Global aircraft leasing company AerCap Holdings has rescheduled the deliveries of 37 aircraft to reduce cash capital expenditures.

With this development, the delivery schedule has now been moved to 2023 and beyond.

More than 100 aircraft were scheduled to be delivered between this year and 2022.

The rescheduling follows after the company made arrangements with aircraft producers and its customers. The move has enabled AerCap to reduce its cash capital expenditures by a total of approximately $4.7bn this year and 2021.

The company is expecting cash capital expenditures of around $1.1bn for the rest of this year and nearly $2.5bn next year.

AerCap CEO Aengus Kelly said: “On our first-quarter earnings call, I noted the positive trends that we were starting to see in Chinese air traffic. Similarly, since the low point in mid-April, we have seen a steady increase in air traffic in Europe and the United States.

“As economies begin to reopen, our airline customers will play a vital role in the recovery of their respective countries.

“We have taken these steps to better align our delivery schedule with the needs of our airline customers and our OEM partners during this period of market dislocation.

“We expect to reschedule additional aircraft deliveries in the future as we continue to work with our customers and the manufacturers.”

In March, AerCap entered an agreement with ACMI services and charter aviation services provider euroAtlantic Airways for the lease of two used Boeing 787-8 aircraft.