Biman Bangladesh Airlines (BG) has issued a Request for Proposal (RFP) to dry lease three Boeing 787-9 Dreamliner aircraft for a 72-month term, seeking interim widebody capacity ahead of new aircraft deliveries scheduled for the next decade.

The tender document, published on July 15, 2026, outlines a target delivery window between January 1 and February 28, 2027. The procurement is part of a broader strategy to lease up to 10 aircraft by 2027 to support international network expansion while the carrier awaits 14 newly ordered Boeing jets that will not begin arriving until 2031.

Technical specifications and lease requirements

The RFP mandates strict operational and maintenance parameters for the incoming Boeing 787-9 airframes. Proposals must be submitted by August 9, 2026. According to the official tender document, the required aircraft specifications include:

• A maximum age of 15 years as of June 30, 2027.
• A Maximum Takeoff Weight (MTOW) of at least 254 tonnes.
• A minimum capacity of 300 passenger seats in a two-class configuration.
• A maintenance clearance ensuring no major scheduled maintenance, including heavy checks or landing gear overhauls, is due during the first 24 months of the lease.

Fleet expansion and transparency initiatives

The dry lease of the three widebody aircraft serves as a bridge solution following Biman’s April 30, 2026, order for 14 new Boeing aircraft, which includes 787-9s, 787-10s, and 737 MAX 8s. Because those factory-fresh airframes are scheduled for Delivery between 2031 and 2035, the Airlines requires immediate capacity to execute its near-term route strategy.

State Minister for Civil Aviation and Tourism M Rashiduzzaman Millat confirmed the scope of the interim fleet plan in a statement reported by Prothom Alo English on July 19, 2026. Millat noted that the airline plans to lease up to 10 aircraft within the year to increase flight frequencies on existing international routes and launch services to new destinations.

To manage the procurement, the government is implementing new oversight measures.

“We want to ensure that the leasing process is conducted with complete transparency,” Millat said, according to Prothom Alo English. “To that end, we have initiated the appointment of an international consultant. Around 40 applications have been received, and a qualified firm will be selected from among them to oversee the entire leasing process.”

Potential lessors and market context

As Biman seeks available 787-9 airframes, Norse Atlantic Airways (N0) has emerged as a potential supplier. On August 14, 2026, Bloomberg News reported that the Norwegian low-cost carrier is in negotiations to lease out up to six of its Boeing 787-9s to Biman and Pakistan International Airlines (PK).

The discussions follow the termination of a damp lease agreement Norse previously held with IndiGo (6E). Bloomberg reported that Norse is looking to place the excess widebody capacity with the South Asian carriers.

AirPro News analysis

We view Biman’s RFP as a necessary operational bridge, but securing favorable dry lease terms for Boeing 787-9s in the current constrained widebody market presents a challenge. The negotiations with Norse Atlantic Airways highlight a potential mismatch in lease structures that will need resolution. Biman’s tender explicitly requests a dry lease, where the lessor provides only the aircraft and the lessee supplies the crew. Norse has historically engaged in wet or damp leasing, providing crew and maintenance alongside the airframe. If Norse is to fulfill Biman’s RFP requirements, the Norwegian carrier will need to transition these specific airframes to a strict dry lease arrangement.

Sources: Biman Bangladesh Airlines, Prothom Alo English, Bloomberg News

Global aviation finance company Avolon and Indian low-cost carrier Akasa Air have finalized a sale and leaseback agreement for up to seven Boeing 737-8200 aircraft. Announced on August 14, 2026, the deal marks the third transaction between the Dublin-based lessor and the rapidly expanding airline, providing capital efficiency as Akasa scales its high-density fleet.

In a press release issued Friday, Avolon confirmed the agreement supports Akasa Air’s growth strategy in the Indian domestic and international markets. The transaction allows the airline to finance its incoming deliveries from a total orderbook of 226 Boeing 737 MAX family aircraft while maintaining liquidity.

Fleet expansion and the 737-8200 variant

The Boeing 737-8200 is a high-capacity variant of the Boeing 737-8 MAX, featuring an additional pair of emergency exits to accommodate higher passenger densities. This configuration aligns directly with Akasa Air’s low-cost carrier model, maximizing seat count to reduce per-seat operating costs.

Akasa Air commenced commercial operations on August 7, 2022, and has maintained an aggressive delivery schedule. The airline recently took delivery of its 40th Boeing 737 MAX aircraft in July 2026. Utilizing sale and leaseback structures allows the carrier to take possession of these new airframes without tying up significant capital in aircraft ownership.

Priya Mehra, Chief of Governance and Strategic Acquisitions at Akasa Air, stated the addition of the seven aircraft demonstrates a shared conviction in the airline’s growth trajectory and the broader strength of the Indian aviation market.

Avolon’s growing footprint in India

Avolon views India as a critical growth market for commercial aviation finance. Ramón Stortini, Managing Director for the Middle East, Africa, and South Asia at Avolon, noted the lessor’s relationship with Akasa Air dates back to the carrier’s initial launch.

“India remains one of the most compelling growth markets in global aviation, supported by strong economic fundamentals and increasing demand for air travel,” Stortini said.

As of June 30, 2026, Avolon reported an owned, managed, and committed fleet of 1,117 aircraft. This scale positions the Dublin-based company to support large fleet developments in emerging markets, absorbing the capital requirements of rapid airline expansion.

AirPro News analysis

We view this third transaction between Avolon and Akasa Air as a clear indicator of the Indian aviation sector’s sustained momentum. Sale and leaseback agreements remain a vital financial instrument for low-cost carriers like Akasa Air, enabling rapid fleet expansion without tying up massive amounts of capital in depreciating assets. By securing financing for the high-density Boeing 737-8200, Akasa Air is optimizing its unit costs to compete aggressively against established Indian operators. Avolon’s continued investment in the region underscores lessor confidence in India’s post-pandemic air travel boom and Akasa’s specific operational execution since its 2022 launch.

Sources: Avolon

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