Icelandair to expand its 737 Max fleet to 20 aircraft with new lease agreement

Icelandair will add two new Boeing 737 MAX 8 aircraft to its fleet following an agreement with Singapore-based lessor BOC Aviation (BOCA).

The aircraft, which will be leased under long-term operating leases, are scheduled to be delivered in the fall of 2023, according to a statement released by Icelandair.

“This transaction will bring the total number of 737 MAX in the Icelandair fleet up to 20 aircraft,” the statement continued.

Bogi Nils Bogason, CEO of Icelandair Group said: “We are pleased to announce the new agreements with BOCA, a long-lasting business partner. Locking in these aircraft on favorable terms enables the company to expand our fleet of Boeing 737 MAX and supports our future growth plans.”

“The aircraft offer excellent fuel-efficiency from previous generation aircraft which also contribute to our efforts of reducing the carbon emissions from our operations,” Bogason added.

The news follows an earlier statement released by the airline in June 2022, announcing its intent to purchase four Boeing 737 MAX aircraft. The aircraft were built in 2018 and are scheduled to be delivered in the fall of 2022, the airline said.