What Happened to Rex’s B737-800s?

Insolvent Australian airline Regional Express (Rex) had nine B737-800s in its fleet when it filed for voluntary administration in July 2024. While the airline continues to operate its Saab 340B propellor flights to regional towns, it swiftly ended its loss-making jet operations and the lessors moved in to export their planes.

Rex’s B737s have since met a mixed fate. A batch of aircraft belonging to Aero Capital Solutions left Australia. Two went into a storage program at Marana Airport (MZJ) in Arizona, where they remain pending remarketing. Those aircraft include VH-RQC (msn 33797), now bearing the temporary Guernsey-issued registration of 2-HRQC, and VH-RYU (msn 33794), now bearing the temporary registration of 2-HRYU.

VH-REX (msn 36609) is also owned by Aero Capital Solutions. In this case, the aircraft was re-housed at Virgin Australia in November and now flies for them with the same registration. In a neat piece of symmetry, this plane formerly flew for Virgin Australia but was handed back to the lessor after VA filed for voluntary administration in 2020. In its past life at Virgin Australia, the aircraft was registered as VH-VUU.

VH-RQP (msn 37822), another Aero Capital Solutions aircraft, was also re-homed at Virgin Australia in November, returning for a second stint at the airline just like VH-REX. When this aircraft first flew for Virgin Australia, it was registered as VH-BZG.

Another Aero Capital Solutions-owned jet, VH-PAG (msn 37821), ferried to Marana in October 2024. However, it was recently re-homed with Ukraine’s SkyUp Airlines. It flew to Reykjavik (KEF) in March, where it remains. The B737 is now entered in the Ukrainian aircraft register as UR-SQN.

DAE Capital, the Middle East’s largest aircraft leasing firm, owns VH-8ZL (msn 39604). They whisked their aircraft out of Australia in October. In February, they leased the plane to Kenya Airways, and it is now registered as 5Y-CYF.

VH-8KH (msn 44217) is belongs to ALM – Aircraft Leasing and Maintenance. That aircraft went into a storage program at Alice Springs Airport (ASP) in September but was recently placed with Garuda Indonesia. The plane ferried to Jakarta (CGK) in March and now operates as PK-GUI.

As second ex-Rex B737, VH-MFM (42805), is also confirmed to be heading to Garuda Indonesia. That aircraft, owned by Carlyle Aviation Partners, is undergoing pre-delivery work at Jakarta Soekarno Hatta Airport before handover. It is yet to pick up an Indonesian registration and is instead temporarily entered into the Bermuda aircraft register.

Finally, VH-8JS (msn 44218) is another ALM-owned aircraft. It also went to Alice Springs for some time. In March, the plane ferried to Jakarta, where it remains. Its next home is unconfirmed but its Jakarta positioning plus Garuda’s well-publicised search for extra aircraft plus ALM already placing one former Rex aircraft there is highly indicative of where this jet is likely to end up.

Despite the two Aero Capital jets still idling at Marana, the market for well-maintained middle-aged narrowbody jets like the former Rex B737-800s is extremely tight. Leasing airlines are paying up to USD250,000 per month per aircraft like these - more if not an established airline with a proven leasing track record.

Rex once had ambitions of operating around thirty B737-800s. It took a gamble that Virgin Australia wouldn't survive its voluntary administration and it would fill the void. But Virgin Australia did survive and Rex's jet operations did not.