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GEORGE TOWN, Cayman Islands, Apr 18 2016 – Cayman Airways has received approval from the Cayman Islands Government to proceed with its Fleet Modernisation Plan.
This plan will commence in the fourth quarter of this year and will see the airline’s current fleet of 122-seat Boeing 737-300 aircraft fully retired and replaced with new Boeing 737-8Max aircraft, by 2020.
“This government is delighted to announce its approval of Cayman Airways’ Fleet Modernisation Plan in-keeping with the airline’s business plan,” said Deputy Premier and Minister for Tourism, District Administration and Transport, Moses Kirkconnell.
“The modernisation starts this year with the introduction of a next generation Boeing 737-800 to the existing fleet, followed by the phased introduction of four brand new, state of the art, Boeing 737-8Max aircraft between 2018 and 2020. By 2020, the 737-300s will be retired and Cayman Airways will have a fleet complement of four 737-8Max aircraft that will not only give our National Airline the newest fleet in the region, but will also guarantee our growth in tourism air arrivals as we prepare our airport to accommodate more visitors and as our room stock grows accordingly.
“Cayman Airways will now have the range to be able to reach any part of the United States and most of Canada with a significant growth in capacity, poising the airline to increase the $200 million economic contribution to the local economy annually. We are also pleased to state that due to the airline’s continued positive financial performance, with the full support of this Progressive Government, no government guarantees or other contingent liabilities were necessary to achieve this milestone,” Kirkconnell added.
For the fiscal year 2014/15 Cayman Airways delivered audited financial results with a profit of US$3.64M and for the first eight months of the current 2015/16 fiscal year, Cayman Airways has already surpassed that profit. This strong financial performance has proved to be the foundation of the proposed fleet modernization program, as the airline has achieved an ability to accomplish the modernization program without the need for government to issue any guarantees or take on any new liabilities.
