets will go towards Southeast Asia, considering China's indigenous ARJ21 regional jet programme will likely make its first delivery this year.
Jaworowski, however, argues that the Chinese market is "big and growing" and that there is potentially room for the Superjet and the ARJ21 to coexist.
Ascend shows that seven Chinese carriers currently operate a total of 118 regional jets, comprising Embraer 190s, ERJ-145s and Bombardier CRJs.
Comac has so far secured commitments for 308 of its regional jets from 18 customers, most of which are Chinese airlines and leasing companies.
The Chinese manufacturer has also started work on an improved version of its 78-90 seat aircraft, which could lead to its economics improving and make it more attractive to airlines and leasing firms. It appears unlikely that the Chinese government will push local carriers towards a Russian type just as the ARJ21 enters service.
Jaworowski adds, however, that even without a Superjet final assembly centre as part of the deal, the Chinese could view the arrangement as a "learning experience and a further step in the development of their aviation infrastructure".
Source: Cirium Dashboard
