Phoenix Aviation Capital Leases Two Boeing 737 MAX 8s to 9 Air

This article is based on an official press release from Phoenix Aviation Capital and AIP Capital.

On May 5, 2026, Phoenix Aviation Capital, a full-service aircraft lessor managed by AIP Capital, announced the execution of long-term lease agreements with Chinese low-cost carrier 9 Air. According to the official press release, the transaction involves two next-generation Boeing 737 MAX 8 aircraft, signaling continued fleet modernization efforts within the Asian aviation market.

The first of the two fuel-efficient aircraft was successfully delivered to 9 Air on April 28, 2026. The second Boeing 737 MAX 8 is scheduled for delivery later in 2026. Company statements confirm that the deal was facilitated by AIP Capital Asia, a joint venture specifically focused on strategic investments and aircraft placement across the Asia-Pacific region.

Fleet Modernization and Regional Expansion

9 Air’s Strategic Growth

Based at Guangzhou Baiyun International Airport, 9 Air operates as the first low-cost carrier in China’s central and southern regions. The airline, which is a subsidiary controlled by Shanghai-based Juneyao Airlines Co., Ltd., currently operates an all-Boeing fleet consisting primarily of Boeing 737-800s and 737 MAX 8s.

According to industry research data provided alongside the press release, the integration of these new aircraft aligns with 9 Air’s strategic objective to modernize its fleet while maintaining its signature low-cost business model. The Boeing 737 MAX 8 offers enhanced fuel efficiency, which is a critical factor for low-cost carriers looking to reduce operational costs and lower carbon emissions in a highly competitive domestic market.

The Rise of Phoenix Aviation Capital

Rapid Financial Scaling

Phoenix Aviation Capital has experienced rapid growth since its formation in April 2024. Based in Dublin, the full-service lessor is a portfolio company of funds advised or controlled by affiliates of BC Partners Advisors L.P., a leading international investment firm.

Company milestones highlight significant financial backing over the past year. In 2025, Phoenix raised over $2 billion in bank and institutional capital to support its growth strategy. This included a $550 million senior unsecured notes offering in June 2025 and a $550 million upsize to its senior secured credit facility in October 2025. Furthermore, Airfinance Global awarded Phoenix the “Best Overall Risk Rating” and “Best Asset Risk Rating” in its July 2025 Leasing Top 50, recognizing the lessor’s strategic focus on modern fleet composition.

AIP Capital’s Asian Focus

AIP Capital, the global alternative investment manager overseeing Phoenix, reported approximately $7.5 billion in assets under management as of May 2026. The firm operates globally with offices in Stamford, New York City, Dublin, and Singapore.

The 9 Air transaction underscores AIP Capital’s targeted strategy to capture market share in the booming Asia-Pacific aviation sector. In the official release, company leadership emphasized the importance of regional partnerships.

“We are honored to partner with 9 Air on this transaction,” stated Yiping Ke, Managing Director, China at AIP Capital, adding that the firm looks forward to “supporting 9 Air’s continued growth and fleet management strategies.”

AirPro News analysis

We view this transaction as a strong indicator of the normalized operational status of the Boeing 737 MAX in the Chinese market. Following a global grounding in 2019, the aircraft type gradually resumed flights in Chinese airspace, reaching near-full operational status by late 2023 and early 2024.

Historical industry data shows that 9 Air was among the 11 Chinese carriers that successfully reintegrated the 737-8 into active service during that recovery period. By securing these new leases through Phoenix Aviation Capital, 9 Air is not only reinforcing its commitment to the MAX family but also capitalizing on the availability of modern, fuel-efficient assets financed by rapidly scaling lessors. The involvement of AIP Capital Asia further highlights how Western-backed leasing platforms are aggressively positioning themselves to serve the rebounding demand in China‘s domestic travel sector.

Frequently Asked Questions (FAQ)

What aircraft are involved in the lease agreement?

The agreement between Phoenix Aviation Capital and 9 Air involves two next-generation, fuel-efficient Boeing 737 MAX 8 aircraft.

When are the aircraft being delivered?

The first aircraft was delivered on April 28, 2026. The second aircraft is scheduled for delivery later in 2026.

Who is Phoenix Aviation Capital?

Formed in April 2024 and based in Dublin, Phoenix Aviation Capital is a full-service aircraft lessor managed by AIP Capital and backed by affiliates of BC Partners Advisors L.P.

What is 9 Air’s market position?

9 Air is the first low-cost carrier operating in China’s central and southern regions. Based in Guangzhou, it is a subsidiary of Juneyao Airlines and operates an all-Boeing fleet.

Sources

• PR Newswire: Phoenix Aviation Capital and AIP Capital