Dry Lease

A Dry Lease is an aircraft leasing arrangement where the lessor (owner) provides only the aircraft hull, and the lessee (operator) is responsible for providing crew, maintenance, insurance, and operational management. The aircraft operates under the lessee's Air Operator Certificate (AOC).

• The lessee has full operational control of the aircraft
• Lease term typically 5–12 years
• Most common form of commercial aircraft leasing (over 50% of global fleet is leased)
• Major lessors: AerCap, SMBC Aviation Capital, BOC Aviation, Avolon
• Opposite of Wet Lease, where the lessor provides the aircraft with crew and maintenance