Transactions Update: Aircastle offers 36 aircraft portfolio, Dubai Air Show round up, OEMs mull stretched widebodies
Aircastle markets 36-aircraft portfolio
Aircastle has released a teaser for a 36-aircraft portfolio. Ishka understands that the portfolio includes three widebodies, three narrowbody converted freighters, and the rest is divided between A320ceo family and 737NG aircraft. With vintages spanning from 2005 to 2017, (most of the narrowbody aircraft vintages are sitting around 2012–2013,) the portfolio provides a broad spread of assets and vintages.
The RFP went out in November, and first-round bids are expected by the end of December. Ishka understands that Aircastle aims to finalise the process by the end of January in Dublin, with the goal to wrap up sales in early 2026. The Ishka View: Most traders have already wrapped up the bulk of their various sales campaigns for the year. The few new portfolios and teasers hitting the market now are firmly set at locking in aircraft buyers’ budgets for 2026.
TRANSACTIONS UPDATE: 8th November - 20th November
SLBs and leases
CDB Aviation finalised lease agreements for four Airbus A320neo aircraft with new customer Marabu Airlines (Estonia). The aircraft, each in 180-seat configuration, will expand Marabu’s fleet to 12 units.
Macquarie AirFinance announced a sale and leaseback agreement with Volaris covering three A320neo aircraft for 2026 delivery, alongside short-term lease extensions on three A320ceos. The 12th November 2025 deal adds to a string of recent SLB activity involving Volaris, which has also transacted with CDB Aviation and Aviation Capital Group (ACG).
CDB Aviation signed lease agreements with Ethiopian Airlines for two Boeing 737 MAX 8s, with deliveries slated for H1 2026. Announced 17th November 2025, the deal marks CDB’s first transaction with Ethiopian, expanding the lessor’s African presence and aligning with the carrier’s ongoing narrowbody fleet renewal.
Debt Capital Markets
The latest aircraft lease ABS from Carlyle Aviation Partners priced. AASET 2025-3 achieved yields of 5.301% on its $526.182 series A notes and 5.801% on its $76.254 million series B notes (see Insight for a detailed write up: ‘Carlyle’s AASET 2025-3 prices’).
OEM UPDATES
Boeing recorded 15 gross commercial aircraft orders in October 2025, including six 737 MAXs for TUI Travel, and additional MAX and 787-9 commitments from undisclosed customers. Total deliveries for the month stood at 50 units, comprising 737 MAXs, 787s, 767Fs, and 777Fs across a broad lessor and airline base. Key lessor-linked handovers included five 737 MAXs to AerCap, two to Air Lease, and units placed via CDB Aviation, Minsheng Financial Leasing, and Yangtze River Finance Leasing. Major airline deliveries included Southwest (nine MAXs), Ryanair (five MAXs), American Airlines (three units across MAX and 787-9), and Turkish Airlines (787-9 and 777F). Cargo operators FedEx and UPS each took a 767-300F, while the 787 programme saw deliveries to ANA, EVA Air, Lufthansa, Korean Air, Oman Air, and United Airlines, underscoring steady twin-aisle output.
AIRLINE ORDERS AND PHASE-OUTS: Dubai airshow round up
The Dubai Airshow provided a platform for major OEMs to unveil a new wave of aircraft and engine orders, with notable commitments from African and Middle Eastern operators. Boeing scored well with an Emirates order for another 65 B777-9s, taking their commitment to the type to 270 aircraft. Emirates also holds orders for 10 B777Fs and 30 B787s to take their total Boeing backlog to 310. Gulf Air confirmed a firm order for 15 Boeing 787s, with three additional options, building on a previous July commitment. The airline already operates 10 787-9s, with two more still on order. Ethiopian Airlines expanded its Boeing backlog with an order for 11 737 MAX 8s.
Air Senegal signed a Letter of Intent for nine 737 MAX 8s and six options, reinforcing a broader African fleet modernisation trend. The UAE carrier flydubai also signed an MoU covering another 75 orders and 75 options for the B737 MAX (MAX 8, 9 and 10 models to suit).
For Airbus, flydubai also made headlines with a major MoU for up to 150 A321neos — a significant development for a carrier that has so far operated an all-Boeing fleet. Air Europa also signalled a strategic shift, signing an MoU for up to 40 A350-900s as part of its long-haul renewal strategy. Meanwhile, Etihad Airways placed additional widebody orders, including 15 A330neos, with six to be delivered directly from Airbus and nine via Avolon, pointing to tight slot availability. Etihad also added seven more A350-1000s and three A350Fs, taking its total commitments to 27 A350-1000s and 10 A350 freighters. Ethiopian Airlines likewise confirmed a further order for six A350-900s.
Embraer also featured in the show’s activity, with Air Côte d’Ivoire ordering four E175-E1s for delivery from 2027 and securing eight further options. Helvetic Airways ordered three Embraer E195-E2s with options for five more. Deliveries begin late 2026, with all aircraft in 134-seat single class layout. The new E2s will replace older E190s, two of which are due for retirement by year-end. The move supports Helvetic’s ongoing fleet renewal following prior temporary E-Jet leases during GTF engine issues.
Engines: In the engine sector, flydubai confirmed its selection of the GEnx-1B to power its 787-9s, while GE Aerospace announced plans to establish a new On Wing Support facility in Dubai for both CFM LEAP-1 and GE9X engines. Avolon ordered 100 LEAP-1A engines from CFM International on 17th November 2025, covering 50 A320neo Family aircraft from its existing order book. The lessor now oversees a fleet of 99 LEAP-powered A320neos, with firm orders in place for 163 more. In total the lessor has firm orders for 205 engine shipsets, with a total of 347 A320neo aircraft on order as of 30 September 2025.
Icelandair has accelerated its plans to retire 3 B767-300ERs, with widebody operations to end in 2026 rather than 2029. One B767 will retire by year end and two before the end of 2026. Also retiring by year-end 2025 are four B757s, with five B757s continuing into 2026 alongside seven A321LRs (three of which remain to be delivered) along with 21 B737 MAX and two 767s.
CARGO CORNER…
Air China Cargo placed an order for six Airbus A350F freighters on 14 November 2025, becoming the first Chinese operator to commit to the type. The aircraft will be powered by Rolls-Royce Trent XWB-97 engines, with deliveries expected from 2027. The deal marks a strategic step in modernising Air China Cargo’s mixed fleet, enhancing operational efficiency and long-haul capability amid rising demand for fuel-efficient, lower-emission freighter capacity.
Titan Aviation Leasing sold two Boeing 737-800SFs to ST Engineering on 12 November 2025. Both aircraft, converted in 2022, remain on long-term lease to Georgian Airlines and ASL Airlines. The transaction supports Titan’s strategy to redeploy capital from mature assets while preserving cash flow and operator continuity, aligning with its fleet rotation and return-on-equity objectives.
Entry Into Service (EIS) of the B777-8F has been pushed into 2029 by the delays recently announced to the B777-9.
Qatar Airways is soon to take delivery of two new B777Fs, bringing its B777F fleet to 30.
THE AIRCRAFT (and ENGINE) VIEW
Conversations with major Middle Eastern customers appear to have reignited interest from both Airbus and Boeing to consider stretched widebody developments - tentatively dubbed the A350-2000 and B777-10 - though neither has formally launched these variants.
Lufthansa recently took delivery of a new B787-9 aircraft powered by Rolls-Royce Trent 1000 XE engines, which feature a new Durability Enhancement package to increase engine time on-wing (TOW) whilst also reducing emissions when compared to the Trent 1000 TEN. A key element of the Durability Enhancement package is a new HPT high-pressure turbine blade and a comprehensive re-design of the HPTB cooling system that enables a 40% increase in the cooling flow with a re-design of the HPTB cooling hole configuration. A further package of hot-section enhancements (which have already completed development testing) are planned for availability in 2026.
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