The shortage of aircraft from the Airbus A320neo and Boeing 737 MAX families, models that compete with each other in the short- and mid-range single-aisle segment, is causing the rental price of units to rise. In this context, many operators are choosing to extend existing contracts rather than seeking new aircraft in the market.
According to aeronautical intelligence, information and advisory services company IBA, rent for a new Boeing 737 MAX increased by more than 20% between April 2020 and July 2022, reaching $316,000 per month. In turn, renting an Airbus A320neo can currently require a payment of up to US$324,000 per month, 14% more than in April 2020. The largest model in the family, the A321neo, can be rented for US$375,000 per month this July. year. year.
According to the Cirium platform, more than 51% of the nearly 23,000 commercial passenger aircraft in operation worldwide are owned or operated by airlines. leasing. Although many airlines own their aircraft, they often opt for different fleet schemes consisting of owned and leased equipment.
Since the beginning of the pandemic, the two largest aircraft manufacturers in the world have suffered from a lack of demand and have slowed their production. In recent months, however, more firm orders and contracts have begun to be awarded as a result of the sustained recovery in the sector, but supply chain problems and their own limitations continue to make it difficult to fully recover the pace of manufacturing.
In addition, sanctions imposed on Russia after the invasion of Ukraine last February caused a shortage in the supply of titanium, a metal crucial for making aircraft components.
The rapid acceleration of travel demand, favored by the general lifting of health restrictions, collided on more than one occasion with the reality of the aeronautical industry, which was overloaded and unable to respond adequately due to lack of aircraft, lack of personnel or a combination of these and other factors.
The shortage of available aircraft is precisely the main factor that has led to the increase in rental prices observed in recent times. As a result, the biggest companies offering these services such as Air Lease Corporation, AerCap and Avolon are making huge profits.
This year was added to the increase in the price of aviation fuel, which motivated airlines to look for new and more efficient planes in terms of consumption. There is therefore a growing demand for newly manufactured aircraft, which are often obtained through leasing . On the other hand, rising interest rates are causing further increases in rental rates.