Griffin Global Leases Boeing 737 MAX 9 Jets to United Airlines

Griffin Global Asset Management Delivers Six Boeing 737 MAX 9 Aircraft to United Airlines: Strategic Implications and Industry Impact

In June 2025, Griffin Global Asset Management announced the delivery of six Boeing 737 MAX 9 aircraft to United Airlines under long-term lease agreements. This transaction is more than a simple fleet expansion; it reflects broader shifts in the aviation leasing landscape, strategic adaptations by major carriers, and the growing role of lessors in shaping fleet modernization plans. The deal is a key component of United’s ambitious “United Next” strategy and highlights Griffin’s growing influence in global aviation finance.

Against the backdrop of supply chain disruptions, regulatory scrutiny, and evolving environmental mandates, this delivery showcases how lessors and airlines are navigating a changing industry. The aircraft leasing sector, projected to grow at a compound annual growth rate (CAGR) of 11.6% through 2033, is becoming increasingly central to airline operations. Griffin’s role in this transaction offers a case study in how strategic partnerships can drive value for both lessors and operators.

Griffin’s Strategic Position in Aviation Leasing

Corporate Profile and Leadership

Griffin Global Asset Management was founded in 2020 through a joint venture with Bain Capital Credit. With offices in Dublin, Los Angeles, and Puerto Rico, Griffin focuses on delivering flexible financing solutions such as sale-leaseback agreements and end-of-life asset management. The firm’s substantial capital backing from Bain Capital Credit provides a robust foundation for long-term investments and risk mitigation across economic cycles.

CEO Ryan McKenna, a former executive at Air Lease Corporation, has driven Griffin’s “through-cycle” strategy, prioritizing enduring airline partnerships over speculative asset trading. The leadership team also includes Eric Hild, SVP of Marketing, who led the United deal, and Preston Sutter, Treasurer, who played a key role in securing competitive financing terms.

This leadership structure enables Griffin to act not only as a financier but also as a strategic advisor to airlines. The firm’s emphasis on new-technology aircraft, like the Boeing 737 MAX 9, aligns with both airline operational needs and environmental goals.

“Our partnership with United isn’t just about placing aircraft, it’s about co-developing fleet solutions that balance gauge, customer experience, and ESG targets.” — Eric Hild, SVP of Marketing, Griffin Global Asset Management

Aircraft Specifications and Financial Considerations

The Boeing 737 MAX 9 boasts a range of 3,250 nautical miles and seats 178 passengers in United’s configuration. It offers 14% better fuel efficiency compared to previous-generation 737s, critical for achieving cost and sustainability targets. The list price of the MAX 9 is $128.9 million per aircraft, though industry norms suggest actual purchase prices are typically discounted by 40–60%.

Deliveries occurred between April and May 2025, aligning with United’s Q2 capacity expansion. Leasing these aircraft allowed United to avoid approximately $2.1 billion in capital expenditure, preserving liquidity for other strategic initiatives such as debt reduction and R&D in alternative propulsion technologies.

The lease rates for the MAX 9 have surged due to supply constraints, now averaging around $325,000 per month, a 15% year-over-year increase. Griffin is estimated to have achieved a 9.2% lease yield on this transaction, reflecting strong market demand and effective asset placement.

United’s Fleet Strategy and Market Dynamics

United’s “United Next” strategy aims to increase premium seating by 75% by 2026. The MAX 9 supports this goal with 16 First Class and 24 Premium Economy seats, offering a significant upgrade over older 737-900ER models. This configuration is designed to enhance revenue per seat, especially on high-demand domestic and transcontinental routes.

Due to ongoing certification delays for the Boeing 737 MAX 10, United has converted 277 of its MAX 10 orders into MAX 9 variants. This shift ensures fleet consistency and capacity reliability amid regulatory uncertainty. The FAA’s halt on MAX production expansion in early 2024 further underscores the need for flexible, near-term solutions like leasing.

From a financial perspective, United’s CFO Mike Leskinen noted that each MAX 9 contributes approximately $2.3 million in annual EBITDA through fuel savings and premium cabin upsell. Leasing through Griffin enables United to reallocate capital toward high-return investments, including sustainability initiatives like hydrogen propulsion R&D.

“Each MAX 9 contributes $2.3M in annual EBITDA through fuel savings and premium cabin upsell. Leasing via Griffin allows us to deploy capital toward high-ROIC initiatives like hydrogen propulsion R&D.” — Mike Leskinen, CFO, United Airlines

Industry Trends and Broader Implications

Aircraft Leasing Market Growth

The global aircraft leasing market is projected to reach $417.5 billion by 2033, with a CAGR of 11.6%. Airlines are increasingly outsourcing fleet ownership to lessors, with leased aircraft expected to constitute 58% of global fleets by 2033, up from 42% pre-pandemic. Narrowbody aircraft like the 737 MAX and A320neo families dominate this trend, comprising 67% of leased aircraft.

Griffin’s current focus on narrowbodies positions it well to capitalize on this shift. Its MAX-focused portfolio aligns with the needs of carriers seeking fuel-efficient, high-utility aircraft amid rising fuel prices and environmental regulations.

Regionally, Asia-Pacific leads growth with a 13.4% CAGR, driven by emerging carriers like Akasa Air and VietJet. In Latin America, Griffin’s Puerto Rico office is strategically positioned to serve airlines such as Copa and LATAM, which are undergoing significant fleet renewal programs.

Regulatory and Environmental Considerations

Regulatory scrutiny, particularly from the FAA, has intensified following incidents involving the MAX series. Enhanced inspection protocols now add approximately 120 hours per aircraft during transitions, increasing costs for lessors. However, firms like Griffin with in-house maintenance, repair, and overhaul (MRO) capabilities can better absorb these costs.

Environmental, Social, and Governance (ESG) considerations are also shaping leasing decisions. United has committed to using 10% sustainable aviation fuel (SAF) by 2030, and Griffin supports this through “green lease” structures that offer financial incentives for emissions compliance.

These developments highlight the evolving role of lessors from passive financiers to active partners in operational and environmental strategy. Griffin’s ability to align with airline ESG goals enhances its value proposition in a competitive market.

“Lessors with MAX 9/10 exposure are outperforming peers by 390bps in ROE. Griffin’s Bain-backed structure provides cost-of-capital advantages vs. pure-play lessors.” — Morningstar DBRS Analysts

Conclusion

The delivery of six Boeing 737 MAX 9 aircraft to United Airlines by Griffin Global Asset Management underscores several pivotal trends in aviation. It illustrates how strategic leasing can offer immediate capacity solutions, financial flexibility, and alignment with long-term sustainability goals. For United, the deal supports its premium growth strategy while mitigating risks tied to OEM production delays. For Griffin, it cements its reputation as a forward-thinking lessor capable of navigating regulatory, financial, and operational complexities.

Looking ahead, the aviation sector will continue to rely on agile, well-capitalized lessors to bridge the gap between fluctuating OEM outputs and evolving airline needs. Griffin’s model, anchored in strategic partnerships, ESG alignment, and capital efficiency, offers a blueprint for the future of aircraft leasing in a post-pandemic world.

FAQ

What is the significance of the Boeing 737 MAX 9 in United’s fleet?
The MAX 9 supports United’s premium seating expansion and offers 14% better fuel efficiency, aligning with both revenue and sustainability goals.

Why did United lease aircraft instead of buying them?
Leasing avoids large upfront capital expenditures, enabling United to preserve liquidity and invest in other strategic areas like R&D.

How does Griffin benefit from this deal?
Griffin secures high-yield lease income and strengthens its position as a leading lessor of new-technology aircraft, particularly in the narrowbody segment.

Sources: Griffin Global Asset Management, Boeing, United Airlines, DBRS Morningstar, Federal Aviation Administration, Bain Capital