The company says that this demonstrates its capability to enter wet lease arrangements with other airlines, both as a lessor and a lessee.
On Thursday, July 16, low-cost carrier Cebu Pacific (CEB) announce that it has entered into an agreement to provide wet lease services to Vietnamese flag carrier Vietnam Airlines.
Under which, one Airbus A320neo aircraft will be used by the Vietnamese carrier to operate domestic routes connecting its base in Ho Chi Minh City to other towns and cities such as Cam Ranh, Phu Quoc, Vinh, Da Nang, and vice versa.
The plane will be operated by Cebu Pacific pilots and cabin crew, with the plane to be utilized between July 15 and September 7, 2026, the airline added in a press statement.
Mark Cezar, Cebu Pacific Chief Financial Officer, noted, “Vietnam and the broader Southeast Asian market continue to see strong growth in air travel, creating opportunities for airlines to collaborate more closely in meeting demand. As Cebu Pacific’s fleet continues to expand, we are well positioned to deploy our capacity where it is needed most, including through strategic wet lease partnerships during periods of lower demand in the Philippines.”
He also emphasized that the collaboration broadens CEB’s role as beyond passenger operations to now providing operational support to airlines across the region.
“It also creates new opportunities to diversify our revenue streams while expanding our presence in one of the world’s fastest-growing aviation markets,” he added.
Prior to this, Cebu Pacific has previously entered into similar arrangements with other airlines.
In 2024, Cebu Pacific signed a damp lease agreement with Bulgaria Air for two A320ceo aircraft to meet the growing travel demand in the Philippines amid the post-pandemic travel recovery.
The following year, in 2025, Cebu Pacific also provided wet lease services to Saudi Arabian low-cost carrier flyadeal, which utilized two A320 aircraft to strengthen the Middle Eastern airline’s fleet during its peak summer flying season.
According to GlobeAir, a wet lease in an “arrangement where one airline (the lessor) provides an aircraft, complete crew, maintenance, and insurance (ACMI) to another airline or business entity (the lessee).”
In return, the lessee “pays based on hours operated,” which is a solution for airlines that need additional capacity, while not having the responsibilities of full aircraft ownership.
Cebu Pacific currently operates a fleet of 100 aircraft, which it said is the youngest jet fleet in the Philippines-including a diversified mix of Airbus A320, A321, A330, and ATR aircraft.
