Magnetic Leasing signs agreement with Global Crossing Airlines (GlobalX) for its first Airbus A321 passenger aircraft

Magnetic Assets

Magnetic Leasing, an international aviation asset management company, has signed a letter of intent with Global Crossing Airlines, also known as GlobalX, for one Airbus A321 aircraft lease. The aircraft is expected to be delivered in December 2020. The aircraft has been built in 2005 and was previously operated by a major government-owned Asian airline until it was acquired by the Magnetic Leasing in the beginning of 2020. Prior to delivery, the aircraft will undergo a C-Check which is scheduled to be performed by Magnetic MRO at the company’s hangars in Tallinn, Estonia. In addition, the aircraft will be painted in GlobalX livery, also at Magnetic MRO. This aircraft was specifically selected by GlobalX to initiate its services to Cuba, subject to governmental approvals. In addition, GlobalX continues the development of its A320 fleet plan and expects to announce the closing of additional aircraft under purchase contracts in the next 15 days. “We are delighted to have signed with GlobalX. They have an impressive management team which has developed a business plan to challenge the status quo and create excitement at a time when the industry is depressed. We are honoured to provide the first leased aircraft to GlobalX to help launch their International operations and look forward to developing and expanding our partnership for many years to come”, shared Alex Vella, Chief Operations Officer at Magnetic Leasing. “We are grateful to Magnetic Leasing for their support of our vision and business plan. This A321 complements our plans for our initial charter operations. Magnetic is a dynamic and entrepreneurial company very much like GlobalX intends to be, and we look forward to working with them on this delivery and additional aircraft”, said Ed Wegel, Chairman and Founder of GlobalX. Currently, Magnetic Leasing manages an asset portfolio which includes Airbus A320 FAM and Boeing 737 NG aircraft, as well as CFM56-5B, CFM56-7B, V2500-A5 engines and multiple Airbus A320 FAM and Boeing 737 NG/CL landing gear sets.