About us

DP Aircraft I Limited was incorporated with limited liability in Guernsey under The Companies (Guernsey) Law, 2008, as amended, on 5 July 2013 with registered number 56941.

The Company is traded on the Specialist Fund Segment of the London Stock Exchange (ISIN number GG00BBP6HP33).

The Company’s investment objective is to obtain income returns and a capital return for its Shareholders by acquiring, leasing and then, when the Board considers it is appropriate, selling aircraft.

The Company aims to provide Shareholders with an attractive total return comprising income, from distributions through the period of the Company’s ownership of the Assets, and capital, upon any sale of the Assets.

In the event that the Company is wound up pursuant to a shareholder resolution, Shareholders may also receive a capital return out of any sale of the Assets and any surplus assets of the Company.

The Company is targeting a net IRR in excess of 11 per cent. over the life of the Leases and taking into account the economic full-life condition of the Assets upon the expiry of the Leases. This net IRR is a target only and should not be treated as an assurance or guarantee of performance or a profit forecast. It is based on the performance projections of the investment strategy and market conditions at the time of modeling and is therefore subject to change. There is no guarantee that any target net IRR can or will be achieved.

Thai Airways International Public Company Limited (“Thai Airways” or “THAI”), commercially branded as “THAI”, was founded in 1960 and is the national flag carrier of the Kingdom of Thailand. It operates full-service domestic, regional and intercontinental passenger services, with Bangkok serving as its principal hub. Thai Airways is listed on the Stock Exchange of Thailand (SET).

Thai Airways entered court-supervised Business Rehabilitation on 14 September 2020. Following the successful implementation of its Business Rehabilitation Plan, the Central Bankruptcy Court ordered the termination of the rehabilitation process on 16 June 2025. Thai Airways subsequently resumed trading on the Stock Exchange of Thailand on 4 August 2025 following the completion of its capital restructuring and the removal of its possible delisting status.

Following the restructuring, the Ministry of Finance is the largest shareholder of Thai Airways, holding approximately 38.90 per cent of the Company’s shares as of September 2026. The previous 53.16 per cent government ownership is therefore no longer applicable.

As at 30 June 2026, Thai Airways operated an active fleet of 84 aircraft, with an average aircraft utilisation of 12.9 hours per aircraft per day. During the first six months of 2026, Thai Airways carried approximately 3.66 million passengers. During the same period, the airline took delivery of five Airbus A321neo aircraft, three Boeing 787-8 aircraft and one Boeing 787-9 aircraft.

According to its consolidated financial results for the six months ended 30 June 2026, Thai Airways reported total revenue, excluding one-time items, of Baht 99.65 billion, an increase of 3.3 per cent compared with the same period in 2025. Total expenses, excluding one-time items, amounted to Baht 82.21 billion, while operating profit before finance costs and excluding one-time items was Baht 17.44 billion. Finance costs amounted to Baht 6.15 billion, while net one-time items recorded as revenue amounted to Baht 1.42 billion, mainly from gains related to the termination and modification of aircraft lease agreements. Consequently, Thai Airways reported a net profit of Baht 11.65 billion for the first six months of 2026.

For the three months ended 30 June 2026, Thai Airways reported total revenue, excluding one-time items, of Baht 48.62 billion, an increase of 8.5 per cent compared with the corresponding period of 2025. Operating profit before finance costs and excluding one-time items amounted to Baht 3.69 billion. After finance costs of Baht 3.17 billion and net one-time items of Baht 0.34 billion, Thai Airways reported a net profit of Baht 1.54 billion for the second quarter of 2026.

As at 30 June 2026, Thai Airways and its subsidiaries had total assets of Baht 322.09 billion, total liabilities of Baht 240.25 billion and shareholders’ equity of Baht 81.83 billion. Cash and cash equivalents, together with other current financial assets, totalled Baht 123.76 billion at the same date.

The Company’s aircraft are two Boeing 787-8 aircraft fitted with Rolls-Royce engines.

The Boeing 787, also known as the “Dreamliner”, is a twin-engine long-range aircraft distinguished by its advanced composite-based design and fuel efficiency. The Boeing 787 is a mid-size widebody aircraft offering the range of larger passenger aircraft, enabling airlines to operate long-haul routes with comparatively efficient fuel consumption.

As at the end of August 2026, more than 1,300 Boeing 787 aircraft had been delivered to customers worldwide. Of these, approximately 399 were Boeing 787-8 aircraft, while the remaining deliveries comprised the 787-9 and 787-10 variants. The 787 programme had more than 2,400 gross orders, with more than 1,100 aircraft remaining on backlog.

The Boeing 787 is operated by more than 90 customers worldwide, including major international airlines and leasing companies. Operators include Air Canada, Air France-KLM, American Airlines, British Airways, Etihad Airways, Qantas and Singapore Airlines, alongside a broad range of other international and regional carriers. Leasing companies also represent a significant part of the 787 customer base, with AerCap being the largest owner of 787 aircraft and having approximately 140 aircraft in its 787 portfolio following its 2026 order for an additional 15 aircraft.

DS Aviation GmbH & Co. KG (“DS Aviation”) has been appointed by the Company to provide asset management services to the Company.

DS Aviation is a German limited partnership. DS Aviation’s registered office is situated at Stockholmer Allee 53, 44269 Dortmund, Germany. DS Aviation is a limited partnership with DS Aviation Management GmbH and Dr. Peters being its general and limited partners respectively. DS Aviation is indirectly wholly-owned by JS Holding GmbH & Co. KG.

Christian Mailly of DS Aviation is a member of ISTAT, the International Society of Transport Aircraft Trading.

Dr. Peters has been developing, placing and managing closed-ended funds for more than 45 years and is among the longest running and largest owner-operated initiators of closed-ended funds in Germany. Dr. Peters is a leading provider of products and services for investors in the fields of aviation, shipping and real estate. One of the firm’s core competencies is its asset management expertise, which is an integrated part of all Dr. Peters transactions and a cornerstone of the business. DS Aviation is responsible for the sourcing and structuring and commercial and technical management of aviation investments made by Dr. Peters funds.

Further information on DS Aviation can be found here: www.dr-peters.de.
 

Principal Bankers

Royal Bank of Scotland International Limited
2nd Floor, Royal Bank Place
1 Glategny Esplanade
St Peter Port
Guernsey
GY1 4BQ
Channel Islands