WestJet has announced plans to grow its Boeing 737 MAX fleet by adding five new 737-8s.
A Lease Agreement
This latest deal hasn’t been completed directly through Boeing. WestJet says it struck a lease agreement with China Development Bank Financial Leasing Co., Ltd. (CDB Aviation) for three 737-8s.
The remaining 737-8s are set to come from Avolon, and WestJet expects delivery in early 2025.
These Boeing 737 MAX jets will address growing capacity and align with WestJet’s overall forecast that expects demand to continue increasing in specific markets. Thus, having adequate aircraft to perform operations to a high standard is essential.
Comments From WestJet Executive
We are adding these five aircraft to our 737 MAX family very soon and look forward to this additional capacity enhancing our already forecasted fleet expansion, further enabling our execution of providing affordable and diverse air travel options for our guests. As Canada’s coast-to-coast leisure champion and western home carrier, the continued expansion of our fleet in tandem with our low-cost foundation is a key accelerator of our growth strategy.Mike Scott, WestJet Group, Executive Vice-President and Chief Financial Officer.
WestJet’s Growing Fleet
At WestJet, adding five 737-8s will now mean the company will receive as many as 22 new Boeing 737 MAX jets before the end of 2025. However, this will increase tenfold by the end of 2028, with up to 62 additional units slated for delivery.
The company has viewed the Boeing 737 MAX as an essential aircraft to power its future fleet. It will begin transitioning out its older 737NGs, which have operated effectively for some time.
Fleet data shows that the airline has 32 737-8s to its name, averaging an age of 3.7 years. However, the company relies heavily on the 737NGs, with 39 737-700s in service averaging 17.4 years.
When measured by active units, the most significant fleet type is the 737-800, with data indicating the company has 46 active and four units parked, bringing the total to 50. These aircraft, however, are 11.5 years in age on average.
Comments From Aircraft Lessors
CDB Aviation values our expanding relationship with WestJet and we are pleased to be able to support the airline’s fleet expansion in an environmentally friendly manner as we lease these three new fuel-efficient B737-8 aircraft direct from our orderbook.Jie Chen, CDB Aviation’s Chief Executive Officer.
We’re delighted to be expanding on our strong relationship with Westjet and are pleased to support WestJet’s fleet expansion needs from our Boeing orderbook. We expect to see continued growth for the aviation sector in the coming years, including in North America, and are excited to provide a fleet solution to a strategic customer in the region.said Paul Geaney, President and Chief Commercial Officer, Avolon.