Greece’s Olympus Airways has ceased operations, with one of its B737s having been leased from Aersale’s office in Dublin’s Leeson Street.
Based in Agia Paraskevi, Greece, Olympus was a charter airline that specializes in ACMI-leasing, charter, and ad-hoc flights and received its Air Operators Certificate (AOC) in 2015.
Two years ago Dublin based Airwork Ireland Limited and New Zealand based Airwork Fixed Wing Limited filed a lawsuit in Dublin claiming Olympus Airways owes over €70.5m in payment arrears related to the leasing of two Boeing and two Airbus aircraft.
The leasing firms alleged that Olympus breached contract agreements by failing to make monthly rent payments, maintain the aircraft, and provide necessary servicing, with damages sought for these defaults.
Airwork say Olympus abandoned one Airbus in Turkey, exposing it to potential repair costs and loss from disposal, and claimed another €5.4m pertaining to earlier bond subscriptions.
The airline started operations with a Boeing 737-500 and expanded its fleet to include two Airbus A321-200 passenger aircraft and two Boeing 757-200PCF freight aircraft.
Olympus Airways leases its aircraft to various airlines, including TUI Group and Congo Airways, primarily on an ACMI wet lease basis.
As of August 2024, the airline holds an order for one Airbus A330-200 but currently has no aircraft in service, reflecting ongoing fleet development.
An Irish registered airframe, the Boeing 737 MSN 24703 was stored as EI-ELW or N790BC and broken up in 2022.
