Air Lease delivers first of five Boeing 737-8s to Air Canada in fleet push

Air Lease Corp. (NYSE:AL) has commenced a significant delivery cycle for Air Canada, announcing the handover of a new Boeing 737-8 aircraft.

The move marks the first of five such jets slated to join the Canadian flag carrier’s fleet from Air Lease’s orderbook throughout 2026.

The delivery stems from a long-term lease agreement finalized in 2023, as Air Canada continues a multi-year effort to modernize its narrowbody operations.

Air Lease CEO and President John L. Plueger noted that the aircraft would integrate into a "diverse and expanding fleet" prioritized for fuel efficiency and lower emissions.

The arrival of these 737-8s comes at a strategic crossroads for Air Canada.

The airline recently outlined plans to transition its entire mainline fleet of Boeing 737 MAX 8 aircraft to its low-cost leisure arm, Air Canada Rouge, by the end of 2026.

This reshuffling will see the mainline operation focus more heavily on Airbus A220 and A321XLR models for its primary North American and transatlantic routes.

For Los Angeles-based Air Lease, the delivery reinforces a robust start to the year.

The company entered 2026 with an owned fleet of approximately 500 aircraft and an orderbook of over 200 units extending through 2031.