Dublin based lessor AerCap has announced to have cancelled orders for 15 737 MAX aircraft. The company still expects to receive further 80 aircraft with 5 being already in the fleet and leased out.

AerCap has told that it has “reached agreement with Boeing to restructure” its 737 MAX order book. Currently, the company has their 737 MAX aircraft leased out with “the right to cancel Boeing 737 MAX leases”.

AerCap has told that the cancellations come as a way to sustain their operations in the future and minimize the effect of COVID-19 pandemic on their business.

So far Boeing has lost close to 390 orders for MAX aircraft this year, of which 270 cancellations come from lessors like AerCap, Avolon and BOC.