Arajet Secures Five 737-8 Jets via Leaseback
Dominican Republic low-cost carrier Arajet has signed a sale and leaseback agreement with Dublin-based SMBC Aviation Capital to add five Boeing 737 MAX 8 aircraft to its fleet, the partners announced on April 24, 2025. The agreement calls for deliveries of the new jets in 2026 and 2027, supporting Arajet’s rapid expansion across the Americas since its launch in 2022.
Under the deal, SMBC Aviation Capital will purchase five 737 MAX 8s and lease them back to Arajet under long-term contracts. As one of the largest aircraft lessors in the world, SMBC described the transaction as a “pivotal milestone” that underscores its commitment to fostering growth among emerging carriers. Conor Stafford, Head of Airline Marketing at SMBC Aviation Capital, said the company was delighted to welcome Arajet as a new customer and looked forward to a lasting partnership. “We are confident these aircraft will greatly contribute to Arajet’s success,” he added, affirming SMBC’s dedication to providing tailored leasing solutions.
Arajet’s CEO Víctor Pacheco Méndez said the deal validated the strength of the airline’s business model and its mission to deliver “safe, efficient, comfortable and affordable travel options” throughout the region. He noted that SMBC’s vote of confidence reflected a shared commitment to innovation and sustainable growth in the aviation sector. Arajet currently operates ten Boeing 737 MAX 8s and has 17 more on order, positioning the carrier to scale capacity quickly on high-demand routes.
The leaseback agreement comes shortly after Arajet inaugurated its first U.S. flight on April 14, 2025. A Boeing 737 MAX 8 touched down at Miami International Airport following a nonstop service from Santo Domingo’s Las Américas International Airport, launched under a December 2024 Open Skies agreement between the Dominican Republic and the United States. Initially operating four weekly flights, the Miami service will increase to daily departures in June 2025 to meet growing demand for competitive low-cost connections.
By bolstering its fleet with additional 737 MAX 8s, Arajet aims to strengthen its network across North, Central and South America, offering nonstop links between major cities and leisure destinations. The carrier has signalled plans to introduce new routes to key markets such as New York, Panama City and Bogotá in the coming year, leveraging the 737 MAX 8’s fuel efficiency and range to unlock longer thin routes that were previously uneconomical.
Industry analysts view the SMBC–Arajet deal as a sign of confidence in Latin America’s post-pandemic air travel recovery. By using sale and leaseback structures, airlines like Arajet can preserve cash while accelerating fleet renewal, replacing older narrowbodies with next-generation jets that reduce operating costs and emissions. The agreement also underscores SMBC Aviation Capital’s strategy of partnering with growth-oriented carriers in emerging markets, diversifying its portfolio beyond established flag carriers.
As Arajet approaches its third anniversary, the airline has carved out a niche by offering value-based fares and modern onboard services, including extra-legroom seating and inflight Wi-Fi. Its management team credits a lean operational model and a young, standardized fleet for the carrier’s resilience amid industry headwinds. The new leaseback transaction will further enhance Arajet’s flexibility to respond to market opportunities and maintain competitive pricing.
With five more Boeing 737 MAX 8s scheduled for delivery, Arajet is poised to expand its footprint significantly in 2026 and beyond. The carrier’s partnership with SMBC Aviation Capital marks a key step in its strategy to become the leading low-cost provider in the Americas, connecting underserved city pairs with efficient, direct services that cater to both business and leisure travelers.
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