CYPRUS Airways (CY) have sold one of their old Airbus A320s for $5.6 million, implementing their strategy for renewal of their fleet, the airline's chairman announced yesterday.

Cyprus Airways Executive Chairman Kikis Lazarides said the national carrier had a prior agreement with Aircraft Solutions A320 LLC, a subsidiary of TPG Credit Management LP and Universal Asset Management, and would also place at their disposal two more of their old A320s, which would be replaced.

Cyprus Airways is leasing a much newer A319 that it acquired in November, as part of a planned partial renewal of its fleet. The new plane, which is two and a half years old, will replace the 19-year-old A320. The CY fleet now totals 11 aircraft.

Lazarides explained that if CY had kept the aircraft in question they would have paid $8 million for maintenance.

“Apart from gaining a new aeroplane that will not have any technical problems the company also saved $13.6 to $14 million.”

Lazarides did not mention the amount for which the A319 was leased, because the company is still negotiating the lease of another aircraft.

Meanwhile, Eurocypria's newly-appointed Chairman Eleftherios Ioannou said yesterday, “We already have a preliminary agreement with the same company to sell two A320s and to replace them with two other A320s. This means we will enter the new summer season with a relatively new fleet. I hope and believe that we will renew all our aircraft, namely the seven A320s that we have… Everybody knows of the problems we had and still have with our old planes. By renewing them, things will improve considerably.”