Icelandair sells 3 Boeing 757s: jet price jumps over book value

Icelandair Group is selling three Boeing 757-200 aircraft to an unidentified customer. The Group will sell the jets under a higher price than its current book value.

Icelandair announced that the net sale price of the three Boeing 757-200 aircraft was approximately $21 million, which is $2-3 million above the book value. The transaction follows the airline‘s plan to gradually phase out the Boeing 757 from its fleet. According to the group’s announcement released on October 7, 2020, two of the 757s were manufactured in 1994 while one in 2000.

Bogi Nils Nogason, the President and CEO of Icelandair Group, stated that despite the sale of three 757s, the company had an excess of aircraft left in storage. Nogason said that the airline would be ready to operate when travel restrictions would be lifted and the demand for air travel increased again.

After the sale, Icelandair will have left a total of 22 Boeing 757-200s in its fleet, data showed.

“The sale of the three Boeing 757 aircraft is a positive step for the Company at this time when flight operations are at a minimum level. Furthermore, this transaction shows that the 757 aircraft still has considerable value after long-lasting service for the Company and continues to be operated for years to come,“ said the CEO of Icelandair Group.

The final documentation of the sales deal is expected to be prepared in the upcoming weeks. All three Icelandair Boeing 757-200s will be converted into cargo aircraft.

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