Cyprus Airways’ Executive Chairman Kikis Lazarides recently announced the renewal of the airline’s fleet would take place within a year.
Speaking at a press conference Mr. Lazaridis said that the renewal of the fleet would be a work in progress until the summer of 2009 and not constitute a major financial burden, as old planes would be sold and replaced by recent models that would subsequently be leased.
Mr. Lazarides stressed the average age of the company’s aircraft is twelve years and added that fuel costs continue to cause problems within Cyprus Airways. According to the latest estimates the airline’s fuel expenses would rise to 33 percent of operating costs thus increases in fares are anticipated. The airline’s executive chairman also asserted, “Cyprus Airways has regained its integrity as the country’s national carrier and is in a position to announced a new consortium in the catering sector.” Mr. Lazarides explained this signals the creation of a new company that would cater for the airline but also other airlines.