The no-frills carrier is looking for up to six new Boeing 737s in 2008 to add to its existing fleet of seven aircraft. However, Andrew Cowen, chief executive officer of Sama, says that financial uncertainty across world markets is putting downward pressure on leasing rates and Sama will wait for prices to fall further.

“In 2007, we were offered not very good aircraft at heavy prices, even for second-hand planes. Now rates have started falling because of the credit crunch and there is no sign of a bottom yet,” he says. "It does not make sense to lease planes now. We will wait till we reach more advantageous prices.”

Cowen says record airline orders of recent years have over-inflated leasing rates and that the readjustment was overdue.

“If it looks like a bubble and it smells like a bubble then it is a bubble,” he says. "The aviation industry has been here before."