Icelandair Group has a flexible fleet that marries commonality with varying sizes, capabilities, and ownership costs. It consists of a mix of aircraft suitable for different missions within the network, providing the airline with the flexibility needed to operate a successful route network. The fleet comprised a total of 41 aircraft in the end of 2021.
| Type | Icelandair | Cargo | Leasing | Fleet 31.12.21 | Owned | Leased | Change from 31.12.20 |
| B757-200 | 11 | 2 | 4 | 17 | 15 | 2 | -7 |
| B757-300 | 2 | 2 | 2 | 0 | |||
| B737 MAX 8 | 6 | 6 | 2 | 4 | 1 | ||
| B737 MAX 9 | 3 | 3 | 0 | 3 | 2 | ||
| B767-300 | 4 | 2 | 6 | 4 | 2 | 0 | |
| B737-700 | 0 | 0 | 0 | -1 | |||
| B737-800 | 1 | 1 | 0 | 1 | 0 | ||
| Bombardier Q200 | 3 | 3 | 3 | 0 | |||
| Bombardier Q400 | 2 | 1 | 3 | 3 | 0 | ||
| Total | 31 | 2 | 8 | 41 | 29 | 12 | -5 |
The fleet in 2021 consisted of Boeing 757, Boeing 767, and Boeing 737 MAX for the Company’s international flights, and Bombardier Q200 and Q800 for domestic flights and shorter international routes. Icelandair operates flight simulators for Boeing 757, Boeing 767, and Boeing 737 MAX aircraft at a training facility in Iceland. The facility is well utilized year-round, for Icelandair and other airlines.
The Boeing 757 offers long-range and low ownership costs which makes them ideal for the US West Coast and Canada operations. Low ownership cost is beneficial during the low season and to maintain fleet size flexibility. The Boeing 767 offers high passenger loads along with great cargo capacity into high-density markets in Europe and on the US East Coast. The Bombardier Q200 is capable of the short and often rough airfields that are prominent in Greenland and some of the Company's smaller domestic destinations and the Bombardier Q400 have excellent range and speed, along with longer fuselage, making them ideal in shorter international flights as well as being well utilized for the more popular domestic destinations.
With favourable conditions in financial and commercial aircraft markets last year, we successfully completed the financing of the remaining three aircraft in our Boeing 737 MAX order and secured long-term lease agreements for two new additional 737 MAXs. The 737 MAX is of a new generation of eco-efficient aircraft and has proven to be a great fit for our fleet. It can open opportunities to introduce new destinations and increase the frequency to our current destinations on year-round basis.
Högni Helgason
Fleet Director
In March 2021, aviation authorities of the United States, Canada, and Europe lifted the grounding of the Boeing 737 MAX aircraft following a comprehensive re-approval process that lasted over a year. Icelandair, along with other international flight carriers, resumed flights of the aircraft after having Icelandair's experienced pilots and aircraft mechanics working hard on the preparation of the aircraft return to service. Icelandair owns a Boeing 737 MAX flight simulator, and the airline's pilots underwent extensive theoretical and practical training.
The entry of the Boeing 737 MAX into the Company's fleet has proven successful. The aircraft is better utilized in the route network than had been expected in the beginning, as its range and carrying capacity have proven to be greater than expected. This will open opportunities to introduce new destinations and increase the frequency to the Company’s current destinations.
In 2021, Icelandair continued an extensive review of the Company’s long-term fleet strategy in cooperation with its advisors. The results of this work have shown that in the short term the current fleet composition is well suited for the Company’s route network. Over the next years, Icelandair will focus on ensuring the continued growth and renewal of the Company’s fleet with current aircraft types. The Boeing 757 phase-out continues and will be managed in line with aircraft capacity requirements as new aircraft are added to the fleet.
The development of the Company’s fleet strategy will continue over the next decade. In the second half of this decade, when the Boeing 757s get closer to retirement, Icelandair will be considering another type of larger aircraft to use alongside the Boeing 737 MAX.
