This article is based on an official press release from SMBC Aviation Capital and verified industry data regarding United Airlines fleet operations.

SMBC Aviation Capital Delivers Boeing 737-9 to United Airlines Amidst Major Fleet Expansion

On February 13, 2026, Dublin-based lessor SMBC Aviation Capital successfully delivered a Boeing 737-9 (MAX 9) aircraft to United Airlines. This delivery marks a significant milestone in the ongoing partnership between the two aviation giants, serving as the 10th aircraft delivered under a 20-aircraft sale-and-leaseback agreement finalized in late 2025.

The transaction underscores the continued reliance of major carriers on sale-and-leaseback (SLB) financing to modernize fleets while maintaining liquidity. For United Airlines, the arrival of this aircraft supports its ambitious “United Next” strategy, which aims to overhaul the carrier’s domestic product with larger, more fuel-efficient narrow-body jets.

Transaction Details and Partnership

According to the official announcement from SMBC Aviation Capital, the aircraft (MSN 67747) is equipped with two CFM International LEAP-1B27 engines. The delivery is part of a broader financing deal signed in December 2025, which covers a total of 20 Boeing 737-9 aircraft. Under this sale-and-leaseback structure, United Airlines sold the aircraft to SMBC Aviation Capital upon delivery from Boeing and immediately leased it back for operation.

This delivery reinforces a deepening relationship between the lessor and the airline. Previous collaborations include leases for 20 Airbus A321neo aircraft and a separate SLB transaction covering 20 Boeing 737 MAX 8s.

Asset Profile: The Boeing 737-9

The Boeing 737-9 is a central component of United’s domestic fleet modernization. The aircraft offers significant improvements in fuel efficiency and carbon emissions, approximately 15% to 20% better than the previous generation of aircraft it replaces.

“United Next” Configuration

United Airlines has configured this aircraft to align with its “United Next” interior standards, designed to elevate the passenger experience on domestic routes. Based on corporate fleet specifications, the aircraft features a total capacity of 179 passengers.

“The interior features include 13-inch monitors in First Class and 10-inch monitors in Economy at every seat, high-speed Wi-Fi, Bluetooth connectivity, and larger overhead bins designed to accommodate one carry-on bag per passenger.”

, United Airlines Corporate Information

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The cabin layout includes:

• United First®: 20 seats in a 2-2 configuration.
• Economy Plus®: 45–48 seats offering extra legroom.
• United Economy®: 111–114 seats.

Strategic Context: SMBC Aviation Capital

This delivery occurs during a transformative period for SMBC Aviation Capital. As of early 2026, the company ranks as the second-largest aircraft lessor globally by fleet count, managing a portfolio of approximately 995 owned, managed, and committed aircraft. The lessor maintains a strategic focus on liquid, new-technology narrow-body aircraft such as the A320neo and 737 MAX families.

Pending Acquisition of Air Lease Corporation

The market context for this delivery is shaped by SMBC Aviation Capital’s aggressive expansion. In September 2025, a consortium led by the lessor agreed to acquire Air Lease Corporation (ALC) for an enterprise value of $28.2 billion. This landmark deal is expected to close in the first half of 2026. Upon completion, the combined entity is projected to operate under the brand “Sumisho Air Lease,” significantly expanding its footprint in the wide-body market and challenging competitors for global market share.

AirPro News Analysis

The Rise of the Mega-Lessor and SLB Financing

The delivery of MSN 67747 highlights two critical trends in the 2026 aviation market. First, the prevalence of Sale-and-Leaseback (SLB) transactions indicates that despite stabilizing markets, airlines continue to prioritize cash liquidity over asset ownership. With interest rates remaining a factor in 2025 and 2026, SLBs allow carriers like United to onboard new technology without the heavy capital expenditure associated with direct purchasing.

Second, the consolidation of the leasing sector, exemplified by the SMBC-ALC merger, suggests a shift toward “mega-lessors.” These entities possess the capital depth to support massive order books and provide critical delivery slots during periods of supply chain constraint. As Boeing and Airbus navigate production delays, lessors with secured positions, such as SMBC, become indispensable partners for airlines racing to meet travel demand.

Frequently Asked Questions

What is a Sale-and-Leaseback (SLB) transaction?
An SLB is a financial transaction where an airline sells an aircraft to a lessor (like SMBC) and immediately leases it back. This allows the airline to use the aircraft without tying up capital in ownership, while the lessor gains a revenue-generating asset.

How many aircraft are involved in this specific deal?
This delivery is the 10th aircraft of a 20-aircraft agreement for Boeing 737-9s signed between United Airlines and SMBC Aviation Capital in December 2025.

What is the “United Next” strategy?
“United Next” is United Airlines’ fleet modernization plan, which involves replacing older regional and mainline jets with newer, larger aircraft featuring upgraded interiors, seatback screens for all passengers, and larger overhead bins.

Sources

• SMBC Aviation Capital Press Release (Feb 13, 2026)
• United Airlines Corporate Fleet Information

This article is based on an official press release from BOC Aviation.

BOC Aviation Secures US$3.5 Billion Facility Renewal with Bank of China

BOC Aviation Limited has officially announced the renewal of its US$3.5 billion unsecured revolving credit facility (RCF) with its majority shareholder, the Bank of China. Confirmed on February 16, 2026, the transaction extends the maturity of the facility to February 13, 2031, providing the Singapore-based lessor with a five-year horizon of secured liquidity.

The renewal maintains the facility’s total value at the same level established during its 2020 expansion. According to the company, this move is designed to bolster financial flexibility and ensure consistent access to capital for aircraft investments, regardless of broader market cycles. The agreement underscores the continued financial backing BOC Aviation receives from its parent company, a critical differentiator in the competitive aircraft leasing sector.

Transaction Details and Management Commentary

The renewed agreement is an unsecured revolving credit facility, a structure that allows BOC Aviation to draw down, repay, and re-borrow funds as needed up to the US$3.5 billion limit. By extending the maturity date to 2031, the lessor secures a long-term funding runway to support its growth strategy.

Steven Townend, Chief Executive Officer and Managing Director of BOC Aviation, emphasized the strategic importance of this renewal in a statement released by the company. He highlighted the alignment between the lessor and its parent organization.

“This RCF extension reflects the confidence that Bank of China has in the future of our business and underscores the depth of our relationship with our major shareholder. The facility strengthens our financial flexibility and ensures our access to ample liquidity to support our aircraft investments across the cycle.”

, Steven Townend, CEO of BOC Aviation

Historical Evolution of the Facility

The credit facility has grown significantly alongside BOC Aviation’s fleet over the last two decades. The company provided a timeline of the facility’s evolution, illustrating the increasing scale of support from the Bank of China:

• 2007: Initial facility established at US$1 billion.
• 2009: Facility doubled to US$2 billion.
• 2020: Expanded to the current level of US$3.5 billion.
• 2026: Renewed at US$3.5 billion with maturity extended to 2031.

Operational Context and Financial Position

This liquidity event occurs against a backdrop of significant operational activity for the lessor. As of December 31, 2025, BOC Aviation reported a total portfolio of 815 aircraft and engines, including owned, managed, and ordered assets. The company’s reach extends to 87 airlines across 46 countries and regions.

Data released regarding the full year 2025 indicates robust activity, with the company taking delivery of 51 new aircraft and executing a record 333 transactions. These transactions included 160 aircraft purchase commitments, signaling an aggressive growth posture that necessitates substantial available capital.

In addition to the RCF renewal, BOC Aviation has recently moved to diversify its funding sources. In early February 2026, the company successfully priced US$500 million in senior unsecured notes. The combination of these notes and the renewed RCF provides a multi-layered capital structure to fund future acquisitions.

AirPro News Analysis

The renewal of this facility highlights a structural advantage for BOC Aviation compared to independent lessors. In a high-interest-rate environment or during periods of market volatility, the cost of funds is a primary determinant of a lessor’s profitability. The direct backing of a major state-owned bank allows BOC Aviation to secure large-scale liquidity that might be more expensive or difficult to arrange for competitors without similar parentage.

Furthermore, with supply chain constraints continuing to affect Airbus and Boeing deliveries in 2026, lessors with ready cash are better positioned to execute sale-and-leaseback (SLB) transactions with airlines desperate for liquidity. By locking in US$3.5 billion in revolving credit through 2031, BOC Aviation is effectively positioning itself to act as a liquidity provider to the airline industry, potentially acquiring assets at attractive valuations while manufacturers struggle to meet delivery targets.

Sources

• BOC Aviation Press Release

This article is based on an official press release from Boeing and Air Astana.

Air Astana Finalizes Historic Orders for 15 Boeing 787-9 Dreamliners to Target US Routes

On February 17, 2026, Air Astana JSC, the flag carrier of Kazakhstan, officially finalized a major agreement with Boeing for up to 15 Boeing 787-9 Dreamliner aircraft. The deal, announced in Seattle, marks the largest single aircraft purchase in the airline’s history and signals a pivotal shift in its long-haul strategy. Valued at approximately $7 billion at list prices, the agreement is designed to modernize the carrier’s widebody fleet and facilitate direct operations to North America.

The acquisition comes at a critical transition point for the Airlines, coinciding with a leadership change and following its recent IPO. According to the official announcement, the new fleet will replace aging Boeing 767s and provide the range necessary to navigate complex geopolitical airspace restrictions while connecting Central Asia to the United States.

Deal Structure and Delivery Timeline

The agreement creates a long-term pipeline for fleet renewal. According to details released regarding the Contracts, the order for 15 aircraft is structured in three tiers:

• 5 Firm Orders: Guaranteed purchases scheduled for production.
• 5 Options: Reserved slots with fixed pricing that the airline may exercise later.
• 5 Purchase Rights: A flexible agreement allowing for future expansion under agreed terms.

While the newly purchased jets are scheduled for delivery between 2032 and 2035, Air Astana will begin operating the Dreamliner much sooner. Through a separate agreement with Air Lease Corporation (ALC), three leased Boeing 787-9s are expected to join the fleet in the first quarter of 2026. These leased units will allow the carrier to begin pilot training and route expansion immediately, bridging the gap until the direct orders arrive.

Technical Specifications and Fleet Modernization

The selection of the 787-9 variant represents a significant upgrade in capacity and efficiency over Air Astana’s current widebody workhorse, the Boeing 767-300ER. Data provided in the announcement indicates the new Dreamliners will feature a two-class configuration with 303 seats, a substantial increase from the 223 seats offered on the 767s.

In a notable strategic pivot, Air Astana has selected General Electric GEnx-1B engines to power the new fleet, moving away from a 2012 intention to utilize Rolls-Royce Trent 1000 engines. The airline cites the 787-9’s superior fuel efficiency and range, approximately 7,530 nautical miles, as critical factors in the decision.

“Boeing airplanes have been integral to Air Astana’s operations from the beginning. We are proud that the 787 Dreamliner will support Central Asia’s growing importance in global aviation.”

, Paul Righi, VP of Commercial Sales (Eurasia), Boeing

Strategic Expansion: The “Holy Grail” of New York

A primary driver behind this investment is the airline’s ambition to launch non-stop service from Kazakhstan to New York (JFK). This route has long been a strategic goal but faces significant logistical hurdles due to the closure of Russian airspace following geopolitical sanctions.

The current geopolitical climate necessitates a southern route over the Caspian Sea, Turkey, and Europe, adding considerable distance to the flight path. The extended range of the Boeing 787-9 is essential to making this detour commercially and operationally viable, allowing Air Astana to bypass Russian airspace without sacrificing payload or requiring technical stops.

AirPro News Analysis

The timing of this order suggests Air Astana is aggressively positioning itself as the dominant connector in the Central Asian market, outpacing regional competitors like Uzbekistan Airways. By securing the 787-9, the airline is not only solving the immediate problem of airspace restrictions but is also future-proofing its fleet against fuel price volatility. The shift to GE engines likely reflects a desire for reliability on these ultra-long-haul routes, where engine performance over remote regions is paramount.

Leadership Transition

The finalization of this order serves as a capstone achievement for outgoing CEO Peter Foster, who is set to retire in March 2026. Foster has led the airline through its recent IPO and this historic fleet renewal. He will be succeeded by current CFO Ibrahim Canliel, who will oversee the financial integration of these assets.

“The 787-9’s advanced technology and efficiency will allow us to connect Kazakhstan to new markets, including North America, with a superior passenger experience.”

, Peter Foster, Outgoing CEO, Air Astana

Sources

Sources: Boeing Mediaroom