PRESS: STLC raises rental rate for Russian airlines by 30%

MOSCOW, Jul 4 (PRIME) -- State Transport Leasing Company (STLC) is re-signing contracts with the Russian airlines and raising the rental rate for aircraft by 30%, Izvestia daily reported on Tuesday citing an STLC source.

“STLC has started re-signing contracts with the Russian airlines and raising the rental rates for aircraft,” the source told Izvestia, while another source in one of the airlines confirmed that.

The rates will grow by 30% for Aeroflot, Rossiya Airlines, S7 Airlines, and Yamal Airlines. The contracts will be re-signed for 37 foreign aircraft that STLC owns, including 18 aircraft of Aeroflot.

In 2022, STLC posted a record net loss of 55.8 billion rubles attributing it to the Western sanctions and a loss of 37 of its aircraft abroad. The company’s specialists even failed to approach the majority of them to inspect their technical condition and conduct maintenance works, the daily reported.

Also, the company still has to repay its debt and interest on six Eurobonds totaling U.S. $3.25 billion issued by its subsidiaries GLTK Europe and GTLK Europe Capital that are unable to pay coupons because of the blocking sanctions of the E.U., the U.S., and the U.K., Izvestia reported.

Sources also told the daily that STLC needs money to buy more aircraft to lease them out to airlines. The airlines fear another increase of the rates, according to Izvestia.

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