LOS ANGELES—(BUSINESS WIRE)—Air Lease Corporation (NYSE: AL) announced a long term lease agreement with Air Vanuatu, an international airline based in Port Vila, Vanuatu, for one new Boeing 737-800. The aircraft is from ALC’s order book with Boeing and will deliver in January 2016.

“ALC is very pleased to announce this strategic new 737-800 lease placement with Air Vanuatu, a new customer for ALC in the South Pacific region. We look forward to a long-term relationship with the airline as they grow and modernize their fleet,” said Steven F. Udvar-Házy, Air Lease Corporation’s Chairman and Chief Executive Officer.

“Air Vanuatu looks forward to the introduction of the brand new Boeing 737-800 with the enhanced SKY interior and the latest technology and customer features, in January 2016, on long term lease contract from Air Lease Corporation," said Joseph Laloyer, Air Vanuatu’s Chief Executive Officer.