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Azorra Sells Two Airbus A330-300s to Xiamen Airlease in 2025 Deal

Azorra completes the sale of two mid-life Airbus A330-300 aircraft to Xiamen Airlease, leased to Sichuan Airlines and powered by Rolls-Royce Trent 700 engines.

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This article is based on an official press release from Azorra.

Azorra Completes Sale of Two Airbus A330-300s to Xiamen Airlease

Fort Lauderdale-based aircraft lessor Azorra has officially announced the sale of two Airbus A330-300 aircraft to Xiamen Aircraft Leasing Co., Ltd. (“Xiamen Airlease”). The transaction, finalized on December 3, 2025, marks the first direct collaboration between the U.S. lessor and the Chinese mid-life asset specialist.

According to the company’s announcement, the two widebody aircraft, identified by Manufacturer Serial Numbers (MSNs) 1432 and 1579, are equipped with Rolls-Royce Trent 700 engines. Both aircraft are currently on long-term lease to Sichuan Airlines, a major carrier based in Chengdu, China. The sale transfers the ownership of these assets to Xiamen Airlease while the aircraft remain in operational service with the airline.

This deal underscores the continued liquidity of the secondary widebody market and highlights the growing importance of cross-border partnerships in aviation finance. By selling these assets with leases attached, Azorra monetizes a portion of its portfolio while Xiamen Airlease acquires immediate revenue-generating equipment.

Transaction Overview and Asset Details

The aircraft involved in this transaction are classified as “mid-life” assets, having been manufactured approximately between 2013 and 2014. MSN 1432 was originally delivered new to Sichuan Airlines in July 2013, followed by MSN 1579 shortly thereafter. Both have served as core components of Sichuan Airlines’ all-Airbus fleet.

In a statement regarding the sale, Azorra emphasized the role of its diverse workforce in executing the deal. The transaction required significant coordination across time zones and languages, facilitated by Azorra’s Mandarin-speaking team members.

“We are proud to complete our first transaction with Xiamen Airlease and to deepen our relationships with key trading partners across the Asia-Pacific region. This transaction highlights the strength of Azorra’s diverse, multilingual team, including our Mandarin-speaking colleagues who were instrumental in supporting this deal.”

, John Evans, CEO of Azorra

For Xiamen Airlease, the acquisition aligns with its strategic focus on managing mid-to-late life aircraft. Based in the Xiamen Free Trade Zone, the lessor specializes in trading and asset management, often serving as a bridge between Chinese demand and the global leasing market.

“We are honored to establish cooperation with Azorra… We look forward to building a long-term and stable strategic partnership with Azorra in the future.”

, Edward Chen, CEO of Xiamen Airlease

Market Context: The Demand for Mid-Life Widebodies

The sale occurs against a backdrop of tightening supply in the global widebody market. Throughout 2025, production delays at major manufacturers have forced airlines to extend the operational lives of existing fleets. This dynamic has strengthened lease rates and residual values for aircraft like the Airbus A330-300.

AirPro News Analysis

We observe that this transaction represents a classic “win-win” in the current leasing environment. For Azorra, divesting these 11-to-12-year-old assets allows for capital recycling, likely funding their order book of newer technology aircraft such as the Airbus A220 and Embraer E2. Azorra’s model often involves optimizing portfolio mix, and selling mid-life assets at a time of high market value is a prudent financial move.

Conversely, Xiamen Airlease secures assets that fit perfectly into a “mid-life specialist” niche. As aircraft move into their second decade of service, they often transition from Tier 1 lessors to specialists capable of managing the asset through to eventual part-out or cargo conversion. With Sichuan Airlines continuing to expand its operations, the lease revenue attached to these aircraft remains secure, reducing the risk for the new owner.

Frequently Asked Questions

Will this sale affect Sichuan Airlines’ operations?
No. The aircraft are sold “with lease attached,” meaning the operator (Sichuan Airlines) continues to fly the planes as usual. The only change is the entity receiving the monthly lease payments.

What engines are on these aircraft?
The two Airbus A330-300s are powered by Rolls-Royce Trent 700 engines, a common and reliable powerplant for this aircraft type.

Why are mid-life aircraft in demand in 2025?
Delays in the certification and delivery of new widebody aircraft (such as the Boeing 777X) have caused a shortage of capacity. Airlines are retaining older aircraft longer to meet passenger demand, which increases the value and utility of mid-life assets like the A330.

Sources: Azorra

Photo Credit: Airbus

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Aircraft Orders & Deliveries

Drukair Selects CFM LEAP-1A Engines for A320neo Fleet Order

Drukair picks CFM LEAP-1A engines for five A320neo family aircraft, including two A321XLRs, with deliveries starting in 2030.

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Drukair has finalized the propulsion choice for its upcoming fleet expansion, selecting CFM International LEAP-1A engines to power five new Airbus A320neo family aircraft.

The engine selection, announced in a CFM International press release on September 14, 2026, supports an aircraft order originally outlined in a July 2024 Memorandum of Understanding. The Bhutanese national carrier will use the new equipment to expand its international network, with aircraft deliveries anticipated to begin in 2030.

Fleet Modernization and Expansion

The order consists of three Airbus A320neo and two Airbus A321XLR aircraft. Drukair currently operates a mixed narrowbody fleet that includes one LEAP-powered A320neo and three older Airbus A319ceo aircraft powered by CFM56 engines.

The airline has been a CFM customer since 2004, when it received its first A319ceo. The new LEAP-1A engines will provide commonality with the existing A320neo while supporting the longer-range capabilities of the A321XLR.

Drukair Chief Executive Officer Tandi Wangchuk noted that the efficiency and reliability of the LEAP-1A assets will support the carrier’s growth.

“The LEAP-1A assets in terms of efficiency and reliability will support Drukair’s next phase of growth across Asia while helping us strengthen connectivity and deliver greater value to our passengers,” Wangchuk said.

CFM International Production Milestones

The agreement reinforces CFM International’s position in the South Asian aviation market. CFM President and Chief Executive Officer Gaël Méheust stated the manufacturer remains committed to supporting the airline’s growth and ensuring a smooth integration of the new aircraft into the fleet.

According to the manufacturer, the LEAP engine program has reached a milestone of 10,000 global deliveries. The engine provides improved fuel efficiency and reduced emissions compared to the legacy CFM56 powerplants currently operating on Drukair’s A319ceo fleet.

AirPro News analysis

The selection of the LEAP-1A is a logical continuation of Drukair’s existing fleet strategy. By maintaining engine commonality with its single in-service A320neo, the airline avoids the maintenance and training overhead that would come from introducing a competing powerplant. We view the inclusion of the A321XLR as the more transformative element of this order. The aircraft’s extended range will allow the landlocked nation to bypass traditional regional hubs and establish direct links to more distant markets in Asia-Pacific or the Middle East once deliveries commence in 2030.

Sources: CFM International

Photo Credit: CFM International

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Aircraft Orders & Deliveries

Airbus A350F Clears Ground Tests Before First Flight

Airbus completes Virtual First Flight program for the A350 Freighter ahead of maiden flight targeted for late September 2026.

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Airbus has completed the final simulation milestones for the A350 Freighter (A350F) and is preparing the aircraft for its maiden flight from Toulouse, France, targeted for late September 2026.

In a press release issued on September 14, 2026, the manufacturer detailed the completion of its “Virtual First Flight” (VFF) program and ground vibration testing. The milestone marks the final phase of ground preparations before the new widebody freighter enters a 400-hour flight test campaign aimed at securing certification in 2027. The A350F is designed to challenge Boeing in the heavy cargo market, featuring a maximum payload capacity of 111 tonnes and a range of 4,700 nautical miles.

Aerodynamic modeling and the Virtual First Flight

The A350F utilizes a unique fuselage configuration that requires extensive aerodynamic validation. Laurent Bussiere, Lead Flight Test Engineer for the A350F program, noted that the aircraft combines the forward fuselage length of the Airbus A350-900 with the rear fuselage length and wings of the Airbus A350-1000.

“It’s not an A350-1000 and it’s not an A350-900, but rather it’s between both. So we need to look at the behavior of the whole system with this unique model,” Bussiere said.

To prepare the five-person flight test crew, Airbus conducted the VFF program in early September 2026. The program consisted of 13 simulation sessions, each lasting approximately five hours. Bussiere stated that the simulation setup is 90% representative of the physical aircraft. The remaining 10% of the aerodynamic characteristics remain an unverified model. Because of this variable, the initial flight will be executed in “Direct Law”, requiring manual control by the flight crew until the aerodynamic model is validated in the air.

Flight test campaign and EASA certification

The global certification campaign is scheduled to last nine months and encompass 400 flight-hours. Airbus will utilize two test aircraft for the program. The first aircraft, designated MSN700, features a “flying parcel” test livery and will focus on aerodynamic performance, handling, and autopilot systems. The second aircraft, MSN701, is dedicated to system-related testing, including fire and smoke detection as well as hot and cold weather campaigns.

The European Union Aviation Safety Agency (EASA) is actively involved in the flight test plan. EASA pilots and flight test engineers will participate as onboard witnesses during performance flights ahead of the formal certification phase planned for 2027.

Airbus is also prioritizing ground operations during the test phase to ensure the aircraft is ready for commercial service.

“In terms of cargo operation, which is the A350F’s entire raison d’être, we are focusing on maturity right from the start. Our target is to be able to load and unload various representative containers and payloads every day after flight,” Bussiere said.

Order book and market entry

Airbus targets the first commercial delivery of the A350F for the second half of 2027. The manufacturer states the freighter will deliver a 40% reduction in fuel consumption and carbon emissions compared to previous generation aircraft with similar payload and range capabilities.

According to reporting by Cargo Facts, an undisclosed customer placed a firm order for eight A350Fs on August 31, 2026. This transaction brought the total firm order book for the type to 115 aircraft ahead of the maiden flight.

AirPro News analysis

We note that the nine-month flight test campaign outlined by Airbus represents an aggressive schedule for a widebody derivative with significant structural modifications. Flight test programs for aircraft of this size typically require 12 to 15 months to complete. While the extensive use of the Virtual First Flight program mitigates some developmental risk, any delays discovered during the 400-hour physical test campaign could push the targeted second-half 2027 entry into service into 2028.

Sources: Airbus

Photo Credit: Airbus

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Aircraft Orders & Deliveries

Boyu Capital to Acquire Xiamen Aircraft Leasing by End of 2026

Boyu Capital agrees to buy Xiamen Aircraft Leasing, a China-based mid-life aircraft and engine lessor, with closing targeted for end of 2026.

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This article summarizes reporting by Bloomberg News.

Asia-focused investment firm Boyu Capital has reached an agreement to acquire Xiamen Aircraft Leasing Co., Ltd., signaling continued private equity interest in the Chinese aviation asset management sector. The transaction is targeted to close by the end of 2026, according to reporting by Bloomberg News on September 10, 2026.

The acquisition targets a specialized player in the mid-life commercial aircraft, engine, and helicopter leasing market. Xiamen Aircraft Leasing, established in the Xiamen Free Trade Zone in September 2015, focuses on asset management, trading, and recycling. Financial terms and the exact valuation of the acquisition have not been publicly disclosed, and neither company has issued a formal press release confirming the agreement.

Path to acquisition

The agreement follows a strategic review initiated earlier in the year. In March 2026, Xiamen Aircraft Leasing hired an adviser to explore a potential sale of the business.

The process attracted attention from multiple investment firms looking to expand their footprint in the Asian aviation market. Bloomberg reported that Bain Capital was among the entities expressing interest before Boyu Capital ultimately secured the agreement.

Recent fleet activity

Leading up to the acquisition, Xiamen Aircraft Leasing maintained an active presence in the secondary aircraft market. The lessor has continued to execute transactions involving widebody assets to support its mid-life management strategy.

In December 2025, the company acquired two Airbus A330-300 aircraft from commercial aircraft lessor Azorra. The aircraft, carrying manufacturer serial numbers (MSN) 1432 and 1579, are currently on lease to Sichuan Airlines (3U).

AirPro News analysis

We view this acquisition as a clear indicator of the ongoing consolidation within the Asian aviation leasing market. Private equity firms like Boyu Capital are increasingly drawn to specialized lessors that manage mid-life assets, as these platforms offer predictable cash flows and opportunities in the aircraft recycling and parts trading sectors. The transition of Xiamen Aircraft Leasing to new ownership will likely provide the capital backing necessary to expand its portfolio in a constrained global supply chain environment.

Sources: Bloomberg News

Photo Credit: Xiamen Aircraft Leasing

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