Aircraft Orders & Deliveries
ACG Reports $668M Revenue and ITOCHU Ownership Deal
Aviation Capital Group posts $668M H1 2026 revenue as ITOCHU acquires 50% stake in its parent company.

Aviation Capital Group LLC (ACG) reported $668 million in total revenues for the first half of 2026, alongside a major strategic shift that will see Japanese conglomerate ITOCHU Corporation acquire a 50% stake in the lessor’s direct parent company.
In an August 12, 2026, press release detailing its second-quarter financial results, the Newport Beach, California-based aircraft lessor highlighted continued portfolio growth and strong liquidity. The upcoming ownership transition, expected to close in November 2026, will shift ACG from a wholly owned subsidiary of Tokyo Century Corporation to a 50:50 joint management structure between Tokyo Century and ITOCHU.
Financial performance and portfolio expansion
For the six months ended June 30, 2026, ACG generated $341 million in cash flow from operations, representing a 23% year-over-year increase. The company reported a total pre-tax net income of $99 million. Total assets reached $14.6 billion, a 7% increase compared to December 31, 2025. The lessor maintained a net debt to equity ratio of 2.1x and reported $6.6 billion in available liquidity at the close of the second quarter.
ACG invested $1.2 billion in aircraft purchases during the first half of the year. During the second quarter alone, the company added 13 aircraft to its portfolio, comprising six Airbus A320 family aircraft, five Boeing 737 family aircraft, one Airbus A350-900, and one Airbus A330-900. The lessor also sold eight aircraft during the quarter, realizing a net gain of $13 million. As of June 30, 2026, ACG’s owned, managed, and committed fleet stood at 504 aircraft, leased to approximately 85 airlines across 50 countries. The owned portfolio features a weighted average age of 5.4 years and a weighted average remaining lease term of 7.0 years.
Strategic ownership transition and financing activity
On August 3, 2026, Tokyo Century Corporation announced a binding memorandum of understanding to transfer a 50% ownership interest in TC Skyward Aviation U.S., Inc., ACG’s direct parent company, to ITOCHU Corporation. The transaction is designed to capitalize on future growth opportunities in the global aircraft leasing market.
“The recently announced transaction between Tokyo Century and ITOCHU will represent an important milestone for ACG, further strengthening our ownership base, positioning the company to capitalize on future growth opportunities and solidifying ACG as a leading global aircraft lessor,” said Thomas Baker, Chief Executive Officer and President of ACG.
Alongside the ownership update, ACG detailed recent financing activities designed to bolster its balance sheet. On July 3, 2026, the company closed a $1.48 billion unsecured term loan facility syndicated to 33 lenders, which matures in July 2031. The lessor also extended the final maturity date of its $3.1 billion senior revolver to June 2030. As of the end of the second quarter, ACG reported an unencumbered asset to unsecured debt coverage ratio of 1.6x.
AirPro News analysis
The transition to a joint management structure under two major Japanese conglomerates provides ACG with a robust foundation for capital expansion in a highly competitive leasing market. As airlines continue to face delivery delays from both Airbus and Boeing, lessors with strong liquidity and access to capital are well-positioned to command premium lease rates for available narrowbody and widebody assets. We view the $1.48 billion unsecured term loan and the extension of the $3.1 billion revolver as critical tools that will allow ACG to aggressively pursue sale-and-leaseback opportunities or direct orders while maintaining its conservative leverage profile.
Sources: Aviation Capital Group
Photo Credit: Aviation Capital Group
Aircraft Orders & Deliveries
Airbus A350F Freighter Completes Maiden Flight in Toulouse
Airbus A350F freighter makes first flight Sept. 29, 2026, starting a 400-hour EASA certification campaign targeting approval by mid-2027.

Airbus has successfully completed the maiden flight of its A350F freighter, initiating a rigorous certification campaign for an aircraft designed to challenge historical market dominance in the heavy air cargo sector. The first test aircraft, designated MSN 700, departed Toulouse-Blagnac Airport (TLS) on September 29, 2026, marking a critical milestone for the European manufacturer.
In a press release issued following the flight, Airbus confirmed the aircraft completed a comprehensive initial evaluation of its systems and flight controls over southern France. The maiden flight initiates a 9-to-10-month flight test program aimed at securing regulatory approval for the new widebody freighter.
Initiating the flight test campaign
The A350F took off from runway 14R at Toulouse-Blagnac at 10:30 a.m. local time. According to reporting by Aviation Week, the departure proceeded on schedule despite gusting wind conditions at the airport. The aircraft reached a maximum altitude of 25,000 feet during the test.
Airbus reported the flight duration as 4 hours and 10 minutes, though flight tracking data published by Flightradar24 recorded the total airborne time at 4 hours and 14 minutes. Prior to the physical flight, Airbus flight test crews conducted a virtual first flight in a development simulator to validate the aircraft flight control laws and clear its new systems for airborne operation.
The crew for the maiden flight included Experimental Test Pilots Bernardo Saez-Benito Hernandez and Sylvain Guiraud, operating alongside test-flight engineers Ludovic Girard, Laurent Bussiere, and Jaime Angoloti Benavides.
“This maiden flight is a major milestone for the A350F and for our customers worldwide. As the latest development of our highly successful A350 platform, the A350F is a true game-changer for the air cargo market, combining unmatched operational flexibility, fuel efficiency, and range.”
The statement was provided by Lars Wagner, CEO of Commercial Aircraft at Airbus, who also commended the dedication of the engineering and manufacturing teams involved in the program.
Engineering a new heavy freighter
Airbus officially launched the A350F program in 2021 to meet evolving global air freight demands and replace aging legacy freighters. The aircraft is a dedicated freighter derivative of the A350 passenger family, featuring a unique fuselage configuration. It combines the forward fuselage length of the Airbus A350-900 with the rear fuselage and wing configuration of the larger Airbus A350-1000.
Constructed from over 70 percent advanced materials, the A350F is designed to offer a maximum payload capability of 111 tonnes and a maximum range of 8,700 kilometres. Airbus states the aircraft provides a 46-tonne weight reduction in maximum take-off weight (MTOW) compared to competitor aircraft with similar payload and range capabilities. This weight reduction, combined with the Rolls-Royce Trent XWB-97 engines, is projected to deliver a 40 percent reduction in fuel consumption and carbon emissions.
A central feature of the new design is the industry’s largest main deck Cargo aircraft door, measuring 4.3 metres wide. Airbus completed the manufacturing and assembly of the first main deck cargo door at its composite facility in Illescas, Spain, on April 23, 2026.
Challenging the heavy cargo market
The A350F enters a market historically dominated by Boeing, positioning itself as the first new freighter to fully meet the latest International Civil Aviation Organization (ICAO) carbon dioxide emission standards. As of the end of August 2026, the A350F program had recorded 115 firm orders.
While Airbus stated these orders come from 10 customers worldwide, an order book breakdown published by Flightradar24 lists 15 distinct entities accounting for the commitments. Atlas Air currently stands as the program’s largest customer with 20 aircraft on order. Air China Cargo, AviLease, Etihad Airways, and Starlux Airlines follow with orders for 10 aircraft each.
Path to certification
The maiden flight marks the beginning of an intensive certification campaign that Airbus expects to span 400 flight hours. The manufacturer is targeting Type Certification from the European Union Aviation Safety Agency (EASA) between late 2026 and mid-2027.
A second prototype, designated MSN 701, has already completed final assembly and is currently undergoing ground tests. Airbus confirmed the second aircraft is scheduled to enter the paint shop in the coming weeks. Once airborne, MSN 701 will focus on system-related testing, including air conditioning, water and waste systems, smoke detection, and extreme weather campaigns.
AirPro News analysis
The successful maiden flight of the A350F represents a pivotal moment in the widebody freighter market. By bringing the A350F to the skies, Airbus is actively capitalizing on the upcoming ICAO emission standards that will force the retirement of older, less efficient cargo platforms. The strong initial order book, particularly the commitment from traditional Boeing operator Atlas Air, indicates that the freight sector is highly receptive to a composite-heavy, new-generation alternative.
The aggressive 9-to-10-month certification timeline reflects Airbus’s confidence in the maturity of the baseline A350 platform. However, integrating the massive main deck cargo door and specialized freight systems will remain the primary technical hurdle during the upcoming 400-hour test campaign. If Airbus can maintain this schedule, the A350F is positioned to fundamentally alter the competitive dynamics of the heavy air cargo sector.
Photo Credit: Airbus
Aircraft Orders & Deliveries
CDB Aviation Delivers First Boeing 737-8 to Norwegian
CDB Aviation delivers the first of four leased Boeing 737-8 aircraft to Norwegian, fulfilling December 2024 lease agreements.

CDB Aviation has delivered the first of four Boeing 737-8 aircraft to Norwegian, marking the lessor’s initial placement with the Nordic carrier as it continues to modernize its narrowbody fleet.
The delivery, announced by the lessor in a press release on September 29, 2026, stems from lease agreements executed in December 2024 and supports Norwegian’s strategy to replace older-generation aircraft with more fuel-efficient models.
Fleet modernization and sustainability goals
The introduction of the new Boeing 737-8 aligns with Norwegian’s ongoing fleet renewal efforts. The airline is focused on enhancing operational efficiency, environmental performance, and financial flexibility across its network. Geir Karlsen, Chief Executive Officer of Norwegian, stated that the delivery represents an important step forward in the carrier’s fleet renewal and strengthens the airline for the future.
“We are pleased to mark the delivery of our first Boeing 737-8 with CDB Aviation,” Karlsen said. “We highly value our new partnership with CDB Aviation as we continue to strengthen Norwegian for the future.”
For CDB Aviation, the transaction highlights a strategic focus on assisting airlines with sustainability targets. Gavan Daly, Head of Commercial EMEA at CDB Aviation, noted that enabling customers to achieve these goals is a core element of the lessor’s platform strategy.
“Our team remains focused on supporting the efforts of airlines in all markets to renew their fleets with energy-efficient, new-generation aircraft,” Daly said, adding that the new aircraft will support Norwegian’s growing modern fleet.
Corporate profiles and recent market activity
The Norwegian Group, headquartered at Fornebu outside Oslo, Norway, is a major Nordic aviation company employing over 8,900 people across its operations. Its primary airline, Norwegian Air Shuttle, employs approximately 5,200 staff and carried 23 million passengers in 2025. Prior to this latest delivery, the carrier maintained a fleet of 95 Boeing 737-800 and Boeing 737-8 aircraft.
In 2024, the group expanded its regional footprint by acquiring Widerøe’s Flyveselskap, Norway’s oldest airline and Scandinavia’s largest regional carrier. The acquisition was designed to facilitate seamless air travel across the two networks. Widerøe employs over 3,700 people and carried 4.1 million passengers in 2025. The regional carrier operates a fleet of 51 aircraft, comprising 48 Bombardier Dash 8s and three Embraer E190-E2s, primarily serving short-runway airports in rural Norway and fulfilling several state contract routes.
CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Ltd., is a 41-year-old leasing company backed primarily by the China Development Bank. The lessor holds investment-grade ratings of A1 from Moody’s, A from S&P Global, and A from Fitch.
The lessor has maintained an active delivery schedule in the third quarter of 2026. Prior to the Norwegian handover, CDB Aviation delivered TAROM’s inaugural Boeing 737-8 on September 12, 2026, and completed deliveries of five Airbus A321neo aircraft to LATAM Airlines on September 8, 2026. The remaining three Boeing 737-8 aircraft under the December 2024 agreement are pending delivery to Norwegian.
Photo Credit: CDB Aviation
Aircraft Orders & Deliveries
Avion Express Deploys Three A320s for Corendon Airlines
Avion Express has placed three Airbus A320s at Antalya Airport under a new ACMI wet-lease deal with Corendon Airlines.

This is original reporting and analysis by AirPro News.
Avion Express has deployed three Airbus A320 aircraft to Antalya Airport (AYT) to operate on behalf of Turkish leisure carrier Corendon Airlines under a new wet-lease agreement.
The arrangement, announced in late September 2026, provides Corendon Airlines with immediate narrowbody capacity to support its flight operations from the Mediterranean holiday destination.
ACMI deployment in Turkey
The charter and Aircraft, Crew, Maintenance, and Insurance (ACMI) operator confirmed the start of operations via an official company statement. The three Airbus A320s will be based in Antalya, which serves as a major operational hub for Corendon Airlines.
Avion Express stated the aircraft are ready to begin operations, noting the company will provide ACMI services in support of the Turkish airline’s network. The operator expressed optimism for the collaboration, stating they look forward to a “smooth, successful, and long-lasting partnership throughout the operation.”
Capacity management for leisure carriers
Wet-lease agreements remain a standard mechanism for European and Mediterranean leisure Airlines to manage seasonal capacity fluctuations. By utilizing ACMI providers, carriers can scale their fleets to meet peak passenger demand without the long-term financial commitments associated with permanent aircraft acquisitions or dry leases.
Corendon Airlines focuses heavily on tourist traffic between Europe and holiday destinations in Turkey. The addition of three A320s allows the airline to maintain schedule reliability and absorb demand spikes from its Antalya base.
AirPro News analysis
We view this deployment as a continuation of the strong demand for narrowbody ACMI lift across the European leisure market. With ongoing Supply-Chain constraints and aircraft Delivery delays affecting operators globally, specialized wet-lease providers like Avion Express are positioned to fill critical capacity gaps. The choice of the Airbus A320 offers Corendon Airlines a standardized platform well-suited for short- to medium-haul holiday routes.
Sources: Avion Express
Photo Credit: Avion Express
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