U.S. and EU sign standalone agreement allowing U.S. carriers to provide wet lease services
A “wet lease” is a commercial arrangement whereby one air carrier rents out its airplanes and crews for use by another carrier.
These types of leases can represent an important revenue source to the carrier providing the aircraft and crews.
European Community (EC) regulations which are also applied by Norway and Iceland for years severely limited U.S. carrier ability to “wet lease” to EU carriers.
At the same time, EU carriers faced no such limitations under DOT regulations when providing aircraft and crew either to each other or to U.S.carriers. ■