Thai Airways in talks to lease 10 Boeing 787s as fleet targets 100 aircraft in 2026

Thai Airways International Plc (THAI) is negotiating to lease 10 wide-body Boeing 787 aircraft to strengthen its fleet, with talks expected to be completed by mid-February, following board approval.

Chai Eamsiri, THAI’s chief executive officer, said the airline is currently in discussions on the lease agreement for the 10 Boeing 787 aircraft. If finalised as planned, THAI expects to begin taking delivery in June-July this year, with the aircraft to be phased in to bolster the fleet.

THAI needs to increase the number of narrow-body aircraft to address the issue that it will face a shortage of wide-body aircraft, as another 10 wide-body aircraft are due to be retired this year. This is while the airline waits for delivery of 45 new Boeing 787 aircraft it has ordered, which are scheduled to begin arriving from early 2028.

For the 10 leased aircraft, THAI will lease 10 Boeing 787-8 aircraft previously operated by China Eastern Airlines from the lessor Avolon of Iceland, after the company agreed to reduce the lease rate for THAI.

In addition, THAI has leased 32 new Airbus A321neo narrow-body aircraft since 2024, and has recently begun taking delivery of the first aircraft. It expects 16 A321neo aircraft to be delivered this year, with the full batch to be delivered within three years (2026-2028).

THAI said all of the aircraft are new-generation models and are expected to significantly increase revenue and operational efficiency. In particular, the Airbus A321 is 20% more fuel-efficient than older models and reduces CO2 emissions by the same proportion. The cabin interiors will also emphasise a premium experience to compete at a global level.

With additional aircraft, THAI said it will be able to continue its network airline strategy—maintaining a comprehensive connectivity network. The airline currently operates 79 aircraft, down from a previous peak of 103, and is targeting around 100 aircraft by the end of this year, close to pre-Covid-19 levels.

Fleet expansion is expected to lift capacity by more than 5% in 2026. Passenger numbers are forecast to grow by about 7%, or more than 1 million additional passengers. Chai said the company expects both EBITDA and total revenue this year to be better than in 2025. He added that last year’s performance was in line with the plan, and that the company currently has no accumulated losses and has moved into retained earnings. If profits meet the relevant requirements, the board will consider paying dividends.

On global aircraft production capacity, THAI said supply has not returned to normal, and IATA forecasts it may take another five years. As for geopolitical risks, THAI said it uses its network airline strategy to shift capacity to routes without issues in order to protect revenue.

The airline is also diversifying risk from Thailand’s low GDP growth by focusing on transit passengers connecting to third-country destinations, rather than relying solely on inbound and outbound traffic to and from Thailand, Chai said.

Kittiphong Sansomboon, THAI’s chief commercial officer, said the airline will primarily deploy the Airbus A321neo on routes in Asia and ASEAN, including China, India and southern Japan. In China, THAI will open services to four additional cities this year—Chongqing, Changsha, Xiamen and Shenzhen—and increase frequencies on existing routes. In India, the airline will add both destinations and frequencies. Frequencies will also be increased across CLMV markets. In Hong Kong, THAI will switch to the Airbus A321 to replace older aircraft models to enhance competitiveness.

THAI plans to place its first Airbus A321neo into service between January 22 and March 28, 2026, operating the following flights: TG413 Bangkok-Singapore (depart 11.30, arrive 14.50) (first flight); TG414 Singapore-Bangkok (depart 15.55, arrive 17.15); TG221 Bangkok-Phuket (depart 18.30, arrive 20.00); TG222 Phuket-Bangkok (depart 20.40, arrive 22.15); TG331 Bangkok-Delhi (depart 23.25, arrive 02.20 the next day); and TG332 Delhi-Bangkok (depart 03.30, arrive 09.00).