Aircastle’s fleet comprises 155 aircraft.

Upcoming increases in guarantee fees for ECA financing support also will have an impact, Wainshal said, noting that a company with a BB credit rating from Jan. 1 will have to provide 11-14% of the total price of the financing package instead of the 4-5% currently required.

An aircraft lessor can spread out the cost over 12 years, he added, but will pay a heavy financial price if it wants to sell the aircraft before then.

“As a leasing company, I value the ability to have portfolio flexibility, and I’m much more reluctant to step into something that becomes effectively very expensive financing if I choose to pull the trigger early,” Wainshal said.

The higher fee also detracts from the appeal of having ECA as a “lender of last resort” if attractive financing is not available when the time comes—years after the order is placed—for deliveries. “It makes me a lot less excited about financing new aircraft,” Wainshal said.