Aircraft Orders & Deliveries
Emirates Acquires Four A380s from DNA3 for $180M
Emirates strengthens A380 fleet ownership with $180M purchase from DNA3 amid Boeing 777X delays. DNA3 to liquidate post-shareholder distributions.
Emirates’ Strategic Acquisition of Four A380 Aircraft from Doric Nimrod Air Three
On July 11, 2025, Emirates announced the acquisition of four Airbus A380-861 aircraft from Doric Nimrod Air Three Limited (DNA3), a Guernsey-based investment company. The total consideration for the transaction amounted to £131.91 million, or approximately $180 million. The aircraft, identified by manufacturer serial numbers (MSNs) 132, 133, 134, and 136, are scheduled for transfer between August and November 2025. This transaction represents a continuation of Emirates’ recent strategy to consolidate ownership of its A380 fleet amid delays in the delivery of new-generation aircraft.
The acquisition is significant not only for Emirates but also for the aviation leasing industry. DNA3, which has leased these aircraft to Emirates since 2013, plans to distribute the proceeds to shareholders and subsequently liquidate the company. The move underscores both the enduring importance of the A380 to Emirates’ business model and the challenges faced by lessors in the secondary market for large, out-of-production aircraft.
Market response to the announcement was immediate. DNA3’s share price rose by 5.8% to 6.8% on the day of the news, reflecting investor approval of the exit strategy and the valuation achieved in the deal.
Background of Doric Nimrod Air Three and the Leased Aircraft
Doric Nimrod Air Three Limited was established in Guernsey and listed on the London Stock Exchange’s Specialist Fund Segment in July 2013. Through its subsidiary, DNA Alpha Limited, the company acquired four newly built Airbus A380-861 aircraft in 2013. These were then leased to Emirates under fixed-rate, 12-year operating leases. The aircraft served prominently in Emirates’ global network, flying to key destinations such as New York, Sydney, and Auckland.
Financing for the acquisition was secured through $630 million in Enhanced Equipment Trust Certificates (EETCs), a common structure in aircraft finance. DNA3 successfully repaid the full debt by May 2023. During the lease term, shareholders received quarterly dividends targeting an annual yield of 8.25%, a figure that attracted steady investor interest over the years.
As the lease terms neared expiration in 2025, Emirates and DNA3 began negotiating terms for aircraft return or sale. Emirates opted to purchase the aircraft outright, a move consistent with its recent pattern of acquiring leased A380s as they come off lease.
Fleet Utilization and Maintenance Agreements
Throughout the lease, Emirates maintained high utilization of the A380s, deploying them on long-haul, high-density routes. In 2024, the airline informed DNA3 of its intent to return the aircraft in “half-life” condition, triggering a compensation clause that required a $12 million payment per aircraft. This approach aligned with Emirates’ broader strategy of extending the operational life of its A380 fleet due to delays in the delivery of Boeing 777X aircraft.
To support the continued operation of the A380s, Emirates invested over $1.5 billion in refurbishment and maintenance. Key agreements were signed with providers such as Safran, Honeywell, and Pratt & Whitney to ensure long-term support for engines, interiors, and avionics.
These investments reflect Emirates’ commitment to the A380 as a cornerstone of its fleet strategy, especially as it navigates a period of constrained aircraft supply and evolving passenger expectations.
“Emirates’ market dominance and slot constraints make the A380 irreplaceable for density routes. Buying leased units at 15% of new-build cost is economically rational.”, Richard Bolchover, Nimrod Capital
Financial Details and DNA3’s Liquidation
The transaction structure includes two components per aircraft: $25 million for the title transfer and $20 million for the buyout of return conditions, amounting to $45 million per aircraft. The total transaction value stands at $180 million. The aircraft will be transferred at staggered dates, with MSN 133 scheduled for handover on August 27, 2025, and the remaining units between August 25 and November 14, 2025.
Following the final lease expiry, DNA3 plans to distribute the net proceeds to shareholders in the first quarter of 2026. The October 2025 dividend is expected to be the final interim payment before the company enters liquidation. This mirrors the path taken by Doric Nimrod Air Two, which sold its A380s to Emirates in 2024 and subsequently wound down its operations.
DNA3’s exit strategy is emblematic of the lifecycle of aircraft leasing funds, which are typically structured around a 10- to 12-year horizon. With no residual debt and a clear pathway to shareholder returns, DNA3’s liquidation represents a successful close to its investment cycle.
Emirates’ A380 Strategy and Fleet Management
Emirates’ decision to acquire these A380s fits within a larger strategy to maintain a robust fleet of high-capacity aircraft. In 2024, the airline purchased five A380s from Doric Nimrod Air Two for $200 million. With the current acquisition, Emirates continues to reduce its exposure to leased aircraft and increase its owned fleet percentage, which now exceeds 60% of its 118 A380s.
Delays in the Boeing 777X program have significantly influenced Emirates’ fleet planning. Originally expected to begin deliveries in 2023, the aircraft has faced multiple setbacks. Emirates President Tim Clark has stated that the airline will likely operate A380s until at least 2038, possibly longer, depending on market conditions and fleet replacement timelines.
The airline’s $1.5 billion refurbishment program aims to modernize the A380 cabin experience by introducing premium economy seating, enhanced inflight entertainment systems, and updated interiors. These upgrades are critical to maintaining passenger satisfaction and competitiveness on long-haul routes.
Operational and Network Impacts
The A380 remains vital to Emirates’ ability to serve high-density routes efficiently. Replacing the aircraft with smaller models like the Boeing 777-9 would result in a 25–32% reduction in available seat kilometers, potentially affecting profitability and market share. Additionally, airport slot constraints at major hubs such as London Heathrow make the A380’s capacity indispensable.
By acquiring more of these aircraft, Emirates ensures continuity in its network planning and avoids the complexities of renegotiating lease terms or sourcing alternative capacity. The newly acquired units are expected to undergo refurbishment before re-entering service, aligning with Emirates’ broader fleet modernization efforts.
This approach underscores the airline’s long-term commitment to the A380 as a key asset in its business model, even as the broader industry moves toward smaller, more fuel-efficient aircraft.
Industry Context: A380 Market and Leasing Trends
The A380 market has undergone significant changes since Airbus ceased production in 2021. Emirates remains the dominant operator and buyer of used A380s, having acquired 14 aircraft from lessors since 2023. The aircraft’s limited secondary-market appeal has made Emirates the primary outlet for lessors looking to offload their assets.
Valuations for mid-life A380s have declined sharply, with current market prices ranging from $40 million to $45 million, less than 20% of their original list price. For lessors like DNA3, selling to Emirates represents one of the few viable exit strategies, especially given the high costs and limited demand associated with remarketing the aircraft to other operators.
Aircraft leasing funds structured around specific assets often face dissolution upon lease expiration, particularly when the lessee opts to purchase the aircraft. This trend has been accelerated by the challenges of placing large aircraft in a market increasingly dominated by narrow-body and twin-engine widebody jets.
Conclusion and Future Outlook
Emirates’ acquisition of four A380s from DNA3 marks another step in its strategic consolidation of fleet assets. The move allows the airline to maintain capacity, control maintenance standards, and extend the service life of a key aircraft type amid uncertainties in new aircraft deliveries.
For DNA3 and its investors, the transaction provides a clean and profitable exit, completing a 12-year investment cycle. The deal also illustrates the broader dynamics of the A380 market, where Emirates’ unique operational model continues to shape the fate of the world’s largest passenger aircraft. As the airline integrates these units into its fleet, the A380 will remain central to Emirates’ long-haul strategy well into the next decade.
FAQ
What aircraft are involved in the Emirates-DNA3 deal?
The deal involves four Airbus A380-861 aircraft with MSNs 132, 133, 134, and 136.
How much is Emirates paying for the aircraft?
Emirates is paying $25 million per aircraft for title transfer and $20 million for return condition buyout, totaling $45 million per aircraft.
What will happen to DNA3 after the sale?
DNA3 plans to distribute proceeds to shareholders in Q1 2026 and then liquidate the company.
Why is Emirates buying used A380s?
Due to delays in new aircraft deliveries and the lack of comparable replacements, Emirates is extending the operational life of its A380s.
Will the acquired A380s be refurbished?
Yes, the aircraft are expected to undergo Emirates’ $1.5 billion refurbishment program, including premium economy upgrades.
Sources:
Investing.com,
Doric Nimrod Air Three,
FlightGlobal,
CAPA – Centre for Aviation
Photo Credit: T-Online
Aircraft Orders & Deliveries
National Airlines Orders GE90 and CF6 Engines at Farnborough
National Airlines orders 7 GE Aerospace engines at Farnborough 2026 to support its Boeing 777-200F and 747-400F freighter fleet.
National Airlines has committed to purchasing one GE90-110B and six CF6-80C2 engines from GE Aerospace to support its expanding widebody freighter fleet. The agreement, announced on July 23, 2026, during the Farnborough International Airshow, deepens the cargo carrier’s reliance on GE propulsion systems as it scales its long-haul operations.
In a press release issued by GE Aerospace, the manufacturers confirmed the order will power National Airlines’ growing fleet of Boeing 777-200F and Boeing 747-400F Commercial-Aircraft. Financial terms of the transaction were not disclosed. The acquisition builds upon the carrier’s existing inventory of 30 CF6 and eight GE90 engines.
Fleet capacity and operational integration
The engine order aligns with National Airlines’ recent capacity growth. The carrier has actively expanded its long-haul Cargo-Aircraft capabilities throughout 2026, taking Delivery of its first Boeing 777-200F in April 2026. A second Boeing 777-200F, registered as N792CA, arrived directly from The Boeing Company’s Everett facility on May 26, 2026.
This fleet expansion directly drives the requirement for additional GE90 engines, which serve as the exclusive powerplant for all Boeing 777 Freighter models. National Airlines currently operates four Boeing 777-200F aircraft and nine Boeing 747-400F aircraft.
“Reliability, performance, and consistency are the foundation of successful air cargo operations, which is why National Airlines has built its freighter fleet around GE Aerospace engine technology,” said Chris Alf, Chairman of National Airlines. “The addition of these CF6 and GE90 engines further strengthens our operational capability, ensuring we have the flexibility, capacity, and long-term resilience needed to support our customers’ evolving requirements for years ahead.”
Engine specifications and market presence
The CF6 engine family remains a cornerstone of global air cargo operations. According to GE Aerospace, CF6 turbofan engines currently power nearly 70 percent of the world’s widebody cargo airplanes. The addition of six CF6-80C2 engines will specifically support National Airlines’ Boeing 747-400F operations.
The GE90-110B engine features a 128-inch diameter front fan equipped with carbon fiber composite blades. During its Federal Aviation Administration (FAA) certification testing, the GE90 engine achieved a world-record setting thrust of 127,900 pounds.
“We’re thrilled that National Airlines continues to invest in our engines after recently purchasing eight GE90 engines,” said Mohamed Ali, President and CEO of GE Aerospace Commercial Engines & Services. “These additional engines will help National meet growing cargo demand and demonstrates their continued confidence in these aircraft-engine combinations.”
AirPro News analysis
We view this engine commitment as a necessary logistical step following National Airlines’ aggressive fleet expansion in the first half of 2026. Securing spare engines is critical for maintaining dispatch reliability, particularly for a cargo operator heavily dependent on high utilization of aging Boeing 747-400F airframes and newly acquired Boeing 777-200F jets. By standardizing around the CF6 and GE90 platforms, National Airlines minimizes maintenance complexity and ensures a predictable supply chain for its global freight operations.
Sources: GE Aerospace via PR Newswire
Photo Credit: National Airlines
Aircraft Orders & Deliveries
BOC Aviation Orders Up to 220 Pratt Whitney GTF Engines
BOC Aviation finalizes its largest-ever Pratt & Whitney order, buying up to 220 GTF engines for 110 A320neo aircraft at Farnborough 2026.
BOC Aviation Limited has finalized an agreement with Pratt & Whitney to purchase up to 220 Geared Turbofan (GTF) engines to power a fleet of up to 110 Airbus A320neo family aircraft.
Announced on July 21, 2026, at the Farnborough International Airshow, the transaction represents the largest single order the aircraft leasing company has ever placed with the RTX Corporation subsidiary. The deal was originally signed as an undisclosed agreement in June 2025 and reinforces BOC Aviation’s commitment to the GTF platform amid a broader expansion of its narrowbody portfolio.
Deepening a decades-long partnership
The agreement extends a 29-year relationship between the lessor and the engine manufacturer. BOC Aviation Chief Executive Officer and Managing Director Steven Townend noted the historical significance of the deal in a press release issued by the companies.
“This order is the largest that BOC Aviation has placed with Pratt & Whitney and a continuation of our 29-year relationship, reflecting the key role they have played in our growth,” Townend stated.
Pratt & Whitney President of Commercial Engines Rick Deurloo emphasized that the order demonstrates continued market confidence in the GTF platform. The manufacturer highlights that the GTF engine delivers a 20 percent reduction in fuel consumption and a 75 percent reduction in noise footprint compared to prior generation engines.
Broader fleet strategy and market positioning
The Pratt & Whitney agreement is part of a dual-sourcing strategy for BOC Aviation’s narrowbody expansion. On July 20, 2026, the lessor announced a separate order for up to 300 CFM International LEAP engines to power both Airbus A320neo and Boeing 737-8 aircraft.
As of June 30, 2026, BOC Aviation reported a total portfolio of 811 aircraft and engines, encompassing owned, managed, and on-order assets. The lessor cited the fuel efficiency of the GTF engines as a primary driver for the acquisition. Townend noted the engines will enable a substantial reduction in fuel costs for future fleet operations.
Pratt & Whitney backlog growth
The BOC Aviation order contributes to a growing backlog for the engine manufacturer. On July 22, 2026, Pratt & Whitney reported that its GTF engine program had surpassed 800 orders and commitments year-to-date, bringing the total program backlog to over 8,000 engines.
AirPro News analysis
We view BOC Aviation’s decision to split its massive narrowbody engine requirements between Pratt & Whitney and CFM International as a standard risk-mitigation strategy for top-tier lessors. By securing up to 220 GTF engines alongside its recent 300-engine CFM LEAP order, BOC Aviation ensures it can offer airline customers their preferred powerplant options on the Airbus A320neo family.
The public confirmation of this order at the Farnborough International Air-Shows provides Pratt & Whitney with valuable commercial momentum. A record-breaking commitment from a major lessor like BOC Aviation signals enduring institutional confidence in the engine’s long-term operating economics.
Sources: BOC Aviation (July 21 Press Release)
Photo Credit: RTX
Aircraft Orders & Deliveries
BermudAir Orders 10 Airbus A220-300s at Farnborough 2026
BermudAir orders 10 Airbus A220-300s at Farnborough 2026, with deliveries from Q4 2027 and fleet expansion to 20 aircraft by 2030.
BermudAir has placed a firm order for 10 Airbus A220-300 aircraft, marking the carrier’s transition from regional jets to mainline single-aisle operations.
Announced on July 22, 2026, at the Farnborough International Airshow, the agreement represents the Bermuda-based airline’s first direct purchase from the European manufacturer. The order was initially logged in March 2026 under an undisclosed customer through BermudAir’s affiliated company, Odyssey.
Fleet transition and capacity growth
BermudAir currently operates a fleet of Embraer 175 and Embraer 190 aircraft. The introduction of the Airbus A220-300 will provide a significant capacity increase for the three-year-old airline. According to Airways Magazine, the A220-300 will be configured with 135 seats in a three-class layout, adding 39 seats compared to the airline’s current 96-seat Embraer 190s.
Deliveries are scheduled to begin in the fourth quarter of 2027, as reported by Aviation Week. Reuters notes that BermudAir plans to operate up to 20 Airbus A220 aircraft by 2030, eventually replacing its Embraer fleet entirely.
BermudAir Founder and Chief Executive Officer Adam Scott detailed the economic rationale for the upgauge in an interview with Airways Magazine, noting that the airline was previously leaving passengers and revenue behind on maturing routes.
“We’ve evolved from the E175 to the E190, from 76 seats to 96 seats. The A220 essentially has the same operating cost as the 190, but you get this extra capacity,” Scott said.
Network expansion across the Americas
The 3,600-nautical-mile range of the A220-300 will enable BermudAir to expand its footprint beyond its current North American gateways. The airline is actively growing its network to include destinations in the Caribbean and Central America, such as Belize, Turks and Caicos, Guatemala City, and Anguilla. Reuters reports the carrier plans to more than double its current 11 routes by the end of 2026.
In a press release issued by Airbus, Scott stated that the aircraft’s range, operating economics, and performance at constrained airports will allow the carrier to connect more communities with direct service. The new fleet will also feature XL overhead bins, which Airways Magazine reports will provide a 20 percent increase in carry-on volume.
Airbus Executive Vice President of Sales for Commercial Aircraft Benoît de Saint-Exupéry added that the agreement introduces the A220 to a distinct operational environment in the Atlantic and Caribbean, validating the aircraft’s role in targeted regional development.
AirPro News analysis
BermudAir’s shift to the Airbus A220-300 highlights a broader industry trend of regional carriers upgauging to small narrowbody aircraft to maximize slot utility and route profitability. By selecting the A220, BermudAir secures a platform that offers mainline passenger experience metrics while maintaining trip costs comparable to large regional jets. We view this order as a critical step in BermudAir’s strategy to establish a dominant hub-and-spoke model in the Atlantic, leveraging Bermuda’s geographic position to capture premium leisure traffic between North America and the Caribbean.
Sources: Airbus
Photo Credit: Airbus
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