Aircraft Orders & Deliveries
ALM Expands Fleet with Boeing 737 MAX 8 Acquisition from BOC Aviation
ALM, a Fuyo General Lease subsidiary, acquires two Boeing 737 MAX 8 aircraft, enhancing its portfolio amid aircraft leasing industry consolidation.
Aircraft Leasing & Management (ALM), a wholly owned subsidiary of Japan’s Fuyo General Lease, announced on September 2, 2025, the acquisition of two Boeing 737 MAX 8 aircraft from BOC Aviation. This move marks a significant milestone in ALM’s fleet expansion strategy. The aircraft, registered as PH-TFT (MSN 44610) and PH-TFU (MSN 44652), are currently on lease to TUI Airlines and represent the first 737 MAX 8s in Fuyo’s growing portfolio. The transaction comes at a time of rapid consolidation in the aircraft leasing sector, where strategic acquisitions are becoming essential for maintaining competitive positioning and meeting global demand for modern, fuel-efficient aircraft.
This acquisition underscores ALM’s commitment to next-generation aircraft technology and its focus on strengthening partnerships with established airline operators. The move is also reflective of a broader industry trend: the pursuit of operational efficiency and environmental performance, both of which are now essential for lessors and airlines alike. As the aircraft leasing industry continues to evolve, ALM’s actions position it for sustained growth in a competitive, dynamic marketplace.
The significance of this transaction is heightened by the context of industry-wide consolidation and the growing importance of leasing as a means for airlines to manage capital and operational flexibility. With airlines increasingly seeking to modernize their fleets while minimizing financial risk, the demand for young, technologically advanced aircraft such as the Boeing 737 MAX 8 remains robust.
Aircraft Leasing & Management has been a notable player in the global aircraft leasing sector since its founding in 1987. The company’s expertise spans lease management, aircraft remarketing, and technical services, serving both large international carriers and smaller regional operators. Headquartered near Gatwick Airports in the United Kingdom, ALM operates under the ownership of Fuyo General Lease Co Ltd, a Tokyo Stock Exchange-listed company established in 1969.
The relationship between ALM and its parent company was solidified in 2014 when Fuyo General Lease acquired ALM as a wholly owned subsidiary. This acquisition provided ALM with the financial strength and resources to pursue ambitious growth while continuing to offer high-quality service to its existing client base. Fuyo General Lease itself is a diversified leasing company with over 1,700 employees and interests in machinery, transportation equipment, and real estate, in addition to aircraft leasing.
The global aircraft leasing market has grown significantly over the past decades. Market research from 2024 valued the sector at approximately USD 183.13 billion, with projections reaching USD 397.21 billion by 2034 at a compound annual growth rate (CAGR) of 8.05%. Some estimates are even more optimistic, suggesting a market size of USD 192.45 billion in 2024 and growth to USD 551.47 billion by 2034 at a CAGR of 11.1%. These figures reflect airlines’ increasing reliance on leasing to manage fleet expansion, modernization, and capital allocation.
Airlines have embraced leasing for its operational and financial flexibility. Leasing allows airlines to adjust fleet size and composition rapidly in response to seasonal demand, route changes, or market disruptions, all while avoiding the financial penalties of direct aircraft purchases or early retirement. This flexibility proved especially valuable during recent periods of market volatility, enabling airlines to return leased aircraft and control costs.
On September 2, 2025, ALM announced the acquisition of two Boeing 737 MAX 8 aircraft from BOC Aviation. These aircraft, PH-TFT (MSN 44610) and PH-TFU (MSN 44652), are leased to TUI Airlines, ensuring operational continuity as ownership transitions. This arrangement is emblematic of modern aircraft leasing, where customer relationships and service stability take precedence even as assets change hands. Richard Dudley-Cave, Head of Marketing at ALM, highlighted the strategic value of the acquisition, stating that it “further enhances the quality of our portfolio by expanding our fleet of young, in-demand aircraft on lease to a diverse group of airline customers.” This aligns with industry trends favoring newer, fuel-efficient aircraft that offer lower maintenance costs and greater appeal to passengers.
The choice of the Boeing 737 MAX 8 is deliberate. This model is among the most popular narrowbody aircraft globally, known for its improved fuel efficiency and environmental performance compared to earlier generations. These advantages translate directly into cost savings for operators and strong residual values for lessors like ALM.
“This transaction further enhances the quality of our portfolio by expanding our fleet of young, in-demand aircraft on lease to a diverse group of airline customers.”, Richard Dudley-Cave, Head of Marketing, ALM
The acquisition coincided with favorable market conditions for Boeing, whose share price rose 37% in 2025, buoyed by optimism over potential large-scale Orders and sustained demand for the 737 MAX series. The structure of this deal, involving aircraft already under lease, ensures immediate cash flow and maintains strong relationships with reputable operators like TUI Airlines.
This acquisition is ALM’s first entry into the 737 MAX 8 market, diversifying Fuyo’s portfolio and enhancing its ability to serve a broader range of airline customers. The move reduces portfolio concentration risk and signals ALM’s commitment to modern, in-demand aircraft types.
ALM operates in a highly competitive environment. Industry leaders such as AerCap, Avolon, and SMBC Aviation dominate the market, with AerCap alone holding 1,669 aircraft valued at $61.99 billion. Air Lease Corporation, another major player, is poised to merge with a consortium led by Sumitomo Corporation, SMBC Aviation Capital, Apollo Global Management, and Brookfield Asset Management in a deal valued at approximately $28.2 billion. This merger would create one of the world’s largest aircraft leasing firms, further intensifying competition.
These industry dynamics highlight the importance of scale, portfolio diversity, and financial strength. ALM’s ability to compete hinges on its strategic relationship with Fuyo General Lease, access to capital, and its focus on customer service and technical expertise. The acquisition of the 737 MAX 8s is a testament to this strategy, positioning ALM for continued relevance as the industry consolidates.
The aircraft leasing industry is undergoing a wave of consolidation. The recent Air Lease Corporation merger exemplifies how companies are joining forces to achieve greater operational scale and efficiency. According to IBA Group, lessors now control 58% of the world’s passenger jet fleet, up from 51% in 2009. This expansion reflects airlines’ growing preference for leasing as a means to manage growth and mitigate financial risk.
Consolidation brings both opportunities and challenges. Larger entities benefit from increased bargaining power with Manufacturers and airlines, broader geographic reach, and enhanced risk diversification. However, regulatory scrutiny is intensifying, with merger approvals often contingent on divestitures or operational constraints to maintain market competition. For smaller or specialized lessors like ALM, consolidation by larger players can be both a threat and an opportunity. While scale advantages may be harder to achieve, focused expertise, agility, and strong customer relationships can help carve out strategic niches in the evolving market.
“Aircraft lessors now control 58% of the world’s passenger jet fleet, representing a significant increase from 51% in 2009.”, IBA Group
The financial underpinnings of ALM’s acquisition reflect broader trends in the sector. The global aircraft leasing market’s projected growth, ranging from USD 183.13 billion to as high as USD 551.47 billion by 2034, demonstrates robust investor confidence. This is driven by increasing air travel demand, airlines’ shift toward asset-light models, and the need for fleet modernization.
Aircraft leasing transactions like ALM’s involve sophisticated asset valuations that account for aircraft age, utilization, maintenance history, and projected cash flows. The choice to acquire 737 MAX 8s, popular for their fuel efficiency and operational reliability, supports long-term value creation for ALM.
Regional variations also play a role. North-America led the leasing market in 2024, while Asia-Pacific is expected to see the fastest growth. These trends offer opportunities for lessors to optimize their portfolios and diversify risk geographically.
Industry leaders set the financial benchmark. AerCap reported $74 billion in assets and $375 million in net income for Q3 2024. BOC Aviation, ALM’s transaction partner, posted $24.2 billion in assets and record earnings, with a portfolio serving 92 airlines in 48 countries. Such figures highlight the scale and profitability achievable by well-managed leasing companies.
The Boeing 737 MAX 8 represents a leap forward in narrowbody aircraft technology. Its CFM International LEAP-1B engines deliver about 15% better fuel efficiency than previous 737 models, while also reducing noise and emissions. These advantages help airlines meet environmental regulations and lower operating costs.
Operationally, the 737 MAX 8’s versatility allows it to serve a wide range of routes, from domestic short-haul to medium-haul international flights. Its typical seating of 162 to 178 passengers offers airlines flexibility and competitive unit costs, making it attractive for both legacy carriers and low-cost operators.
Advanced avionics and flight management systems enhance safety and crew productivity, while Boeing’s global support network ensures reliable technical assistance. For ALM, these factors mean strong lessee demand, high residual values, and reduced operational risk. ALM’s technical management capabilities further strengthen its position. The company’s experienced team oversees maintenance, compliance, and asset optimization, ensuring that its portfolio remains competitive and valuable over the long term.
“The Boeing 737 MAX 8’s advanced technology and operational versatility ensure continued market relevance and customer appeal throughout its operational lifetime.”
ALM’s acquisition of two Boeing 737 MAX 8 aircraft from BOC Aviation is more than a simple fleet expansion. It exemplifies the complex decision-making and market forces shaping today’s aircraft leasing industry. By investing in modern, fuel-efficient aircraft, ALM is aligning itself with the operational and environmental priorities of airlines worldwide.
As the industry continues to consolidate and competition intensifies, ALM’s focus on portfolio quality, technical expertise, and customer service, supported by the financial strength of Fuyo General Lease, positions it for sustainable growth. The future will likely see further integration of advanced aircraft models and strategic partnerships, as lessors navigate an evolving landscape driven by technology, regulation, and global demand for efficient air travel.
What aircraft did ALM acquire in September 2025? Why is the Boeing 737 MAX 8 significant for lessors and airlines? How does industry consolidation affect aircraft leasing companies? What is the market outlook for aircraft leasing? What role does ALM’s parent company, Fuyo General Lease, play? Sources: ALM Press Release
Aircraft Leasing & Management’s Strategic Boeing 737 MAX 8 Acquisition: Fuyo’s Fleet Expansion Amid Industry Consolidation
Background on Aircraft Leasing & Management and Industry Context
The September 2025 Boeing 737 MAX 8 Acquisition Details
Strategic Context and Market Positioning
Broader Industry Consolidation Trends
Financial and Market Analysis
Technical and Operational Implications
Conclusion
FAQ
ALM acquired two Boeing 737 MAX 8 aircraft, registered as PH-TFT (MSN 44610) and PH-TFU (MSN 44652), from BOC Aviation. These aircraft are currently leased to TUI Airlines.
The 737 MAX 8 offers improved fuel efficiency, lower emissions, and reduced maintenance costs compared to previous models. Its popularity among airlines ensures strong demand and favorable residual values for lessors.
Consolidation increases competition and scale, giving larger lessors more bargaining power and risk diversification. However, it also presents opportunities for specialized or agile companies to find strategic niches.
Industry projections suggest continued growth, with the global market potentially reaching up to USD 551.47 billion by 2034. Factors driving this growth include rising air travel demand and airlines’ preference for leasing over direct ownership.
Fuyo General Lease provides ALM with financial strength, strategic direction, and access to broader resources, enabling ALM to compete effectively in a consolidating industry.
Photo Credit: ALM
Aircraft Orders & Deliveries
EgyptAir Receives First Airbus A350-900 to Modernize Fleet
EgyptAir accepts its first Airbus A350-900, starting a fleet overhaul with 16 aircraft to expand long-haul routes and improve efficiency.
This article is based on an official press release from Airbus and additional fleet data.
EgyptAir has officially taken delivery of its first Airbus A350-900, registered as SU-GGE, marking a significant milestone in the carrier’s modernization strategy. The handover, which took place on February 9, 2026, positions the Cairo-based airline as the first operator of the A350-900 in North Africa.
According to an official press release from Airbus, this aircraft is the first of 16 A350-900s ordered by the Egyptian flag carrier. The delivery underscores EgyptAir’s commitment to phasing out older wide-body jets while expanding its long-haul network capabilities to new destinations in North America and Asia.
The arrival of the A350-900 represents a pivotal shift in EgyptAir’s long-haul operations. The airline originally signed for 10 aircraft during the Dubai Airshow in November 2023, later expanding the commitment with a top-up order for six additional units. These new airframes are intended to replace the carrier’s aging Boeing 777-300ER fleet, offering improved operating economics and passenger comfort.
In a statement regarding the initial order, Yehia Zakaria, EgyptAir Holding Chairman and CEO, highlighted the flagship status of the new type:
“The A350-900 will be our flagship aircraft… adding the world’s most modern and efficient widebody aircraft to our fleet will be instrumental in expanding our offering.”
Christian Scherer, Chief Commercial Officer at Airbus, noted the economic advantages the aircraft brings to the airline’s network:
“The A350 is the one and only aircraft enabling EgyptAir to open up its network with benchmark economic efficiency, not to mention passenger comfort.”
EgyptAir has outlined a phased entry-into-service plan for the new fleet. Initially, the aircraft will be deployed on trunk routes to London and Paris to facilitate crew familiarization. Following this integration period, the airline plans to leverage the A350’s 9,700 nautical mile range to launch non-stop services to the U.S. West Coast and key Asian markets, including Shanghai, Beijing, and Tokyo.
The new A350-900 features a two-class configuration designed to maximize capacity while introducing updated premium amenities. According to fleet data, the aircraft accommodates a total of 340 passengers. Technological upgrades are a focal point of the new cabin. The aircraft is equipped with Panasonic Avionics’ Astrova in-flight entertainment system, providing 4K OLED screens and high-fidelity audio. Additionally, passengers across all classes will have access to USB-C fast charging ports and high-speed Wi-Fi connectivity.
The transition to the A350-900 aligns with broader industry sustainability goals. Powered by two Rolls-Royce Trent XWB engines, the aircraft is reported to burn 25% less fuel compared to the previous generation aircraft it replaces. This efficiency gain corresponds to a 25% reduction in CO2 emissions.
Furthermore, the A350 is recognized as the quietest aircraft in its class, possessing a noise footprint 50% smaller than older jets, a critical factor for operations at noise-sensitive airports in Europe and North America.
EgyptAir’s delivery secures its position as the sole active operator of the A350-900 in the North African region, a status solidified by the shifting strategies of its neighbors. While other carriers in the region had previously expressed interest in the type, market dynamics have led to cancellations and delays.
For instance, Air Algérie cancelled its order for A350-1000s in early 2025, opting instead for Airbus A330-900neos. Similarly, Tunisair cancelled its A350 commitments in 2013. Other regional orders, such as those from Libyan carriers Afriqiyah Airways and Libyan Airlines, remain stalled due to long-standing instability. Consequently, EgyptAir currently faces no direct regional competition operating this specific airframe, potentially offering it a product advantage on competitive routes connecting Africa to Europe and the Americas.
Sources:
EgyptAir Accepts Delivery of First Airbus A350-900, Initiating Major Fleet Overhaul
Fleet Modernization and Strategic Expansion
Operational Deployment
Cabin Configuration and Passenger Experience
Environmental Performance
AirPro News Analysis: Regional Market Context
Airbus Press Release
Photo Credit: Airbus
Aircraft Orders & Deliveries
India to Purchase $80B Boeing Aircraft in $500B US Trade Deal
India plans to buy up to $80 billion in Boeing aircraft within a $500 billion trade pact with the US, including tariff reductions and energy diversification.
This article summarizes reporting by CNBC and Priyanka Salve, alongside official government statements and AirPro News analysis.
In a landmark development for global aviation and trade, India has announced plans to purchase up to $80 billion in Boeing aircraft as part of a broader strategic partnership with the United States. According to reporting by CNBC, India’s Minister of Commerce and Industry, Piyush Goyal, confirmed that New Delhi expects to sign a formal trade deal with the U.S. in March 2026.
The aviation commitment is the centerpiece of a massive $500 billion trade pact intended to span the next five years. While the headline figure for Boeing jets stands between $70 billion and $80 billion, officials indicate that the total value of the aviation sector deal, including engines, MRO services, could exceed $100 billion.
This agreement signals a profound shift in India’s geopolitical and economic strategy, trading market access and energy realignment for relief from punitive U.S. tariffs.
The scale of the reported aircraft purchase underscores India’s position as the fastest-growing aviation market in the world. According to details shared by Minister Goyal and summarized by CNBC, the deal allocates a specific $70–$80 billion tranche for Boeing airframes.
Industry observers note that this figure likely aggregates the value of deliveries from existing record-breaking orders alongside new commitments. Air India, owned by the Tata Group, placed a historic order in 2023 for 470 aircraft (split between Boeing and Airbus) and finalized an additional order for 30 Boeing 737 MAX jets in January 2026. Similarly, Akasa Air holds a substantial order book extending through 2032.
Boeing executives have previously confirmed plans to deliver approximately two aircraft per month to Indian carriers to meet surging travel demand. The inclusion of engines and aftermarket services pushes the total aviation package over the $100 billion mark, cementing the U.S. aerospace giant’s foothold in South Asia.
Contextualizing the Order Book: While the $80 billion figure is staggering, we believe it is crucial to interpret this as a “delivery value” commitment over the five-year pact rather than solely a new purchase agreement for unannounced jets. At current list prices (after standard discounts), $80 billion represents roughly 600 to 800 narrowbody jets or a significant mix of widebodies. Given Boeing’s current backlog constraints, fulfilling $80 billion in entirely new orders within five years would be logistically improbable. It is more likely that the Indian government is guaranteeing the execution and payment of the massive backlogs already held by Air India, Akasa, and potentially SpiceJet, framing these commercial milestones as diplomatic victories. Beyond aviation, the trade deal outlines a reciprocal reduction in trade barriers. The United States has agreed to slash tariffs on Indian imports from 50% to 18%, a move expected to boost Indian exporters. In exchange, India has committed to purchasing $500 billion in American goods and services over five years.
A critical component of the negotiations involves India’s energy procurement. Following the invasion of Ukraine, India became a primary consumer of discounted Russian crude. However, the new trade framework reportedly includes provisions for India to shift away from Russian energy.
U.S. President Donald Trump explicitly claimed that Prime Minister Narendra Modi agreed to stop buying Russian oil. However, the Indian Ministry of External Affairs (MEA) has maintained a more nuanced public stance. MEA spokesperson Randhir Jaiswal emphasized that energy security remains the nation’s “supreme priority,” noting that India would diversify based on commercial viability. This includes potential resumption of imports from Venezuela and increased purchases from the United States.
“Energy security is the supreme priority [for India’s 1.4 billion citizens].”
— Randhir Jaiswal, MEA Spokesperson (via press briefing)
The trade deal has triggered sharp criticism within India. The opposition Congress party has characterized the agreement as a surrender of sovereignty, particularly regarding the pressure to alter energy partners and lower agricultural tariffs.
Opposition leaders Mallikarjun Kharge and Jairam Ramesh have voiced concerns that the influx of U.S. agricultural products could harm local farmers, warning of potential protests similar to those seen in 2021. Minister Goyal has defended the pact, asserting that it protects sensitive sectors like dairy and agriculture while securing essential technology and energy partnerships.
When will the deal be signed? Is the $80 billion for new planes only? What does the U.S. offer in return? Will India stop buying Russian oil?
Breakdown of the $100 Billion Aviation Commitment
Commercial Implications
AirPro News Analysis
The Broader Strategic Trade Pact
The “Russian Oil” Pivot
Domestic Opposition and Political Fallout
Frequently Asked Questions
According to Minister Piyush Goyal, the formal trade agreement is scheduled to be signed in March 2026, following a joint statement expected in early February.
The figure likely represents a mix of new commitments and the value of deliveries from existing massive orders (like Air India’s 2023 deal) scheduled for the next five years.
The U.S. has agreed to reduce tariffs on Indian goods from 50% to 18%, significantly improving market access for Indian exporters.
While the U.S. President claims an agreement is in place, Indian officials state they are diversifying energy sources based on commercial viability and security, without explicitly confirming a total ban.
Sources
Photo Credit: Daily Shipping Times
Aircraft Orders & Deliveries
CDB Aviation Delivers Three Boeing 737-8 Jets to WestJet in 2026
CDB Aviation delivers three Boeing 737-8 aircraft to WestJet, increasing leased jets to 13 and supporting fleet growth for summer 2026.
This article is based on an official press release from CDB Aviation.
On February 5, 2026, CDB Aviation announced the successful delivery of three Boeing 737-8 aircraft to WestJet. According to the official press release from the Irish subsidiary of China Development Bank Financial Leasing Co., Ltd., these deliveries mark the completion of a lease agreement originally announced in January 2024. The addition of these aircraft brings the total number of CDB Aviation-leased jets in the WestJet fleet to 13, reinforcing a strategic partnership that began in 2020.
The newly delivered aircraft are part of WestJet’s broader strategy to modernize its fleet and expand its network capacity for the 2026 summer schedule. By securing these airframes directly from CDB Aviation’s existing order book, WestJet has bypassed some of the manufacturing delays currently affecting the global aviation supply-chain. The airline continues to hold the largest narrowbody order book of any Canadian carrier.
The three Boeing 737-8s (commonly referred to as the MAX 8) were delivered on February 5, 2026. These aircraft were leased directly from CDB Aviation’s order book with Boeing, a mechanism that allows airlines to access capacity more quickly than through direct manufacturer orders in a constrained market.
According to data associated with the delivery, WestJet’s 737-8 fleet is typically configured to seat 174 passengers, split between 12 Premium seats and 162 Economy seats. The aircraft are equipped with satellite-supported Wi-Fi and in-seat power, aligning with the carrier’s focus on passenger connectivity. The 737-8 is powered by CFM LEAP-1B engines, which deliver approximately 15% greater fuel efficiency and a 40% reduction in noise footprint compared to the previous generation 737-800NG.
Both companies highlighted the strength of their ongoing relationship. Luís da Silva, Head of Commercial, Americas at CDB Aviation, emphasized the history between the two entities in a statement included in the release:
“We’ve built a strong partnership with the WestJet team since the inaugural transaction between our companies in 2020. To date, we have financed and leased a total of 13 737-8 aircraft which support this strong and growing Canadian airline.”
Jennifer Bue, Senior Vice President and Treasurer at WestJet, also commented on the significance of the delivery for the airline’s growth trajectory:
“CDB Aviation is a valued partner of WestJet. The relationship enables WestJet to continue our momentum driving our growth strategy.”
This delivery comes at a critical time for WestJet as the airline approaches a total fleet size of nearly 200 aircraft, including its subsidiaries. The additional capacity is slated to support an aggressive network expansion, including new international connections such as Toronto to Medellín, Colombia, and increased frequencies to sun destinations. The Role of Lessors in a Constrained Supply Chain
The delivery of these three aircraft highlights a vital trend in the 2026 aviation market: the increasing reliance on lessors to bridge the gap caused by OEM production delays. While manufacturers work to clear backlogs, lessors like CDB Aviation, who hold significant positions in the delivery queue, are becoming essential partners for airlines needing immediate lift. For WestJet, leasing directly from CDB’s order book allows them to circumvent the long wait times associated with direct orders, ensuring they can capitalize on the projected travel demand for the summer 2026 season. This transaction underscores that in the current climate, access to delivery slots is just as valuable as capital.
How many aircraft does CDB Aviation lease to WestJet? What is the primary benefit of the Boeing 737-8 for WestJet? When was this deal originally agreed upon?
CDB Aviation Delivers Three Boeing 737-8 Aircraft to WestJet
Transaction Details and Fleet Configuration
Aircraft Specifications
Executive Commentary
Strategic Implications for 2026
AirPro News analysis
Frequently Asked Questions
With the delivery of these three aircraft on February 5, 2026, CDB Aviation now leases a total of 13 Boeing 737-8 aircraft to WestJet.
The 737-8 offers significantly improved fuel efficiency (approximately 15% better than the 737NG) and a longer range (approx. 3,550 nm), allowing WestJet to operate routes like Western Canada to Europe or Toronto to South America more economically.
The lease agreement for these specific aircraft was originally announced on January 23, 2024.
Sources
Photo Credit: CDB Aviation
-
Commercial Aviation4 days agoAirbus Nears Launch of Stretched A350 Variant to Compete with Boeing 777X
-
Aircraft Orders & Deliveries5 days agoHarbor Diversified Sells Air Wisconsin Assets for $113.2 Million
-
Defense & Military2 days agoApogee Aerospace Signs $420M Deal for Albatross Amphibious Aircraft
-
MRO & Manufacturing5 days agoFedEx A300 Nose Gear Collapse During Maintenance at BWI Airport
-
Defense & Military5 days agoAirbus and Singapore Complete Manned-Unmanned Teaming Flight Trials