Africa's aviation market is growing faster than its owned fleet can keep up. Airlines launching new routes, cargo operators scaling for seasonal demand, charter companies filling capacity gaps — all face the same fundamental question when they need an aircraft but cannot or will not buy one: do you wet lease or dry lease?
The answer is not always obvious. ACMI (Aircraft, Crew, Maintenance and Insurance — the standard wet lease model) and dry lease serve fundamentally different operational needs, carry different cost structures, and suit different stages of an operator's development. Choosing the wrong structure can cost more than the freight it was meant to carry.
What this guide covers: A four-question decision framework, current 2026 pricing benchmarks for key freighter types, a side-by-side comparison of ACMI vs dry lease vs ad-hoc charter, and SADC-specific variables that global guides miss entirely.
What ACMI Actually Means
ACMI is an acronym for the four things the lessor provides:
- Aircraft — the hull itself, airworthy and ready to operate
- Crew — flight deck (and typically cabin crew for passenger ops; for freighters usually flight deck only)
- Maintenance — line and scheduled maintenance to keep the aircraft airworthy throughout the lease term
- Insurance — hull all-risks and third-party liability insurance on the aircraft
Under ACMI, the lessee pays for everything else: fuel, landing fees, ground handling, navigation charges, overflight permits, and traffic rights. The lessee operates the aircraft under their own Air Operator Certificate (AOC) — the aircraft flies in the lessee's livery. From a regulatory perspective, the lessee is the operator of record for each flight.
ACMI leases are priced on a block-hour rate — cost per block hour multiplied by the guaranteed minimum block hours per month. A typical short-to-medium term ACMI placement might carry a block-hour rate of $3,500–$7,500 per hour for a B737-300F, depending on aircraft age, market conditions, and lane requirements.
What Dry Lease Means
A dry lease provides the hull only — the aircraft, without crew, maintenance, or insurance. The lessee must hold their own AOC (or have one in process), provide their own type-rated crew, arrange their own maintenance organisation, and insure the hull.
Dry leases are typically operating leases structured for 12–84 months, governed by a Lease Agreement aligned to the Cape Town Convention (ratified by South Africa and most SADC states). Current 2026 dry lease rentals for relevant freighter types:
| Aircraft Type | Monthly Dry Lease Rental (approx.) | Notes |
|---|---|---|
| B737-300F / 400F | $120,000 – $175,000 | Depending on age and condition |
| B767-300ERF | $320,000 – $420,000 | Mid-life aircraft market |
| ATR72-500F / 600F | $90,000 – $130,000 | Popular for intra-Africa feeder routes |
| B747-400F | $450,000 – $600,000 | Older aircraft; high-volume intercontinental |
These are rental costs only — the lessee's fully-loaded operating cost adds crew, maintenance, insurance and fuel on top.
The Four-Question Decision Framework
Before choosing a structure, answer these four questions in order:
1. Do you hold an AOC valid for the aircraft type?
If you do not hold an AOC, or your AOC does not cover the type you need, ACMI is your only legal option for revenue-generating operations. An AOC amendment to add a new aircraft type under SACAA typically takes 3–9 months. For East African operators under KCAA or TCAA, timelines vary significantly. ACMI bridges the gap while AOC processes proceed.
2. What is your time horizon?
Short-term (1–6 months): ACMI is almost always the answer. Dry lease markets do not function on short-term placements — lessors are not interested in 90-day commitments on assets that take weeks to prepare and deliver. AOG cover, seasonal peak capacity, route trials, wet charter series — these are ACMI territory.
Medium-term (6–18 months): The economics begin to shift. At sustained high block-hour utilisation (300+ hours/month), the per-hour cost of ACMI starts to exceed the equivalent cost of a dry lease plus your own crew and maintenance — provided you have the infrastructure to support it.
Long-term (18+ months): Dry lease typically becomes more economical for operators with the AOC, crew base, and maintenance organisation to support it. The fixed monthly rental is predictable; ACMI costs fluctuate with block hours flown.
3. Do you have the crew and maintenance infrastructure?
Dry lease demands significant organisational infrastructure that operators often underestimate:
- Type-rated crew at the required ratio — typically 3–4 crew per aircraft for a freighter on a multi-leg operation, accounting for rest requirements
- An approved maintenance organisation (AMO) or a contracted MRO with the relevant SACAA (or equivalent) approval for the aircraft type
- A continuing airworthiness management organisation (CAMO) function — in-house or contracted
- Insurance placement — hull all-risks for a B737-300F will cost approximately $180,000–$300,000 annually depending on hull value and operator history
If you cannot demonstrate all of these, a lessor will not execute a dry lease with you. ACMI removes all of these requirements from the lessee's responsibility.
4. What is your risk appetite?
ACMI transfers operational risk to the lessor. If the aircraft goes technical, the lessor is responsible for rectification. If maintenance is required, the lessor bears the cost. The lessee's exposure is primarily flight risk — fuel, fees, yield.
Dry lease transfers all operational risk to the lessee. An AOG event on a dry-leased aircraft is your problem — your maintenance costs, your revenue loss, your crew cost while the aircraft sits on ground. In the SADC environment, where MRO availability at secondary airports is limited and AOG logistics can be complex, this risk transfer consideration is significant.
Full Comparison: ACMI vs Dry Lease vs Ad-hoc Charter
| Factor | ACMI (Wet Lease) | Dry Lease | Ad-hoc Charter |
|---|---|---|---|
| AOC requirement | Lessee's own AOC needed | Lessee must hold AOC for type | None — operator holds AOC |
| Crew | Provided by lessor | Lessee's responsibility | Provided by operator |
| Maintenance | Lessor's responsibility | Lessee's responsibility | Operator's responsibility |
| Insurance | Lessor provides hull & liability | Lessee arranges own coverage | Operator's coverage |
| Minimum term | 1 month typical | 12 months typical minimum | Single trip |
| Cost structure | Block-hour rate × hours flown | Fixed monthly rental + crew + maintenance + insurance | Trip rate or block-hour series |
| AOG risk | Lessor (subject to lease terms) | Lessee | Operator |
| Lead time to operations | 2–4 weeks typical | 4–12 weeks (AOC, delivery, crew) | 24–72 hours |
| Best suited for | Seasonal peaks, route trials, AOG cover, new operators | Established operators scaling fleet | Single lifts, express cargo, one-time requirements |
SADC-Specific Variables You Cannot Ignore
Global ACMI and dry lease brokers frequently underestimate the operational variables specific to SADC and East Africa. Here is what changes the calculus in this market:
SACAA wet lease approval timelines. A foreign-registered ACMI aircraft operating on a South African operator's AOC requires SACAA approval of the arrangement. Processing times and requirements vary. Experienced SADC ACMI brokers build regulatory lead times into the placement timeline — brokers without regional experience frequently miss this and cause delays.
Currency and payment structure. ACMI rates are denominated in USD. South African operators face rand/dollar exchange rate exposure. Lease agreements typically require payment in hard currency, which creates treasury management requirements for smaller operators.
Ground handling at secondary SADC airports. ACMI lessors will conduct a station inspection of primary operating bases. At secondary airports — Hosea Kutako (WDH), Kamuzu International (LLW), Kenneth Kaunda (LUN) — ground handling capability, fuel availability, and MRO access vary significantly. AOG contingency planning must be explicit in the lease agreement.
Seasonal demand patterns. Southern Africa's fresh produce and horticulture export seasons — avocados (March–August), citrus (June–September), flowers year-round from Kenya — create predictable short-duration freighter demand spikes. ACMI is structurally suited to this pattern. Dry lease is not.
Ad-hoc Charter: The Third Option
For requirements that do not justify even a 1-month ACMI commitment — a single AOG lift, a humanitarian relief consignment, a one-time oversized cargo movement — ad-hoc charter is the appropriate structure.
Ad-hoc cargo charter is not a lease at all. It is a one-time or short-series capacity purchase from an operator who already holds the aircraft and operates it. For African operators and freight buyers, ad-hoc charter is widely available for B737F, B767F, ATR72F and B747F capacity, with sourcing lead times of 24–72 hours for most requirements.
Quick Decision Guide
Choose ACMI if: You need aircraft for less than 12 months, you are managing a seasonal peak or AOG cover, you do not have the crew base and maintenance organisation for dry lease, or you are a new operator building toward your own fleet.
Choose Dry Lease if: You have a 12+ month requirement, you hold the appropriate AOC with type ratings, you have the crew and maintenance infrastructure, and the economics at your forecast utilisation are favourable versus ACMI.
Choose Ad-hoc Charter if: Your requirement is a single trip or short series of fewer than 4–5 trips and a lease structure is unnecessary and commercially inefficient.
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