Cebu Pacific eyes wet lease agreement amid engine challenges

Cebu Pacific is exploring a potential wet lease agreement with Bulgaria Air to address the increasing number of grounded aircraft due to engine issues.

The Gokongwei-led airline is considering a short-term wet lease from Bul Air to minimize the impact on passengers.

A wet lease involves one airline providing an aircraft, crew, maintenance, and insurance to another.

Cebu Pacific anticipates receiving proposals from suppliers, Airbus and Boeing, by the end of the year for 100 to 150 narrowbody jets. Despite challenges, the airline is confident in its financial and capacity growth for 2024, with plans to exceed pre-pandemic levels in both domestic and international operations.

Despite some aircraft being grounded for engine inspections in 2024, Cebu Pacific aims for a seat capacity growth of 5 to 8 percent next year compared to 2023.