Dublin-headquartered aircraft leasing firm Avolon has said the final quarter of last year was the most active period for leasing activity in their history, due to pent up demand for travel as Covid-19 restrictions eased.

In a trading update, the company said it executed a total of 95 lease transactions in the quarter comprising of new aircraft leases, follow-on leases and lease extensions.

Meanwhile, it delivered a total of 25 new aircraft to 8 customers and transitioned 6 aircraft to follow-on leases.

Throughout the whole of 2021, Avolon delivered a total of 49 new aircraft and transitioned 23 aircraft to a total of 30 customers.

It said it executed a total of 229 lease transactions comprising of new aircraft leases, follow-on leases, lease extensions, and sale agreements for 16 aircraft.

Avolon also noted that it owned and managed a fleet of 592 aircraft at year end, with total orders and commitments for 232 fuel-efficient, new technology aircraft.

Dómhnal Slattery, CEO of Avolon said it is clear that the aviation industry will continue to face challenges in 2022, but said the fundamentals of the sector remain string.

"As we look ahead, we are optimistic that both our platform and our people will continue to meet the challenges we face and seize the opportunities to thrive in the year ahead," he said.

Avolon has maintained strong credit metrics, resulting in S&P, Moody's and Fitch reaffirming Avolon’s Investment Grade credit rating with Stable outlook.

It has also upsized its unsecured revolving facility by $1.1 billion to $4.3 billion, bringing its total revolving debt capacity to $5.9 billion at year end.

Last year, Avolon also announced the world's largest zero emissions eVTOL aircraft order with Vertical Aerospace.

"Both our investment in, and our orderbook with, Vertical Aerospace – which successfully listed on the New York Stock Exchange in December – will prove to be a game-changer," said Mr Slattery.

"eVTOLs are the first step towards a revolution in air travel and the strong demand for our VX4 orderbook from the world's leading airlines shows that our airline partners share this view," he added.