How Does ACMI Leasing Compare to Owning or Dry Leasing Aircraft?

Introduction: Finding the Right Fit for Europe’s Skies

Envision yourself charting the course for an airline in Europe — a landscape of opportunity and challenge, where every decision echoes across bustling hubs and quiet regional airstrips. You’ve got Embraer E175/195s linking small towns, Boeing 737s and Airbus A320s crisscrossing the continent, and Boeing 777s or Airbus A330s stretching to distant shores. But how do you bring those planes into your fold?

ACMI (Aircraft, Crew, Maintenance, Insurance) leasing offers a rental with all the trimmings, owning promises a fleet of your own, and dry leasing splits the difference with a bare-bones lease. Each path carries its own weight in a region where summer demand spikes 20-25% (Eurocontrol 2024), airport slots are a precious 1.8 million (EUROCONTROL), and rules like ETS carbon costs shape every move.

For someone stepping into this arena, this guide maps out how ACMI leasing stacks up against owning and dry leasing in Europe. With a clear-eyed look at costs, control, flexibility, and risks —backed by real numbers and European examples— it’s your compass to navigate a market where strategy isn’t just about flying, but flying smart.

The Three Routes Explained

• ACMI Leasing: Rent the aircraft along with pilots, cabin crew, maintenance, and insurance for an hourly rate (€2,500-€10,000 depending on aircraft type and mission). Usually, it’s short-term (60% of ACMI leasing agreements are under 6 months, based on Cirium’s 2023 survey), like a jet on loan with a full support crew.
• Owning: Buy the aircraft outright — from €45M for a regional jet to €375M for a long-haul widebody. You control every detail from livery to maintenance schedules, but bear all operational costs and risks.
• Dry Leasing: Rent only the aircraft, typically for 5-10 years (80% of dry leasing contracts exceed 5 years | 2023 survey), paying annually (€1-€7 million). You provide your own crew, maintenance, and insurance. It’s cheaper than owning and offers moderate flexibility — if you have the right infrastructure.

Breaking It Down: How They Compare in Europe

       1. Cost Comparison

• ACMI: Minimal upfront investment with higher hourly rates. Ideal for 300–600-hour seasonal deployments or market tests. This model allows airlines to align costs directly with demand and avoid long-term financial exposure.
  An Embraer E175 leases at $2,500-$3,500/hour; an E195 at $3,200-$3,800/hour. A three-month lease for an E190 (300 hours) totals $1 million. A Boeing 737-800 or an Airbus A320 runs $4,000-$6,000/hour, around $2.4- $3.6 million for a full summer season (600 hours). Finally, an Airbus A330 or a Boeing 777-300ER hits $8,000-$10,000/hour, around $4.8-$6 million for 600 hours.

1. • Owning: High capital commitment, but better long-term per-hour economics if flown over 3,000 hours/year, but typically savings emerge after 5-10 years.
     Heavy upfront costs — €45 million for an E175, €110 million for an A320, €375 million for a 777 (2023 data). Add €4 million (for regionals) up to €27 million (for wide bodies) yearly for crew, maintenance, and insurance (CMI).

• • Dry Leasing: Mid-range option. Dry leasing is cheaper than owning short-term, but pricier than ACMI. Dry leasing Offers better ROI than ACMI over years, but requires internal support functions.Steady annual rent — €1-€1.5 million for an E175, €2-€2.4 million for a 737, €4-€7 million for an A330 — plus €1-€2 million CMI, totaling €2-€9 million/year.

• • Europe’s Take: ACMI’s low entry suits seasonal or trial routes (e.g., 20-25% summer boost); owning or dry leasing fits steady, high-volume routes.

       2. Speed to Takeoff

• • ACMI: Swift — 7-14 days. Rapid deployment shines with an ACMI lease. Need an E175 for a summer route? It’s yours in days, crewed and maintained —perfect for regional peaks or emergencies. ACMI is great for rapid market entry, slot retention, or emergency capacity.
  • Owning: Sluggish — 6-12 months to order and deliver. Not ideal for responding to short-term demand shifts.
  • Dry Leasing: Middling — 1-3 months ton average to secure and staff. Faster than buying, slower than ACMI.
  • Europe’s Take: ACMI’s rapid deployment wins in slot races (10% rejection at hubs) and peak seasons. Owning or dry leasing lags for fast needs.

       3. Flexibility in Flight

• • ACMI: Agile — 60% of ACMI deals are under 6 months, letting you adapt. An E175 tests a route; if it works (85% full), keep it; if it flops (65% full), return it.
  • Owning: Rigid — Low flexibility. Selling aircraft takes time, and you’re committed to long-term use regardless of performance. A €90 million 737 (Boeing 2023) is yours for decades, even if demand drops.
  • Dry Leasing: Moderate — You’re committed for 5–10 years, but adjustments are easier than ownership.
  • Europe’s Take: ACMI is a nimble option in a region with 3.5% annual traffic growth and fast-changing demand (Eurocontrol 2024); owning or dry leasing commits to longer horizons.

       4. Control Over the Cockpit

• • ACMI: Lessors manage crew (€2-€3 million/year), maintenance (€500,000-€1 million/check), and insurance (€300,000-€1.8 million/year). You set schedules, not standards.
  • Owning: Total command — customize an E175’s paint or a 777’s upkeep timing, but you hire and fix everything. You keep full control over branding and use, which is ideal for long-term consistency, though it demands heavy management.
  • Dry Leasing: You oversee all operations, including crew and repairs, balancing control with leased costs. Offers customization (e.g., maintenance timing) but requires robust teams.
  • Europe’s Take: ACMI offloads operators from EASA and ETS admin headaches (€135-€4,800/flight); owning or dry leasing gives more control but demands your full oversight (and higher overhead).

       5. Risk Profile

• • ACMI: Low risk. Lessors take on crew management, maintenance, and compliance. Your risk is limited to operational execution.
  • Owning: High risk. Aircraft value depreciates 10–15% yearly. Maintenance and ETS exposure are fully yours. Α €45 million E175 depreciates 10-15% yearly, and €1 million repairs hit your wallet.
  • Dry Leasing: Medium risk. You cover operational costs without the depreciation exposure of ownership.
  • Europe’s Take: ACMI minimizes exposure, ideal for uncertain or short-term opportunities; owning or dry leasing bets on your resilience.

Europe’s Ground Game: Practical Scenarios

• Regional Route: ACMI E175 (3 months, €900Κ) on Copenhagen-Oslo yields €1.6M (88 seats x €150 x 120 flights). Owning (€45 million) or dry leasing (€1-€1.5 million/year + €1 million CMI) risks €44-€46 million if demand dips (65% full).
• European Core: ACMI 737-800 (6 months, €2.4M) for London-Madrid generates €2.6M (180 seats x €150 x 90 flights). Owning (€90 million) or dry leasing (€2-€2.4 million/year + €1-€1.5 million CMI) ties up €88-€93 million long-term.
• Long-Haul Reach: ACMI A330 (6 months, €4.8M) tests Frankfurt-Tokyo and yields €5.4M in revenue (300 seats x €600 x 90 flights). Owning (€250 million) or dry leasing (€7 million/year + €2 million CMI) pays off over 10 years, not 6 months.

Conclusion: Charting Europe’s Skies — ACMI, Owning, or Dry Leasing as Your Compass

Europe’s aviation market is rich with opportunity, but it’s also demanding — governed by environmental fees, slot limitations, and shifting demand. That’s why your fleet strategy matters more than ever.

ACMI leasing offers unmatched speed and minimal risk — perfect for testing routes, meeting peak-season demand, or launching new operations without long-term baggage. For €900K–€4.8M, you unlock €1.6M-€5.4M revenue (88-317 seats), plus you gain rapid access to high-performance aircraft, crews, and compliance systems. It’s how smart operators test, learn, and scale.

Owning aircraft brings control and long-term ROI — but it’s a high-stakes play best reserved for stable, high-frequency routes with long horizons. €90-€250M anchors a decade-long empire, poised for 1.9 billion passengers by 2030 (ACI Europe), but risks millions if predictions are not met.

Dry leasing sits in between — offering control without capital ownership, suitable for those with in-house capabilities and clear mid-term plans. €2M-€9M/year blends control and cost, ideal for 5-10 year hauls.

In a region pulsing with 3.5% growth (Eurocontrol 2024), ACMI starts you nimble — low stakes, fast lessons. Owning or dry leasing builds your legacy — higher risks, richer rewards. For newcomers, it’s a journey: launch with ACMI’s wings, test the winds, then root with ownership or dry leasing to claim your place in Europe’s ever-unfolding sky story.

Marathon Airlines E-Jets offer ACMI’s sweet spot: the E175’s 1,800-mile range and 88 seats fit regional niches, while the E195’s 118-seat capacity rivals narrow-bodies at lower cost. With us, ACMI means flexibility and low risk, with fuel-efficient, modern jets — ready when you need them, without ownership’s burdens. Our fleet make ACMI a standout choice — delivering regional jet precision with turnkey ease for your airline’s success.