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Business News of Tuesday, 21 November 2006

Source: Times

GIA Acquires New Aircraft

GHANA International Airlines (GIA), the national carrier, on Sunday outdoored a new aircraft, a Boeing 767ER 300, to replace the existing one to operate its expanded routes- Accra, London and Johannesburg.

It was acquired through ‘a wet lease’ arrangement with Icelandair of Iceland and has a passenger capacity of 248 and a minimum cargo capacity of 18 tonnes.

Under a wet lease agreement a certificate holder agrees to provide an aircraft and at least one crew member to another direct air carrier. Icelandair will provide the lead crew including the pilot, while GIA will provide the rest of the crew.

GIA’s previous leased aircraft, a Boeing 757 which has passenger capacity of 147 is being returned following the termination of the lease agreement with Ryan International Airlines Incorporated of the United States of America.

The agreement with Icelandair is valid for a year with the option of extension.

"We have had tough time locating this aircraft," GIA Corporate Secretary, Isaac Sarpong, told a news conference before a tour of the cabin on Sunday evening by journalists.

He said the search for a new aircraft began last July when the company realized the need to have a much bigger plane to enhance its operations, adding that though it is almost 10 years-old, it is in good condition with a high safety record.

He said the airline hopes to take advantage of the plane’s large passenger and cargo capacity to effectively and efficiently operate its new routes.

Another aspect of the arrangement is an Aircraft Crew Insurance Maintenance lease in which GIA will control commercial operations while Icelandair takes charge of the technical operations.

Explaining the rationale for a wet agreement, Mr. Sarpong said it is because GIA is yet to be certified by the Ghana Civil Aviation Authority to operate its own aircraft.

Pilot Asgeir Sigurdson, of Icelandair told the Times during the inspection of the aircraft that it flies long distances with a minimum of 14 hours non-stop. "It has a good reputation of safety and long range flights," he added.