Did some googling and found this.....
Quote:
On December 2007 Air Niugini returned its leased Boeing 767 aircraft to its owners, Viva Macau.[10] The airline has taken up a lease with Icelandair for a Boeing 757-200 and expects to order its own Boeing 767-300ER aircraft from Royal Brunei Airlines.[11]
On the 18th of April, 2008, Flights commenced on the Sydney-Port Moresby route initially using leased Embraer 190 aircraft leased from SkyAirWorld of Australia.[12][13]
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Seems as if Air Niugini has a leasing agreement with Icelandair.