11 Sep 2025
#2 September 2025: Irish Aircraft Leasing Newsletter
Chorus Aviation Sells Dash 8-400s, Closes Elisen Acquisition
Chorus Aviation has announced a dual development—entering an agreement to sell three Dash 8-400 aircraft and completing the acquisition of Elisen & Associates Inc. The three turboprops are expected to exit the fleet by year-end in line with Chorus’ Capacity Purchase Agreement with Air Canada, with net proceeds from the sale expected to reach $20 million.
The acquisition of Elisen & Associates, a Canadian consultancy, is aimed at enhancing Chorus' expertise in asset management and aviation advisory services, aligning with its long-term growth and portfolio optimisation strategy.
Deucalion Aviation Extends 737-800 Leases with Norwegian
Deucalion Aviation has extended the long-term leases of two Boeing 737-800 aircraft with Norwegian Airlines, reinforcing a longstanding relationship with the Nordic LCC.
Bjorn Batenburg, SVP Airline Marketing at Deucalion, noted:
“We have managed these assets through various market cycles and are pleased to see these productive aircraft remain with Norwegian. It’s a testament to our asset management capabilities and a continued show of trust from one of our key airline partners.”
Macquarie AirFinance Orders 30 Additional Boeing 737-8s
Macquarie AirFinance has deepened its commitment to Boeing’s narrowbody family with an order for 30 Boeing 737-8 MAX aircraft. The deal was listed as “unidentified” in Boeing’s July orderbook and raises Macquarie’s total MAX commitment to 70 aircraft.
CEO Eamonn Bane commented:
“The 737 MAX is a central pillar in our portfolio strategy. Its fuel efficiency, range, and versatility make it a strong value proposition for global operators. This order signals our intent to support airline customers with next-generation solutions that are both sustainable and operationally effective.”
SMBC Aviation Capital Delivers First A320NEOs to Royal Jordanian
SMBC Aviation Capital has delivered the first two Airbus A320NEO aircraft to Royal Jordanian, marking the beginning of a new leasing relationship. These aircraft are the first of several contracted from SMBC’s direct Airbus orderbook, forming part of Royal Jordanian’s ongoing fleet modernisation plans.
Conor Stafford, Head of Airline Marketing, stated:
“We are proud to support Royal Jordanian’s renewal efforts. This delivery marks an exciting milestone for both parties, and we look forward to a long-term collaboration.”
Acumen’s Take
On Chorus Aviation’s Dual Announcement
Chorus Aviation’s Dash 8-400 sale and Elisen acquisition reflect a portfolio realignment strategy—trimming older turboprops while scaling advisory and asset management capabilities. The company appears to be shifting from an operator-focused model to a hybrid lessor-consultancy role, which may support wider value creation in a consolidating regional aviation landscape.
On Deucalion’s Lease Extension with Norwegian
In a market still balancing residual value volatility, Deucalion’s renewed leases for 737-800s signal strong demand for mid-life narrowbodies, especially from disciplined operators like Norwegian. The transaction underscores Deucalion’s strength in mid-life asset lifecycle management and provides continued annuity-like income for its investors.
On Macquarie’s MAX Order
Macquarie’s new 30-aircraft order is a bold move signalling high confidence in long-term narrowbody recovery, particularly for efficient single-aisle jets. With lessors now holding nearly 25% of the MAX backlog, we’re witnessing a consolidation of influence among top-tier leasing firms over new aircraft placement in growth markets across Asia, LATAM, and Africa.
On SMBC’s New Relationship with Royal Jordanian
This delivery strengthens SMBC’s strategic footprint in the MENA region, a market with strong fleet renewal needs and growing connectivity ambitions. Royal Jordanian’s pivot toward A320NEOs aligns with its drive to improve fuel efficiency and route flexibility—two imperatives in the current operating climate. SMBC’s deep orderbook offers it the leverage to shape such transitions.
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