Aircraft Orders & Deliveries
Emirates Orders 65 Boeing 777X Jets in $38 Billion Deal
Emirates places a $38 billion order for 65 Boeing 777-9 jets, expanding its 777X fleet with deliveries starting in 2027 through 2038.
Emirates Places Landmark US$ 38 Billion Order for 65 Boeing 777X Jets
The opening day of the Dubai Airshow 2025 was marked by a monumental announcement from Emirates, the world’s largest international airline. The carrier placed a firm order for 65 additional Boeing 777-9 aircraft, a deal valued at US$ 38 billion at list prices. This significant investment not only deepens the long-standing strategic partnership between the Dubai-based airline and the American aerospace manufacturer but also sends a powerful signal of confidence in the future of global air travel. The agreement underscores the critical role of the Middle East in the aviation sector, a region where spending by airlines is projected to climb significantly.
This multi-billion dollar commitment is more than just a fleet expansion; it’s a foundational element of Emirates’ long-term growth strategy, meticulously aligned with the ambitious development plans of its home hub, Dubai. By securing a pipeline of next-generation, fuel-efficient wide-body aircraft, Emirates is positioning itself to meet projected traffic growth and navigate the increasing constraints at major international airports. The order solidifies the airline’s status as the world’s largest operator of the Boeing 777 and makes it the biggest customer for the new 777X program, reinforcing its commitment to operating a young and modern fleet.
A Deeper Dive into the Landmark Order
The agreement announced at the Dubai Airshow is comprehensive, covering not just airframes but the entire propulsion system. Alongside the 65 Boeing 777-9 aircraft, Emirates also ordered an additional 130 GE9X engines from GE Aerospace to power the new jets. This brings the airline’s total commitment for the advanced GE9X engines to 540 units. The scale of this transaction is a testament to the airline’s meticulous long-range planning and its trust in its key manufacturing partners.
The Specifics of the Fleet Enhancement
With this new purchase, Emirates’ total order book for the Boeing 777X family has swelled to an impressive 270 aircraft. This figure firmly establishes the airline as the cornerstone customer for Boeing’s next-generation wide-body program. The overall order book with Boeing now stands at 315 aircraft, which also includes 35 Boeing 787s and 10 additional Boeing 777 freighters, highlighting a clear strategy focused on modern, efficient twin-engine jets for its future operations. This move continues the airline’s legacy with the 777 family, having operated every model since its inception.
The delivery schedule for these new aircraft outlines a clear, long-term vision. Emirates expects to receive its first 777-9 from this order in the second quarter of 2027, with subsequent deliveries planned to continue through 2038. This extended timeline allows for a phased integration of the new aircraft, enabling a steady replacement of older models and a gradual expansion of the network. The Boeing 777-9 is set to become the world’s largest and most efficient twin-engine jet, with Boeing projecting a 20% reduction in fuel consumption and emissions compared to the aircraft it will replace.
This strategic fleet planning ensures that Emirates will maintain one of the youngest and most advanced fleets in the sky for decades to come. The new 777-9s will become the airline’s future flagship, complementing its incoming fleet of Airbus A350s and Boeing 787s. This diversified but streamlined fleet of next-generation aircraft will provide operational flexibility, efficiency, and an enhanced passenger experience, which has always been a core tenet of the Emirates brand.
“Each of our aircraft on order has been carefully factored into Emirates’ expansion plan, which is aligned to Dubai’s growth plans. Flying a young and modern fleet with innovative cabin products has always been a cornerstone of Emirates’ strategy.”, HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group.
Future-Proofing with an Eye on the 777-10
A particularly forward-looking aspect of the agreement is Emirates’ explicit support for Boeing’s feasibility study into a larger variant, the 777-10. The deal includes provisions for Emirates to convert its new 777-9 orders to either the smaller 777-8 or the potential 777-10. This flexibility demonstrates the airline’s keen interest in securing even larger capacity aircraft to manage future passenger demand efficiently, especially at slot-constrained hub airports.
This move signals a strong industry endorsement for the development of larger aircraft, a segment Emirates has historically championed with its massive Airbus A380 fleet. As global air traffic continues to rebound and grow, the ability to transport more passengers with a single aircraft movement becomes increasingly valuable. By backing the 777-10 study, Emirates is helping to shape the future of long-haul aircraft design to meet its operational needs.
While the order paints a confident picture of the future, the aviation industry is not without its challenges. Widespread supply chain delays, particularly affecting engines and cabin interiors, have impacted delivery schedules for both major aircraft manufacturers. These industry-wide headwinds could potentially influence the timeline for the 777X program. However, Emirates’ long-term commitment, stretching to 2038, provides a stable, predictable demand that helps manufacturers and their suppliers navigate these complexities.
Broader Implications and a Strengthened Partnership
This landmark order extends far beyond the balance sheets of Emirates and Boeing; it carries significant economic and industrial weight. The agreement represents a massive, long-term investment in the U.S. aerospace manufacturing sector. It is expected to support a substantial number of jobs across the supply chain in numerous states, including Washington, Texas, Kansas, and Ohio, reinforcing the deep economic ties forged through decades of partnership.
“We are deeply honoured that Emirates has once again selected the Boeing 777X to power its future as the airline refreshes its world-class fleet and expands its vaunted global network.”, Stephanie Pope, President and CEO of Boeing Commercial Airplanes.
For Boeing, this order is a powerful vote of confidence in the 777X program as it progresses through its final stages of flight testing and certification. Securing such a substantial follow-on order from the program’s largest customer provides stability and a clear path forward for production. Similarly, for GE Aerospace, the significant order for GE9X engines reaffirms its leadership in the market for high-thrust, fuel-efficient powerplants for wide-body aircraft.
Conclusion: Charting a Course for the Future
In summary, Emirates’ US$ 38 billion order for 65 additional Boeing 777-9 aircraft is a defining moment for the airline and the aviation industry at large. It is a clear, decisive move that secures the carrier’s fleet for the next decade and beyond, ensuring it remains at the forefront of efficiency and passenger service. The deal not only strengthens a vital transatlantic partnership but also provides a significant boost to the U.S. aerospace industry.
Ultimately, this investment is a bold declaration of faith in the sustained growth of international air travel and Dubai’s central role as a global crossroads. By committing to the next generation of wide-body aircraft, Emirates is not just purchasing new planes; it is building the foundation for its future, ensuring it has the capacity, efficiency, and modern technology to connect the world for decades to come.
FAQ
Question: What specific aircraft did Emirates order at the Dubai Airshow 2025?
Answer: Emirates placed a firm order for 65 additional Boeing 777-9 aircraft, valued at US$ 38 billion at list prices.
Question: How many Boeing 777X aircraft does Emirates have on order in total now?
Answer: Following this new order, Emirates’ total order book for the Boeing 777X family stands at 270 aircraft.
Question: When are the new aircraft scheduled for delivery?
Answer: Emirates expects to begin receiving the first 777-9 aircraft from this order in the second quarter of 2027, with the full delivery schedule extending to 2038.
Sources
Photo Credit: Emirates
Aircraft Orders & Deliveries
Fitch Upgrades Phoenix Aviation Capital Rating to B Plus
Fitch Ratings upgrades Phoenix Aviation Capital’s corporate rating to B+ as fleet grows to 30 aircraft with $1.6B net book value and diversified portfolio.
This article is based on an official press release from Phoenix Aviation Capital.
On May 11, 2026, Phoenix Aviation Capital announced a corporate rating upgrade from Fitch Ratings, moving from ‘B’ to ‘B+’ with a stable outlook. According to the official press release, the Dublin-based full-service aircraft lessor has experienced rapid growth and portfolio stabilization since its formation in April 2024. Managed by AIP Capital and operating as a portfolio company of funds advised by affiliates of BC Partners Advisors L.P., Phoenix has quickly established a significant footprint in the global aviation leasing market.
The rating upgrade reflects the company’s successful execution of its business strategy, which centers on acquiring in-demand, next-generation aircraft. Over the past two years, Phoenix has expanded its fleet to 30 aircraft, reaching a net book value (NBV) of $1.6 billion as of March 31, 2026. This marks a substantial increase from the 17 aircraft the company held just one year prior.
Rapid Fleet Expansion and Financial Milestones
According to the company’s announcements and supplementary industry data, Phoenix has raised over $2.5 billion in debt capital across various loan facilities and capital markets issuances to fund its expansion. Notable transactions include an inaugural $592 million Term Loan B offering in October 2025, which was later upsized by $42 million in March 2026, and an inaugural $600 million unsecured note issuance.
Alongside the corporate rating upgrade, Fitch also upgraded Phoenix’s senior unsecured notes to ‘B+’ from ‘B’ with a recovery rating of ‘RR4’. Additionally, the company’s secured Term Loan B was upgraded to ‘BB’ from ‘BB-‘ with a recovery rating of ‘RR2’.
Diversifying the Lessee Portfolio
A key driver behind the rating revision is the lessor’s improved portfolio diversification. Industry reports indicate that Phoenix has successfully mitigated its single-lessee concentration risk as it has scaled. The company’s single largest lessee now accounts for 15 percent of its net book value, a notable decrease from 29 percent just one year ago. Furthermore, Phoenix has broadened its geographic reach, expanding its customer base from seven airlines in six countries to 13 airlines across 10 countries.
Strategic Focus on Next-Generation Aircraft
Phoenix Aviation Capital maintains a strict focus on financing modern, fuel-efficient aircraft, aligning with global airlines’ push to modernize fleets, improve fuel economics, and meet sustainability targets. Recent leasing activity highlights this strategy in action. In late April and early May 2026, Phoenix and AIP Capital executed long-term lease agreements for two Boeing 737 MAX 8 aircraft with 9 Air, a Chinese low-cost carrier controlled by Juneyao Airlines. The first of these aircraft was delivered on April 28, 2026.
“We are pleased to announce the rating revision Phoenix received from Fitch. This achievement reflects the strength and execution of the Phoenix strategy of growing and diversifying its portfolio of in-demand, next-generation aircraft, while also expanding its lending group and availability of debt capital.”
— Jared Ailstock, Managing Partner at AIP Capital, in the company’s press release.
AirPro News analysis
We view Phoenix Aviation Capital’s rapid scaling as a strong indicator of the current robust demand for next-generation aircraft in the commercial leasing sector. Reaching a 30-aircraft fleet and a $1.6 billion net book value within 24 months of formation requires substantial capital access and deep industry relationships. The institutional backing of AIP Capital, which manages approximately $7.5 billion in assets, alongside BC Partners, provides Phoenix with the necessary financial leverage to execute large-scale capital markets transactions. The Fitch upgrade validates this aggressive yet risk-managed growth strategy, particularly the deliberate reduction in lessee concentration and the expansion into high-demand Asian markets.
Frequently Asked Questions
What is Phoenix Aviation Capital?
Formed in April 2024, Phoenix Aviation Capital is a Dublin-based full-service commercial aircraft lessor focused on financing modern, next-generation aircraft for global airlines. It is managed by AIP Capital.
Why did Fitch Ratings upgrade Phoenix Aviation Capital?
Fitch upgraded the company’s corporate rating to ‘B+’ based on its improving scale, strong execution of its business strategy, and enhanced portfolio diversification, including a significant reduction in single-lessee concentration risk.
How large is Phoenix Aviation Capital’s fleet?
As of March 31, 2026, the company’s fleet consists of 30 aircraft with a net book value of $1.6 billion.
Sources:
Photo Credit: Phoenix Aviation Capital
Aircraft Orders & Deliveries
Berjaya Air Receives First ATR 72-600 HighLine All-Business Class
Berjaya Air takes delivery of the first ATR 72-600 with ATR HighLine all-business class cabin, launching premium regional travel in Asia-Pacific.
On May 20, 2026, Malaysian carrier Berjaya Air received the world’s first ATR 72-600 Commercial-Aircraft equipped with the ATR HighLine “All-Business Class” configuration. According to an official press release from ATR Aircraft, this Delivery marks a significant milestone for both the airline and the Manufacturers, introducing a new standard of premium regional travel to the Asia-Pacific market.
The newly delivered turboprop combines the luxurious, semi-private experience typically associated with business jets with the operational efficiency of a regional aircraft. As noted in the ATR announcement, the cabin concept recently secured Certification from the European Union Aviation Safety Agency (EASA) and Malaysian aviation authorities earlier in May 2026, clearing it for global commercial operations.
Industry research indicates that Berjaya Air will utilize this aircraft to connect passengers to premium destinations, with a second identical aircraft expected to join the fleet in the third quarter of 2026.
Redefining the Regional Cabin Experience
The ATR HighLine configuration is tailored to deliver an “affordable luxury” experience. According to the manufacturer’s specifications, the bespoke cabin accommodates just 26 passengers in a spacious 1-by-1 seating layout. This design ensures direct aisle access and multiple window views for every guest on board.
Premium Seating and Spatial Design
The aircraft features handcrafted ETEREA seats manufactured by Geven. The press release highlights that these are the widest seats ever installed on an ATR platform, providing passengers with generous living space, integrated stowage, and a refined personal side console.
A notable design shift in this configuration is the removal of traditional overhead storage bins. ATR replaced these with sleek valence panels, a modification that floods the interior with natural light and creates a spatial volume comparable to large private jets.
Strategic Routes and Operational Efficiency
Berjaya Air plans to deploy the new ATR 72-600 to enhance connectivity across its portfolio of hotels and resorts. The inaugural commercial flight will launch a new route connecting Subang, Malaysia, to Koh Samui, Thailand.
Beyond the initial route, the airline intends to expand its regional network with direct connections throughout Malaysia, Thailand, Vietnam, and Indonesia. The service will also cater to island destinations like Redang and Langkawi, and the aircraft will be available for private charter operations across the Asia-Pacific region.
Leadership Perspectives
“Taking delivery of the world’s first ATR 72-600 in ATR HighLine configuration marks an important step in Berjaya Air’s transformation journey,” said Syed Ali Shahul Hameed, Group CEO of Berjaya Property Berhad, in the official release.
Nathalie Tarnaud Laude, Chief Executive Officer of ATR, added that the collection “opens new possibilities for operators seeking exceptional onboard comfort while leveraging all the efficiency and operational benefits of the aircraft.”
AirPro News analysis
The introduction of the ATR HighLine configuration underscores a growing industry trend toward premium, short-haul regional travel. By pairing a VIP-level cabin with a highly efficient turboprop airframe, operators like Berjaya Air can offer luxury travel with a significantly lower carbon footprint and reduced operating costs compared to similarly sized regional jets.
This delivery also highlights ATR’s strategic push into the boutique and semi-private carrier market. With other operators such as Air Tahiti and Air Cambodia already adopting variations of the HighLine collection, we are observing a clear market momentum for flexible, premium turboprop configurations that bridge the gap between commercial regional flights and private aviation.
Frequently Asked Questions
When did Berjaya Air receive the first ATR HighLine aircraft?
The airline took delivery of the aircraft on May 20, 2026.
How many passengers does the all-business class ATR 72-600 hold?
The bespoke cabin accommodates 26 passengers in a 1-by-1 seating layout.
What is the inaugural route for this aircraft?
The aircraft’s first commercial flight will connect Subang (Malaysia) and Koh Samui (Thailand).
Are more of these aircraft on order?
Yes, Berjaya Air is expected to receive a second ATR 72-600 in the same configuration in the third quarter of 2026.
Sources
Photo Credit: ATR Aircraft
Aircraft Orders & Deliveries
BOC Aviation Expands Lease Deal with Akasa Air for Boeing 737-8200 Jets
BOC Aviation signs a second leaseback agreement with Akasa Air for three Boeing 737-8200 aircraft, scheduled for delivery by end of 2026.
Singapore-based aircraft leasing company BOC Aviation Limited has announced a second sale-and-leaseback agreement with Indian carrier Akasa Air. According to a company press release issued on May 20, 2026, the new transaction involves the purchase and long-term operating lease of three additional Boeing 737-8200 aircraft.
All three of the high-capacity narrowbody jets will be powered by CFM International LEAP-1B engines. BOC Aviation stated that the aircraft are scheduled to be delivered by Boeing to the airline by the end of 2026.
This latest agreement highlights the rapid expansion of the Indian aviation market and underscores Akasa Air’s aggressive fleet growth strategy. By utilizing sale-and-leaseback financing, the airline continues to scale its operations to meet surging domestic and international passenger demand.
Deepening a Strategic Financing Partnership
The May 2026 announcement marks the second transaction between the two aviation entities. In November 2025, BOC Aviation and Akasa Air signed their inaugural agreement for the purchase and leaseback of three Boeing 737-8 aircraft, with deliveries that were slated to begin in January 2026. Once the newly announced Boeing 737-8200s are delivered, the total number of Akasa Air aircraft leased from BOC Aviation will double to six.
As of May 2026, Akasa Air operates a fleet of 38 Boeing 737 MAX aircraft. The airline has been rapidly building its domestic footprint while simultaneously growing its international network. Company leadership emphasized that partnering with established global lessors is a cornerstone of their financial strategy.
“We are pleased to further deepen our partnership with BOC Aviation through this second transaction that adds further three Boeing 737-8200 aircraft, which reflects a shared long-term conviction in Akasa Air’s growth trajectory and the strength of the Indian aviation market. As a leading global aircraft lessor, BOC Aviation brings deep institutional expertise and a strong understanding of the evolving aviation landscape, making it an important strategic financing partner for Akasa Air. This agreement aligns with our disciplined approach to scaling the airline through a modern, fuel-efficient fleet while maintaining capital efficiency, financial flexibility, and long-term operational resilience.”
Fleet Strategy and the Boeing 737-8200
The Boeing 737-8200 is a high-capacity variant of the 737 MAX family, highly sought after by low-cost carriers globally. According to industry data cited in the release, the aircraft offers an attractive balance of high passenger capacity, improved fuel efficiency, lower operating costs, and enhanced range capability.
BOC Aviation, which is listed on the Hong Kong Stock Exchange, maintains a massive global footprint to support such fleet strategies. As of March 31, 2026, the lessor reported a portfolio of 813 aircraft and engines, encompassing owned, managed, and on-order assets, leased to 88 airlines across 46 countries and regions.
“Following our successful transaction last November, we are pleased to be executing a further agreement with Akasa as it builds its business in India and beyond. The modern Boeing 737 family on which it is centering its fleet development remains one of the world’s most popular single-aisle jets, demonstrates industry-leading fuel efficiency and is a cornerstone of our orderbook.”
AirPro News analysis
We view this transaction as a clear barometer for the broader growth of the Indian aviation sector. Indian airlines are currently engaged in a historic capacity expansion to capture surging domestic traffic and a larger share of international routes. For a fast-growing carrier like Akasa Air, the sale-and-leaseback model is a critical financial tool. In this arrangement, the airline receives the aircraft from the manufacturer, sells it to a leasing company like BOC Aviation, and immediately rents it back. We note that this standard industry practice allows airlines to scale their fleets rapidly without tying up massive amounts of capital, thereby ensuring the financial flexibility required to compete in India’s highly dynamic market.
Frequently Asked Questions
What aircraft are included in this new agreement?
The agreement covers three Boeing 737-8200 aircraft, powered by CFM International LEAP-1B engines.
When will Akasa Air receive these new planes?
According to BOC Aviation, all three aircraft are scheduled for delivery by the end of 2026.
How many aircraft does Akasa Air currently operate?
As of May 2026, Akasa Air operates a fleet of 38 Boeing 737 MAX aircraft.
Sources: BOC Aviation Press Release
Photo Credit: BOC Aviation
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