> ## Content Index > Fetch the complete content index at: https://www.acmiworld.com/llms.txt > Use this file to discover other available public pages before exploring further. # Aviation News Today: ACMI, Leasing and Cargo Deals in Focus - URL: https://www.acmiworld.com/aviation-news-today-acmi-leasing-and-cargo-deals-in-focus/ - Published: 2026-11-03T13:52:23.000Z - Updated: 2026-11-03T13:53:45.000Z - Description: PIA's first wet-leased Dreamliner, a $14bn Avolon aircraft platform, Icelease's 767 freighter order and Air China's fleet approval lead today's aviation news. - Author: ACMI World - Tags: Aviation News, Aviation Industry News ## Wet Leases, Leasing Platforms and Freighter Conversions Define the Day Today's aviation news is dominated by the commercial structures that keep aircraft moving rather than the aircraft themselves. A wet-leased Dreamliner has entered service with a new operator, a major lessor has created a $14 billion platform to hold aircraft assets, and a freighter conversion order has underlined how quickly cargo capacity is being reshaped. Below is a roundup of the stories that matter for operators, lessors, brokers and service providers, with the details that determine what each one actually means for the market. **ACMI** PIA begins 787-9 operations with a Norse Atlantic wet lease **Leasing** Avolon and partners launch a $14bn aircraft platform **Cargo** Icelease orders up to three 767-300BCF conversions ### PIA's first 787-9 arrives under an ACMI arrangement ![Norse Atlantic Boeing 787-9 Dreamliner arriving at Islamabad](https://commons.wikimedia.org/wiki/Special:FilePath/Boeing_787-9_Dreamliner_Norse_Atlantic_Airways_(LN-FNL)_arriving_at_Islamabad.jpg) A Norse Atlantic Boeing 787-9, the type wet-leased to PIA under a two-aircraft ACMI agreement. The aircraft arrived in Islamabad on 1 November 2026 in full Norse livery, operating flight PK786 from London Heathrow. Pakistan International Airlines received its first Boeing 787-9 Dreamliner on 1 November, with the aircraft arriving at Islamabad International Airport from London Heathrow under flight number PK786\. It is the first time a Pakistani airline has operated a Dreamliner. The aircraft is not a purchase. It has been leased from Norse Atlantic Airways under an ACMI arrangement covering two 787-9s, signed in October. Norse supplies the aircraft and crew and remains responsible for maintenance and insurance, while PIA uses the aircraft for its own passenger services. The commercial logic is straightforward. PIA returned to the London market on 29 March 2026 after a six-year absence, following the lifting of restrictions that had prevented Pakistani airlines from operating flights to the UK. The wet-leased 787-9s are intended to increase capacity on Islamabad and Lahore routes to Heathrow and Manchester, with the first aircraft replacing 777 equipment on selected London services. For the ACMI market, the transaction is another example of a flag carrier using wet-leased widebody capacity to rebuild a long-haul network without a multi-year fleet commitment. It also shows Norse Atlantic continuing to monetise its 787 fleet through ACMI after its earlier IndiGo arrangement, a model covered in our guide to [Boeing 787-9 wet lease in 2026](https://www.acmiworld.com/boeing-787-9-wet-lease-in-2026-providers-deals-and-terms/). For the wider regulatory context, see our guide to [ACMI leasing into India under DGCA rules](https://www.acmiworld.com/acmi-leasing-into-india-dgca-wet-lease-rules-explained/), which covers the South Asian approval landscape. ### Avolon and institutional capital launch a $14bn aircraft platform Avolon, the aircraft leasing arm of Bohai Leasing, announced on 2 November the formation of Constellation Aviation LP, a joint venture with US infrastructure investor I Squared Capital and an investment vehicle linked to the Abu Dhabi Investment Authority. The platform will acquire an initial portfolio of 22 aircraft on lease from Avolon, with an asset value of approximately $1.398 billion. I Squared holds 50.1%, the ADIA-linked vehicle holds 34.9%, and Avolon retains 15%. Avolon will continue to act as asset manager for the platform and will earn management fees and commissions in addition to its equity stake. The structure reflects a broader trend of institutional capital entering aircraft leasing through managed platforms rather than direct ownership. DAE and Blackstone's credit and insurance arm launched a similar long-term aircraft investment programme earlier in 2026, and Saudi Arabia's AviLease formed a joint venture platform with a domestic institutional investor in 2025\. For lessors, the significance is that capital is available for portfolios with stable leases attached. For operators, it means the ownership of their leased aircraft may change without any change to the lease itself. Our guide to [aircraft lease assignment and transfer](https://www.acmiworld.com/aircraft-lease-assignment-and-transfer/) explains how those ownership changes are handled contractually. ### Icelease orders up to three 767-300BCF conversions ![Boeing 767-300BCF converted freighter](https://commons.wikimedia.org/wiki/Special:FilePath/Boeing_767-300BCF.jpg) A Boeing 767-300BCF, the medium widebody converted freighter type ordered by Icelease. The first aircraft is scheduled to enter conversion at ST Engineering in Singapore in Q1 2027. Boeing and Icelease have agreed an order for one 767-300 Boeing Converted Freighter, with options for up to two more. The first aircraft is scheduled for induction in the first quarter of 2027, with delivery expected in the second quarter after conversion at ST Engineering's airframe MRO facilities in Singapore. Icelease's Dublin-based sister company, IAT Leasing, already manages a cargo portfolio that includes seven 737-800BCFs and other freighters leased to various customers. The 767-300BCF is the world's most efficient medium widebody converted freighter, with a range of 3,300 nautical miles and a 57-tonne payload. The order is a signal about the medium widebody segment specifically. The 767-300BCF occupies a niche between narrowbody converted freighters and large widebody purpose-built aircraft, and demand for it has been sustained by e-commerce volumes and the retirement of older 767 freighters. For the economics behind that segment, see our guide to [widebody freighter economics for intercontinental cargo](https://www.acmiworld.com/widebody-freighter-economics-for-intercontinental-cargo/) and our comparison of [767-300F versus A330-200F](https://www.acmiworld.com/767-300f-vs-a330-200f-cargo-acmi/). ### Air China shareholders approve 15 A350-900s and 40 A320s for Shenzhen Airlines ![Air China Airbus A350-900 at Milan Malpensa](https://commons.wikimedia.org/wiki/Special:FilePath/Air_China_Airbus_A350_B-1081_Milan_Malpensa_2024_(01).jpg) An Air China Airbus A350-900\. Shareholders approved the introduction of 15 additional A350-900s for the flag carrier, with deliveries planned between 2030 and 2032. Air China's extraordinary general meeting on 3 November approved two fleet resolutions. The first covers the introduction of 15 Airbus A350-900 aircraft for Air China itself, with deliveries planned between 2030 and 2032\. The second covers 40 Airbus A320 series aircraft for its majority-owned subsidiary Shenzhen Airlines. Both resolutions passed with over 99.9% approval. The A350-900 order was valued at approximately $6.09 billion in the original announcement, and the Shenzhen A320 order at approximately $6.35 billion. The approval matters less for the immediate order than for what it says about Chinese carrier capacity planning into the next decade. Air China is committing to widebody growth at the end of the 2020s, which implies an expectation of sustained long-haul demand and a fleet replacement cycle that will begin to bite in the early 2030s. For the ACMI angle, Chinese carriers' widebody delivery schedules are one of the variables that determines whether wet-lease capacity is needed as a bridge. Our guide to [why airlines are turning to ACMI in 2026](https://www.acmiworld.com/why-airlines-are-turning-to-acmi-in-2026-gtf-groundings-delivery-delays-and-the-capacity-crunch/) covers the delivery-gap dynamic. ### Cathay Pacific weighs a further 50 widebodies Cathay Pacific is reportedly seeking proposals from Airbus and Boeing for up to 50 additional widebody aircraft, and may decide as early as November whether to exercise existing options and purchase rights for a mix of single-aisle and widebody jets. The airline has said it aims to take delivery of 150 new aircraft over the next decade, subject to market conditions. Its current order book includes 35 Boeing 777-9s and 30 A330neos, with deliveries running from 2027 to 2034\. Three of the nine 777-9s originally scheduled for delivery in 2027 have slipped to 2028 or later. Cathay's decision is not yet confirmed, and the airline has declined to comment on market speculation. But the direction of travel is consistent with the broader pattern of Asian carriers committing to widebody growth while managing delivery delays from both OEMs. ### Mammoth delivers second 777-200LRMF to Jetran for DHL ![DHL Boeing 777F freighter](https://commons.wikimedia.org/wiki/Special:FilePath/D-AALO_B777F_of_Aerologic_operated_for_DHL(50048258917).jpg) A Boeing 777F in DHL livery. DHL Air UK is taking delivery of Mammoth-converted 777-200LRMF freighters from lessor Jetran, with two now in revenue service. Mammoth Freighters has delivered its second Boeing 777-200LRMF converted freighter to Texas-based lessor Jetran, which has placed the aircraft with DHL Air UK. The aircraft is registered G-DHME, and both of Jetran's Mammoth-converted 777-200LRMFs are now in revenue service with DHL Air UK. Jetran has ordered more than two dozen Mammoth 777-200LRMF freighters in total, 13 of which will enter service within the DHL global network. DHL plans to bring four of those 13 into service this year. Mammoth received FAA supplemental type certification for the 777-200LRMF in April 2026\. The delivery is part of a wider shift in the large freighter market, where converted 777s are increasingly filling capacity that would previously have been met by purpose-built aircraft. For the conversion economics, see our guide to [passenger-to-freighter conversion economics](https://www.acmiworld.com/passenger-to-freighter-conversion-economics-for-cargo-airlines/) and our ranking of [passenger-to-freighter conversion providers](https://www.acmiworld.com/top-10-passenger-to-freighter-conversion-providers-2026/). ### Willis Lease reports record third-quarter revenue Willis Lease Finance Corporation reported record quarterly total revenue of $246.3 million for the third quarter of 2026, an increase of 34.3% year on year. Lease rent revenue rose 10.2% to a record $84.4 million, and income from investments reached a record $7.3 million. The results reflect both portfolio growth and a strong lease rate environment for engines and aircraft. Willis also reported a 208.5% increase in maintenance services revenue to $11.2 million, and equipment sales of $89.1 million from the sale of five aircraft. Engine leasing has become a distinct and highly profitable segment of the aviation finance market, particularly as engine shop visit times have lengthened and spare engine availability has tightened. Our guide to [top 10 engine lessors and MRO-linked leasing platforms](https://www.acmiworld.com/top-10-engine-lessors-and-mro-linked-leasing-platforms/) covers the competitive landscape. ### Leav Aviation expands with wet leases from Baltic providers ![GetJet Airlines Airbus A320](https://commons.wikimedia.org/wiki/Special:FilePath/Airbus_A320-214,_LY-FAS_4273,_GetJet_Airlines_(GW_GJT).jpg) A GetJet Airlines Airbus A320, the type wet-leased to Leav Aviation for its German charter network. Leav has also taken an A321 from DAT Lithuania, bringing its temporary fleet to five aircraft. Cologne-based German charter airline Leav Aviation has expanded its autumn 2026 capacity through wet-lease agreements with Baltic providers, following a recent lease of an Airbus A320 from Lithuanian operator GetJet Airlines. The transaction is small in absolute terms but illustrative of a pattern in the European narrowbody ACMI market: German charter and leisure carriers are using short-term wet leases from Lithuanian, Turkish and UK operators to cover capacity gaps rather than committing to dry leases. For the buyer side of that market, see our guide to [Airbus A321ceo ACMI lease](https://www.acmiworld.com/airbus-a321ceo-acmi-lease/) and our explainer on [ACMI versus dry lease for seasonal capacity](https://www.acmiworld.com/acmi-vs-dry-lease-seasonal-capacity/). ### Safety and operations: bomb threats disrupt Warsaw, Florida crash investigated Two flights bound for Warsaw received bomb threats on 3 November, forcing one aircraft to divert to Warsaw Modlin and another to be inspected at Warsaw Chopin. A Scandinavian Airlines flight from Copenhagen and a LOT Polish Airlines flight from London Heathrow were both affected. The incidents follow a series of similar threats across European aviation in recent days, including a Wizz Air flight from London to Sofia that was escorted to Budapest on 2 November. Separately, US authorities are investigating the crash of a Learjet 60 in a residential area of Palm Beach County, Florida, on 1 November. Nine people on board were killed. The FAA and NTSB are leading the investigation. These events sit outside the commercial aviation leasing market, but they matter for operational planning. Security-related diversions and groundings can remove aircraft from service at short notice, which is one of the triggers that drives short-term ACMI demand. For the capacity-response side of that dynamic, see our guides to [short-term ACMI lease for schedule recovery](https://www.acmiworld.com/short-term-acmi-lease-for-schedule-recovery/) and [ACMI lease for aircraft delivery delays](https://www.acmiworld.com/acmi-lease-for-aircraft-delivery-delays/). ### What to watch next ### Signals for the coming weeks - **Cathay's widebody decision.** If the airline exercises options in November as reported, it will be the largest single widebody commitment by an Asian carrier since the post-pandemic recovery began. - **PIA's second 787-9.** The second aircraft is expected to join the operation and provide further capacity on UK routes. Watch whether PIA extends the ACMI arrangement or moves toward a dry lease. - **Icelease's conversion slot.** The first 767-300BCF enters conversion in the first quarter of 2027\. The delivery timing will indicate how much slack ST Engineering has in its Singapore conversion line. - **Willis and the engine leasing cycle.** Record lease rent revenue reflects a tight engine market. The question is whether shop visit times begin to shorten in 2027, which would ease the pressure on lease rates. - **European narrowbody ACMI supply.** Leav's wet leases from Baltic providers are part of a broader pattern. Watch whether German and Scandinavian charter carriers continue to rely on short-term ACMI through the winter or convert to longer contracts. ### The bigger picture Today's stories share a common thread: the aircraft is increasingly the least interesting part of the transaction. PIA's Dreamliner is a Norse Atlantic asset operated under an ACMI structure. Avolon's 22 aircraft are moving into a platform co-owned by infrastructure and sovereign wealth capital. Icelease's 767s will be converted and leased rather than bought by an operator. Air China's A350s will not arrive until the 2030s, but the approval locks in a fleet plan now. For anyone working in ACMI, leasing or cargo, the practical takeaway is that the commercial and regulatory structures around the aircraft are where the value and the risk sit. The operators that understand those structures, and can move quickly when a delivery slips or a lease ends, are the ones that capture the capacity demand that the headlines describe. ### Following the ACMI and leasing market? ACMIWorld publishes daily news, regulatory guides and procurement pages for operators, lessors and service providers. For aircraft leasing and ACMI sourcing enquiries, visit Blue Cube Aviation. [Request an Aircraft Leasing Quote](https://bluecubeaviation.net/?ref=acmiworld.com) **Editorial note:** This ACMIWorld news roundup is based on publicly available reporting and company announcements reviewed on 3 November 2026\. Details of transactions, fleet plans and regulatory matters can change. Readers should verify specifics directly with the companies and authorities involved before relying on them commercially. Covering aviation news and want to be considered for future ACMIWorld coverage? For partnerships, media, and collaboration opportunities, contact us directly at [info@acmiworld.com](mailto:info@acmiworld.com).