Obviously, the sell-and-lease-back deal would be for another 10 years. That makes 6 (sell-and-lease-back) + 6 (extended lease) = 12 aircraft for the longer time from BOC.
And the article claims CX is working with another lessor to extend the lease for another 10 77W aircraft.
That would make more than 20 77W aircraft for the long term.
It seems like you need to look through these numbers more carefully.
CX previously own 6 77Ws.
And they sell-and-lease-back these 6 77Ws.
Do CX own more 77Ws for the long term after the sell-and-lease-back?
No. This is just for financing.
Here is CX's fleet strategy:
(Happening) Add A350-900 to replace A330s, and explore new destinations;
(Happening) Add A350-1000 to replace three-cabin B77Ws, and add new capacity;
(Planning) Add B779 to replace four-cabin B77Ws.(The order of 21 is one for one replacement)
It is very obivious that if they decide to stop receiving new planes, they have to extend lease of their 77Ws.
The current situations are:
1. CX need to preserve cash and cut capital expenditure in the near term;
2. They do not need to add capacity before 2021;
3. It is previously anticipated that CX will top up B779 orders after they get their B779s, for capacity expansion after HKG's third runway starts to operate in 2024.
4. A359/A35K will be delivered much earlier than B779.
5. Don't forget the compatibility between B77W and B779.
Please tell me, which one is a better option?
1. Defer/cut A359/A35K orders to save cash in the near term, and adopt wait-and-see approach on B779.
2. Cut the B779 orders even though the capital expenditure won't happen in two years or even longer.