Loftleidir Icelandic was formed as a subsidiary of Icelandair Group in 2002 but the international charter operations have been a part of the general operation of the airline and it's predecessors for decades. It has developed from being a marketing vehicle operating in the international ACMI (Aircraft Crew Maintenance and Insurance) and charter markets, to become a Global Capacity Solutions provider, thus expanding it's horizon above the aircraft types traditionally operated under the Icelandair AOC.
Loftleidir Icelandic currently manages one Boeing 737-700, two Boeing 737-800, four Boeing 757-200 and three Boeing 767-300ER. The aircraft are operated under the Icelandair and Smartlynx air operator certificates and on leasing contracts under Aircraft-Maintenance conditions to other airlines. Current and past leasing customers include airlines like Yakutia Air Company, Air Niugini, Santa Barbara Airlines, British Midland, Avianca, Israir, Neos, and tour operators like TUI, Aberkrombie & Kent and GWV int the USA.
Loftleidir Icelandic is a subsidiary of Icelandair Group along with 11 other companies in various sectors of the travel industry.