Aircraft Orders & Deliveries
Griffin Global Leases Boeing 737 MAX 9 Jets to United Airlines
Strategic aircraft lease supports United’s premium expansion and sustainability goals while preserving capital for R&D. Analysis of aviation leasing trends.
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
Photo Credit: Reuters
Aircraft Orders & Deliveries
Do228 NXT Secures First Order With NGO Launch Customer
General Atomics AeroTec Systems confirms first Do228 NXT sale to an NGO, with delivery scheduled for early 2027.
General Atomics AeroTec Systems (GA-ATS) has secured the first confirmed order for its newly relaunched Do228 NXT program, announcing an undisclosed non-governmental organization (NGO) as the launch customer for the modernized turboprop.
The announcement, made in a press release on June 11, 2026, follows the aircraft’s official roll-out ceremony in Oberpfaffenhofen, Germany, on June 8, 2026. The sale validates the manufacturer’s decision to resume series production of the Dornier 228 platform, targeting operators requiring short takeoff and landing (STOL) capabilities in low-infrastructure environments. Delivery is scheduled for early 2027.
Humanitarian mission profile and aircraft capabilities
The launch customer plans to utilize the Do228 NXT for humanitarian and special mission operations. In the GA-ATS press release, an NGO representative stated the aircraft will strengthen operational flexibility across various humanitarian scenarios and assist communities when time is critical.
The Do228 NXT retains the core performance characteristics of the legacy Dornier 228 while integrating modernized systems. According to specifications published by Aviation Business News, the aircraft requires a takeoff distance of 445 meters and a landing distance of 362 meters at sea level. It offers a maximum range of up to 3,025 kilometers and a cruise speed of 444 kilometers per hour. The cabin can be configured to carry up to 19 passengers or approximately two tonnes of freighter payload.
Production restart and supply chain stabilization
The launch customer announcement follows a series of program milestones for GA-ATS. The Do228 NXT demonstrator completed its first flight on May 2, 2026. On June 8, 2026, the company hosted a roll-out ceremony attended by approximately 500 guests, where the aircraft was displayed in a blue triangle livery designed to highlight its aerodynamics and multi-role capabilities, as reported by Defence Industry Europe.
To support the production restart, GA-ATS has restructured its manufacturing approach. The company brought wing manufacturing in-house at its Oberpfaffenhofen facility to reduce reliance on third-party suppliers and mitigate component lead times. Florian Rohe, Managing Director at GA-ATS, confirmed to Aviation Business News that major hurdles regarding the supply-chain ramp-up have been addressed. Rohe also noted in a statement to Defense Mirror that the signed contracts and early 2027 delivery timeline confirm the decision to resume production was correct.
The aircraft will make its public debut at the ILA Berlin Air Show from June 10 to June 14, 2026, followed by an appearance at the Farnborough International Airshow in July 2026.
AirPro News analysis
The sale of the first Do228 NXT demonstrates sustained market demand for rugged, unpressurized utility turboprops capable of operating from austere airstrips. By classifying the NXT upgrades as minor changes, GA-ATS avoided the extensive costs and delays associated with a new type certification. We view this regulatory strategy, combined with the decision to vertically integrate wing production, as a pragmatic approach to reviving a legacy airframe. The choice of an NGO as the launch customer aligns perfectly with the aircraft’s historical strength in the special mission and humanitarian sectors, where payload flexibility and short-field performance outweigh the need for pressurized cabin comfort or high-speed cruise.
Sources: General Atomics AeroTec Systems
Photo Credit: General Atomics AeroTec Systems
Aircraft Orders & Deliveries
ETF Airways Adds Fourth Boeing 737-800 to Its Fleet
Croatian ACMI operator ETF Airways inducts Boeing 737-800 9A-ICF, growing its fleet to five aircraft.
This is original reporting and analysis by AirPro News.
Croatian charter and ACMI operator ETF Airways has expanded its operational capacity with the induction of a Boeing 737-800, registered as 9A-ICF. The addition brings the carrier’s total fleet to five aircraft, supporting its growing footprint in the European wet-lease market.
The airline announced the fleet addition in early June 2026 through an official company statement. The aircraft represents the fourth Boeing 737-800 to join the Zagreb-based operator, which specializes in providing Aircraft, Crew, Maintenance, and Insurance (ACMI) services to partner airlines.
Aircraft history and specifications
The newly inducted Boeing 737-800, specifically a 737-8FZ variant, is powered by CFM International CFM56-7B26 engines and configured with 189 economy-class seats. According to fleet data from AvioRadar, the airframe holds Manufacturer Serial Number (MSN) 29659 and Line Number 3280.
Prior to joining ETF Airways, the aircraft operated for multiple carriers across Asia and Europe. Its operational history includes the following milestones:
- May 2010: Completed its first flight and was delivered to Shandong Airlines, registered as B-5531.
- September 2018: Transferred to South Korean low-cost carrier Eastar Jet, registered as HL8325.
- February 2026: Placed in storage under the Norwegian Air Shuttle Air Operator Certificate, registered as LN-NIK.
- June 2026: Officially entered service with ETF Airways as 9A-ICF.
In its announcement, ETF Airways highlighted the role of the new aircraft in maintaining operational reliability.
As our fleet continues to grow, so does our commitment to delivering safe, reliable, and exceptional service to our partners and passengers around the world.
Strategic growth and diversification
The arrival of 9A-ICF follows a period of strategic diversification for ETF Airways. In March 2026, the airline took delivery of its first turboprop aircraft, an ATR 72-600 registered as 9A-ATR. This marked a departure from its previously all-jet fleet, allowing the company to target regional market segments and short-haul ACMI contracts.
The fleet expansion aligns with broader infrastructure investments by the company. In late 2025, ETF Airways outlined plans to establish a dedicated maintenance base at Zadar Airport (ZAD) in Croatia, alongside the formation of independent maintenance and travel subsidiaries.
AirPro News analysis
We view ETF Airways’ dual-pronged fleet strategy as a calculated response to shifting demands in the European ACMI sector. By maintaining a core fleet of 189-seat Boeing 737-800s, the airline can seamlessly integrate into the summer schedules of major European leisure and low-cost carriers. Simultaneously, the recent introduction of the ATR 72-600 provides the flexibility to serve thinner regional routes where narrowbody jets are economically unviable. Securing mid-life 737-800s from the secondary market remains a cost-effective method for ACMI operators to scale capacity without the capital expenditure required for new-generation aircraft.
Sources: ETF Airways
Photo Credit: ETF Airways
Aircraft Orders & Deliveries
Azorra Completes Placement of 12 Ex-EGYPTAIR A220-300s
Azorra delivers final ex-EGYPTAIR A220-300 to Breeze Airways, with four airframes parted out to address PW1500G engine shortages.
Aircraft lessor Azorra has finalized the placement of 12 Airbus A220-300 aircraft formerly operated by EGYPTAIR, concluding a transaction that redistributes the narrowbody jets to new operators and dismantles select airframes to ease industry-wide supply chain constraints.
In a press release issued on June 10, 2026, Azorra confirmed the delivery of the final aircraft from the portfolio to Breeze Airways. The lessor initially purchased the 12 aircraft in February 2024 to facilitate the Egyptian flag carrier’s fleet transformation program.
Fleet redistribution and strategic part-outs
According to reporting by Air Data News, the 12 aircraft have been divided among three primary destinations. Breeze Airways received seven of the airframes, while Cyprus Airways took delivery of one.
The remaining four aircraft were allocated for a more unconventional purpose. In April 2025, Azorra entered an agreement with Delta Material Services to part out the four young airframes. Cirium Profiles data indicates this move was designed to supply critical components and spare Pratt & Whitney PW1500G engines to support Delta Air Lines and its active A220 fleet.
Azorra Chief Executive Officer John Evans stated the transaction demonstrates the company’s ability to create innovative solutions across the aviation ecosystem.
“Beyond expanding our A220 portfolio, these aircraft are helping address critical spare engine and parts availability challenges while supporting operators around the world,” Evans said.
Evans also noted the collaboration of Airbus and Pratt & Whitney throughout the complex transaction process, reaffirming the lessor’s confidence in the A220’s economics and performance.
EGYPTAIR’s operational shift
The sale of the A220-300 fleet resolves ongoing operational challenges for EGYPTAIR. Aviation Week previously reported that the carrier had grounded portions of its A220 fleet due to durability issues and maintenance delays associated with the PW1500G engines.
By divesting the relatively young aircraft, EGYPTAIR aims to improve maintenance commonality and focus on other aircraft types within its network.
Capt. Ahmed Adel, Chairman & CEO of EGYPTAIR Holding Company, noted the transaction formed an important part of the airline’s fleet transformation strategy. He expressed confidence that the aircraft would continue to deliver strong value for their new operators.
AirPro News analysis
The decision to part out four young Airbus A220-300 airframes underscores the severity of the supply chain constraints currently impacting the global aviation industry. We view this as a highly pragmatic asset management strategy. While parting out early-life airframes is typically a last resort, the chronic shortage of spare PW1500G engines has altered the economic calculus for lessors and operators alike.
By sacrificing a portion of the ex-EGYPTAIR fleet, Azorra is enabling Delta Air Lines to keep a larger portion of its own A220 fleet operational. This transaction also solidifies Azorra’s position as a dominant player in the A220 market. The lessor currently has 28 A220s in service globally and another 15 on order, representing a significant portion of its 338-asset portfolio.
Sources: Azorra
Photo Credit: Azorra
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