Japanese lessor JIA finalizes MAX order

Tokyo-based Japan Investment Adviser (JIA) has finalized an order for 10 Boeing 737 MAX 8 aircraft, valued at $1.12 billion at list prices.

The order was previously announced as a commitment at the 2017 Paris Air Show in June.

The new 737 MAX 8s are the first direct-purchased aircraft for JIA and will help bolster the lessor’s growing fleet of next-generation aircraft. Delivery of the new aircraft is expected from 2021-22.

JIA CEO Naoto Shiraiwa said he is confident the aircraft will “diversify our operating lease portfolio in the years ahead” and “provide us with a stronger competitive advantage in providing our future airline clients with reliable airplanes that make sense economically.”

JIA began operations in 2011 and has a portfolio of around 60 aircraft, but they have until now all been acquired on the pre-owned market. That portfolio includes Boeing single- and twin-aisle aircraft.