Lessor Aviation Capital Group finalizes new Boeing MAX order

Another lessor order confirmation today, this time for Boeing. Aviation Capital Group (ACG) finalized an order for thirteen MAX aircraft, including seven MAX 8s and six MAX 10s, the two companies said on September 5. Boeing nor ACG disclosed further details of the latest order or delivery schedules of this follow-on order, which brings the total MAX orders of Aviation Capital Group to 47. During the 2022 Farnborough Airshow, ACG ordered twelve MAX 8s. The lessor has an interesting order history. Aviation Capital Group's first MAX order was in 2012 for sixty aircraft, including the MAX 8 and -9. It ordered twenty MAX 10s at the 2017 Paris Airshow, becoming one of the first customers for the type that was launched here. In Farnborough 2018, another twenty MAX 8s were added to the backlog and confirmed in August that same year. This brought the total orders to 100 and to 103 after a small follow-on order in October. MAX orders slashed after accidents After the two fatal MAX accidents in late 2018 and 2019, ACG slashed its MAX order. Until the grounding in March 2019, it had delivered seven aircraft to customers. ACG said in September 2021 that it was committed to delivering another seventeen to customers. This indicates that ACG had reduced its order from 103 to 24 aircraft. Boeing data shows that ACG ordered nine aircraft in April 2022 and twelve in Farnborough in July 2022. At the time, the lessor said it had orders for 34 MAX. All original orders together add up to 124 MAX, placed between 2012 and July 2022, or 137 if today's order is included. In this year's Q2 results presentation, ACG said that its fleet of 304 aircraft included sixteen owned MAX, or only seven percent of the total fleet. The lessor was committed to 34 more MAX to bring the total number to fifty. Seven MAX 8s are scheduled for delivery in 2024, fifteen in 2025, and twelve in 2026. A delivery schedule shared during the 2022 Deutsche Bank Conference included three deliveries this year, twelve in 2024, and seven in 2025, but that didn’t include the Farnborough order. A320neo dominates portfolio ACG’s MAX portfolio is still less than one-third of its Airbus A320neo family fleet, which included 96 aircraft owned and six managed aircraft in June plus 65 committed for a total of 167. The lessor finalized an order for forty A320neo family aircraft plus twenty options in February 2022, which includes five A321XLRs. ACG also has 110 owned and managed Boeing 737NGs and 107 A320ceo aircraft. "We are pleased to expand ACG's commitment to the 737 MAX program. This additional order will allow ACG to offer highly fuel-efficient and versatile aircraft to our airline customers worldwide," said Steven Udvar-Hazy in a media statement. Not only is he Chairman of Air Lease Corporation (ALC) but also senior vice president and chief of Aircraft Operations at ACG. In June, ACG acquired five Airbus A320neo's from ALC that were part of a portfolio from funds managed by ALC and on lease to Spirit Airlines. The lessor has placed its aircraft with ninety airlines in 45 countries, with Avianca, American Airlines, and COPA Airlines as its top three customers. China is its most important market, with fourteen percent of its fleet placed here, ahead of the US at thirteen percent.

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