BOC Aviation expands fleet to 693

BOC Aviation has expanded its fleet of aircraft to 693, the company advised, in its latest release of operational transactions for the quarter ended 30 September 2024.

A total fleet of 693 aircraft owned, managed and on order, an average aircraft age of 5.0 years and an average remaining lease term of 7.8 years for the 430 owned aircraft fleet, both weighted by net book value.  

The managed fleet comprised 32 aircraft,  order book of 231 aircraft and executed a total of 70 transactions in the third quarter of 2024, including:

Commitments to purchase 19 aircraft 

Delivery of seven aircraft

Sale of six owned aircraft

35 lease commitments

 

Customer base of 93 airlines in 48 countries and regions in the owned and managed portfolios,  owned aircraft utilisation remained at 99% as at 30 September 2024, raised US$500 million of seven-year bonds at a coupon of 4.625% per annum.

One of the last transactions of the quarter included the placement of two Airbus A320NEO aircraft with new customer, Tunisia's first private airline, Nouvelair. Both aircraft are powered by CFM LEAP-1A engines and are scheduled for delivery this year.

“We are excited to welcome Nouvelair as a new customer as we build out our exposure to the rapidly-growing North African aviation market,” said Paul Kent, Chief Commercial Officer (Europe, Americas & Africa). “These latest technology aircraft will provide a significant boost to the modernity and operating efficiency of Nouvelair’s fleet as it develops further scale.”

Chokri Zarrad, General Manager of Nouvelair, emphasized: "We are enthusiastic about this collaboration with BOC Aviation and look forward to a long-term partnership. Adding our first environment-friendly A320NEO to our fleet is part of our modernization strategy. We will reach a total of 15 aircraft by the third quarter of 2024. Our aim is to meet the growing expectations of our passengers regarding comfort and environmental sustainability while maintaining the efficiency that has contributed to Nouvelair's success. The Airbus A320NEO, with its technological advancements, enables reduced fuel consumption and CO2 emissions.”

More recent transactions included a lease transaction involving three Boeing 737-MAX 9 and one 787-9 aircraft with United Airlines, 

“We are delighted to be supporting our long-time customer, United, once again, as it continues its fleet renewal programme,” said Steven Townend, Chief Executive Officer and Managing Director, BOC Aviation. “The financing of these four latest generation Boeing aircraft provides us with an incremental investment opportunity as we continue to grow our business.”

BOC Aviation places two Airbus A320neo's with Nouvelair

BOC Aviation is pleased to announce the placement of two Airbus A320NEO aircraft with new customer, Tunisia's first private airline, Nouvelair. Both aircraft are powered by CFM LEAP-1A engines and are scheduled for delivery this year.

“We are excited to welcome Nouvelair as a new customer as we build out our exposure to the rapidly-growing North African aviation market,” said Paul Kent, Chief Commercial Officer (Europe, Americas & Africa). “These latest technology aircraft will provide a significant boost to the modernity and operating efficiency of Nouvelair’s fleet as it develops further scale.”

Chokri Zarrad, General Manager of Nouvelair, emphasized: "We are enthusiastic about this collaboration with BOC Aviation and look forward to a long-term partnership. Adding our first environment friendly A320NEO to our fleet is part of our modernization strategy. We will reach a total of 15 aircraft by the third quarter of 2024. Our aim is to meet the growing expectations of our passengers regarding comfort and environmental sustainability, while maintaining the efficiency that has contributed to Nouvelair's success. The Airbus A320NEO, with its technological advancements, enables reduced fuel consumption and CO2 emissions.”

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Three more cargo 747-8s for Atlas Air

BOC Aviation Limited confirmed today,  the placement of three Boeing 747-8 freighters with new customer Atlas Air Worldwide Holdings, Inc. All three aircraft are powered by General Electric GEnx engines and are scheduled for delivery in 3Q 2024.

“Atlas manages the world’s largest fleet of Boeing 747 freighter aircraft and is ideally placed to partner with us in the operation of these latest-generation aircraft,” said Steven Townend, Chief Executive Officer and Managing Director. “As global airfreight volumes hit record highs this transaction highlights our ability to provide capacity solutions to a wide variety of airline customers.”

“As the world’s largest operator of 747 freighters, we are delighted to work with BOC Aviation to expand our widebody fleet with these three 747-8Fs,” said Michael Steen, Atlas Air Worldwide Chief Executive Officer. “Our growth in this aircraft type underscores Atlas’ commitment to the 747-freighter platform and the value it provides our customers, including significant payload capacity and unique nose-loading capability. Through our ongoing investments in innovation and our fleet, we continue to create additional operational flexibility, providing world-class service and acting as a trusted partner to our customers."

The 747-8 freighter excels as the most capable, technologically advanced, and environmentally friendly widebody freighter on the market. The 747-8F provides the largest load capacity in the market, with a 20% increase in payload capacity over the 747-400F, along with 25% more capacity than the 777-200LRF. The 747-8 has a 16% reduction in fuel consumption compared to the 747-400F. Additionally, the 747-8 freighter is the only factory-built freighter with nose-loading capability, meeting the long-term demands of the airfreight sector. Atlas stands out as the world’s largest operator of Boeing 747 freighter aircraft, with a fleet that includes 65 aircraft, consisting of 17 747-8Fs, 39 747-400Fs, 4 Large Cargo Freighters (LCFs) and 5 passenger 747-400s

Atlas Air Worldwide is a leading global provider of outsourced aircraft and aviation operating services. It is the parent company of Atlas Air, Inc., and Titan Aviation Holdings, Inc., and is the majority shareholder of Polar Air Cargo Worldwide, Inc. Our companies operate the world’s largest fleet of 747 freighter aircraft and provide customers the broadest array of Boeing 747, 777, 767 and 737 aircraft for domestic, regional and international cargo and passenger operations.

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BOC Aviation places three 747-8 cargo planes with Atlas Air

BOC Aviation Limited confirmed today,  the placement of three Boeing 747-8 freighters with new customer Atlas Air Worldwide Holdings, Inc. All three aircraft are powered by General Electric GEnx engines and are scheduled for delivery in 3Q 2024.

“Atlas manages the world’s largest fleet of Boeing 747 freighter aircraft and is ideally placed to partner with us in the operation of these latest-generation aircraft,” said Steven Townend, Chief Executive Officer and Managing Director. “As global airfreight volumes hit record highs this transaction highlights our ability to provide capacity solutions to a wide variety of airline customers.”

“As the world’s largest operator of 747 freighters, we are delighted to work with BOC Aviation to expand our widebody fleet with these three 747-8Fs,” said Michael Steen, Atlas Air Worldwide Chief Executive Officer. “Our growth in this aircraft type underscores Atlas’ commitment to the 747-freighter platform and the value it provides our customers, including significant payload capacity and unique nose-loading capability. Through our ongoing investments in innovation and our fleet, we continue to create additional operational flexibility, providing world-class service and acting as a trusted partner to our customers."

The 747-8 freighter excels as the most capable, technologically advanced, and environmentally friendly widebody freighter on the market. The 747-8F provides the largest load capacity in the market, with a 20% increase in payload capacity over the 747-400F, along with 25% more capacity than the 777-200LRF. The 747-8 has a 16% reduction in fuel consumption compared to the 747-400F. Additionally, the 747-8 freighter is the only factory-built freighter with nose-loading capability, meeting the long-term demands of the airfreight sector. Atlas stands out as the world’s largest operator of Boeing 747 freighter aircraft, with a fleet that includes 65 aircraft, consisting of 17 747-8Fs, 39 747-400Fs, 4 Large Cargo Freighters (LCFs) and 5 passenger 747-400s

Atlas Air Worldwide is a leading global provider of outsourced aircraft and aviation operating services. It is the parent company of Atlas Air, Inc., and Titan Aviation Holdings, Inc., and is the majority shareholder of Polar Air Cargo Worldwide, Inc. Our companies operate the world’s largest fleet of 747 freighter aircraft and provide customers the broadest array of Boeing 747, 777, 767 and 737 aircraft for domestic, regional and international cargo and passenger operations.

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More Boeing 737 MAX jets for LOT

BOC Aviation Limited has confirmed the placement of three Boeing 737 MAX 8 aircraft with new customer LOT Polish Airlines. All three aircraft are powered by CFM LEAP-1B engines and are scheduled for delivery in 2025.

“We are delighted to welcome LOT, Poland’s flag carrier and one of the most recognisable Polish brands, to our customer base. As a global lessor, we are constantly building relationships with airline customers around the world and diversifying our lessee network,” said Steven Townend, Chief Executive Officer and Managing Director. “These aircraft will support the LOT growth strategy with one of the world’s most popular and fuel-efficient single-aisle jets.”

LOT is a modern carrier connecting Central and Eastern Europe with the rest of the world. LOT’s destinations include direct long-haul flights to the United States, Canada, China, Japan and South Korea. The Polish carrier has consistently increased its number of flights to those destinations, while strengthening its position in Central and Eastern Europe. It operates its long-haul flights with the Boeing 787 Dreamliner, one of the most advanced wide-body aircraft in the world. Operational since 1929, LOT is the 12th oldest airline worldwide and is one of the most internationally recognisable Polish brands.

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BOC Aviation's latest operational results......

BOC Aviation Limited has enjoyed a busy quarter as its latest release testifies. The aircraft operating leasing company has a fleet of 680 aircraft owned, managed and on order. Its owned and managed fleet was leased to 93 airlines in 47 countries and regions worldwide as at 30 June 2024.

Its key operational transactions for the quarter ended 30 June 2024 included an order book of 219 aircraft, a total fleet of 680 aircraft owned, managed and on order.  The average aircraft age of 4.9 years and an average remaining lease term of 7.9 years for the 429 owned aircraft fleet, both weighted by net book value.  

 During the quarter, BOC Aviation executed a total of 59 transactions including:

Commitments to purchase four aircraft 

Delivery of 13 aircraft

Sale of 11 owned aircraft

24 lease commitments

Owned aircraft utilisation was 99% for the second quarter

Raised US$500 million of five-year bonds at the tightest spread in the Company’s history.

 

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BOC Aviation agrees lease deal on three Boeing 737 MAX 8 jets to WestJet

BOC Aviation Limited has confirmed the placement of three used Boeing 737- MAX 8 aircraft with longstanding customer the WestJet Group. All three aircraft are powered by CFM LEAP-1B engines and are scheduled for delivery in 2024.

“We are delighted to welcome WestJet, one of Canada’s leading airlines, back to our customer base. This deal is a testament to our long-term relationship and our ability to evolve and meet our airline customers’ fleet expansion needs,” said Steven Townend, Chief Executive Officer and Managing Director. “With this transaction, we have provided WestJet with one of the world’s most popular single-aisle jets, delivering from our fleet that comprises 77% latest technology aircraft.”

“WestJet has an ambitious growth strategy, and working with a trusted partner like BOC Aviation supports us in meeting our growth expectations for 2024,” said Mike Scott, WestJet Group, Executive Vice-President and Chief Financial Officer. “We are seeing the benefits of our strategy come to life across our network and the consistent growth of our fleet capacity is essential to maintaining our momentum.”

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BOC Aviation latest results

BOC Aviation Limited has released headline figures of its most recent quarter results. Steven Townend, Chief Executive Officer and Managing Director, said, “We had a strong start to the year, adding 10 aircraft to 2024’s delivery pipeline and signing 31 lease commitments, the best first quarter since 2020. Aircraft sales momentum remains strong and we have sold five aircraft so far in 2024. Meanwhile, our collection rate of 100% reflects the improved financial health of our airline customers and our risk aware culture.”

 

Transactions Summary 

 

·         A total fleet of 688 aircraft owned, managed and on order

 

·         An average aircraft age of 4.8 years and an average remaining lease term of 7.9 years for the 427 owned aircraft fleet, both weighted by net book value1

 

·         Managed fleet comprised 32 aircraft

 

·         Order book of 229 aircraft

 

·         Executed a total of 54 transactions in the first quarter of 2024, including:

Commitments to purchase 10 aircraft 

Delivery of five aircraft

Sale of four owned and one managed aircraft

31 lease commitments

 

·         Customer base of 90 airlines in 45 countries and regions in the owned and managed portfolios 

 

·         Owned aircraft utilisation was 99% for the first quarter

 

·         Raised US$500 million of five-year bonds

BOC Aviation reports record earnings in 2023.....

BOC Aviation Limited has released details of 2023 results, which show a net profit after tax of US$764 million for the year, exceeding 2019’s previous record of US$702 million. 

The improvement reflected underlying growth across the business, combined with insurance settlements in respect of aircraft in Russia.  The balance sheet grew by 10% during 2023 to more than US$24 billion, reflecting investment in new aircraft. In 2023, BOC committed to acquire 95 aircraft and ended the year with record total committed capital expenditure of US$12 billion and an orderbook of 224 aircraft.

“We are delighted to report record earnings as we celebrate our 30th anniversary,” Steven Townend, Chief Executive Officer and Managing Director, BOC Aviation, commented. “We achieved record fleet growth in 2023, which also drove our revenues, cashflows and asset values to record highs. With passenger travel growth expected to remain firm, we are well placed to leverage continued strong demand for the modern aircraft that comprise our fleet and orderbook.”

Financial Highlights

Our financial highlights for the year ended 31 December 2023 are:

• Total revenues and other income rose 7% year-on-year, to US$2.5 billion

• Record net profit after tax of US$764 million compared with US$20 million in 2022

• Earnings per share of US$1.10 and net assets per share of US$8.28

• Operating cash flow net of interest rose 8% to US$1.6 billion

• Total assets of US$24.2 billion at 31 December 2023, up 10% on 2022

• Raised US$4.1 billion of new debt financing comprising US$2.5 billion of loans and

US$1.7 billion of bonds

• Maintained strong liquidity of US$5.6 billion, comprising US$392 million in cash and

cash equivalents and US$5.2 billion in undrawn committed credit facilities at 31 December 2023

• The Board recommended a final dividend for 2023 of US$0.2721 per share, pending

approval at the AGM to be held on 30 May 2024. The final dividend will be payable

to shareholders registered at the close of business on the record date, being 7 June

2024, bringing the total dividend for the financial year 2023 to US$0.38521 per

share, calculated at 35% of net profit after tax

Portfolio and Operational Highlights

As at 31 December 2023, BOC Aviation had:

• A total fleet of 684 aircraft owned, managed and on order, with an average aircraft

age of 4.6 years and an average remaining lease term of 8.1 years for the 426

owned aircraft fleet, weighted by net book value2

• A customer base of 91 airlines in 45 countries and regions in the owned and

managed portfolios

• Executed a record 348 transactions in 2023, including:

• Commitments to purchase 95 aircraft

• Delivery of 65 aircraft (excluding two acquired by an airline customer on

delivery)

• Sale of 20 aircraft and one engine

• 142 lease commitments

• An orderbook of 224 aircraft

• Recorded aircraft utilisation of 99% for the owned portfolio for the year ended 31 December 2023

BOC Aviation has entered into a finance lease transaction involving four Airbus A320NEO aircraft with IndiGo

BOC Aviation has entered into a finance lease transaction involving four Airbus A320NEO aircraft with IndiGo. The aircraft are all powered by CFM LEAP-1A engines. All four aircraft are scheduled for delivery in 2024.

“We are pleased to be closing another four finance leases with IndiGo. We continue

to work closely with our long-time customer to support its expansion strategy as it builds a fleet of latest technology fuel-efficient aircraft,” said Steven Townend, Chief Executive Officer and Managing Director, BOC Aviation. “This is our first transaction in the year of the dragon, and it sets the tone for the year as we continue growing our fleet by investing in latest generation aircraft and partnering with high quality customers.”

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BOC Aviation signs lease deal with Indigo for four Airbus A320NEO jets

BOC Aviation Limited confirmed this week that it has entered into a finance lease transaction involving four Airbus A320NEO aircraft with IndiGo. The aircraft are all powered by CFM LEAP-1A engines. All four aircraft are scheduled for delivery in 2024. 

“We are pleased to be closing another four finance leases with IndiGo. We continue to work closely with our long-time customer to support its expansion strategy as it builds a fleet of latest technology fuel-efficient aircraft,” said Steven Townend, Chief Executive Officer and Managing Director, BOC Aviation. “This is our first transaction in the year of the dragon, and it sets the tone for the year as we continue growing our fleet by investing in latest generation aircraft and partnering with high quality customers.”  

“We are pleased to announce that we have extended our partnership with BOC Aviation through a lease agreement for four Airbus A320NEO aircraft. These aircraft will be instrumental in supporting our expansion plans and strengthening our position in both domestic and international markets. At IndiGo, we are dedicated to providing our customers with unparalleled travel experiences, and this partnership will allow us to continue delivering affordable, on-time, and hassle-free travel across our extensive 6E network,” said Riyaz Peermohamed, Chief Aircraft Acquisition and Financing Officer of IndiGo.

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BOC Aviation's fourth quarter and year ended 31 December 2023 operational transactions.

BOC Aviation Limited has announced its operational transactions for the fourth quarter and year ended 31 December 2023.

Steven Townend, Managing Director and Chief Executive Officer, said, “In 2023 we celebrated our 30th anniversary.  It was a year of record operational performance where we executed our largest ever number of transactions that included 142 lease commitments, the most in any year since our inception. We committed to purchase 95 aircraft, providing the foundation for future balance sheet growth, and we took delivery of 65 aircraft - the most since 2017.  Collections exceeded 100% for a second year running and our aircraft utilisation rate improved to 99% from 96% in 2022, both reflecting the strength of the aviation industry. Looking ahead, with a strong aircraft portfolio and orderbook, we are confident in meeting our airline customers’ needs and maintaining our position as a top five global aircraft operating lessor.”

Transactions Summary 

 

·       A total fleet of 684 aircraft owned, managed and on order1

 

·        An average aircraft age of 4.6 years and an average remaining lease term of 8.1 years for the 426 owned aircraft fleet, both weighted by net book value2

 

·        Managed fleet comprised 34 aircraft

 

·        Order book of 224 aircraft1

 

·        Executed a total of 128 transactions in the fourth quarter of 2023 and a total of 348 in 2023, including:

Commitments in the fourth quarter to purchase 31 aircraft and a total of 95 in 2023

Took delivery of 39 aircraft (excluding one acquired by an airline customer on delivery) in the fourth quarter, and a total of 65 (excluding two aircraft acquired by an airline customer on delivery) in 2023

Sale of 15 owned aircraft in the fourth quarter, which brought the total number of owned aircraft sold during the year to 20 

35 lease commitments in the fourth quarter and a total of 142 for 2023

BOC Aviation orders six Airbus just to lease to German airline Condor

BOC Aviation Limited has confirmed it has agreed to purchase four new Airbus A321NEO and two new Airbus A320NEO aircraft from Airbus, and then these modern jets will be leased to German holiday and leisure carrier Condor. The aircraft have a scheduled delivery date in 2027 and 2028 and will be placed on long-term lease arrangements with Condor as it seeks to embark on a massive expansion programme. 

“We are delighted to be working with Condor once again, supporting its fleet growth and renewal with these six latest technology aircraft,” said Steven Townend, Deputy Managing Director and Chief Financial Officer, of BOC Aviation. “This transaction adds to our delivery pipeline of the world’s most advanced aircraft models, which will enable our Company to continue on its path of long-term sustainable growth.”

“The successful deal with BOC Aviation Limited is another important step to becoming the operator of one of the most modern and efficient fleets in Europe. The partnership is extremely important for us and we are grateful for the continuous support and trustful cooperation with our new partner”, said Björn Walther, Chief Financial Officer, Condor.

One of the newest members of the fleet landed at Düsseldorf Airport from Toulouse on the 18th of December and started operating scheduled flights a few days later on Friday with a flight first to Frankfurt and then on to a long-haul service. The A330neo, registration D-ANRT is dedicated to Ralf Teckentrup with a special livery that had been unveiled at an exclusive event attended by representatives from the fields of politics, aviation and industry as well as employees from Condor.  The A330neo also bears the words "thank you, tecke" - a dedication to Ralf Teckentrup in recognition of 20 years of tireless commitment.

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BOC Aviation

Happy birthday BOC Aviation

Over the weekend, BOC Aviation celebrated its 30th birthday!  The company was founded as Singapore Aircraft Leasing Enterprise by Singapore Airlines and Boullioun Aviation Services on 25th November 1993. 

 

“Since inception, we have grown into one of the world’s top-five aircraft operating lessors, and the largest headquartered in Asia. Our Company has generated more than US$5.7 billion of cumulative net profit after tax and has committed to purchase more than 1,000 aircraft,” said Robert Martin, Managing Director and Chief Executive Officer. “As we celebrate our 30th birthday, BOC Aviation today has a current fleet of 681 aircraft, owned, managed and on order, with close to 200 employees around the world. I appreciate the cooperation and support of all our customers, suppliers, other stakeholders, and especially our directors and colleagues for working closely to build the BOC Aviation we know today.” 

During the last 30 years, the Company has executed more than 1,250 leases with over 190 airline customers with aircraft on lease at present to 93 airlines in 44 countries and regions. To support this expansion, the Company has raised over US$40 billion in debt financing, assisted by strong investment-grade credit ratings.  

“With total assets of more than US$22 billion, we are the largest aircraft owner in Southeast Asia and manage these with fewer than 200 people. Since Bank of China acquired us in December 2006, we have grown our revenue from US$255 million to US$2.3 billion in 2022,” said Steven Townend, Deputy Managing Director and Chief Financial Officer. “In the last 30 years, our return on equity has been consistently one of the highest amongst major lessors and we have one of the highest credit ratings in the industry. Contributing to this has been the strong support that we have received from the Singapore government, encouraging us to develop the leasing industry locally.” 

BOC Aviation names Steven Townend as new Managing Director and Chief Executive Officer

BOC Aviation Limited has announced that Mr Steven Townend will be appointed as Managing Director and Chief Executive Officer with effect from 1 January 2024 replacing Mr Robert Martin who will step down from the role on 31 December 2023. Mr Martin will remain as a non-executive Director of the Board.

Mr Wu Jianguang will be appointed Chief Financial Officer with effect from 1 January 2024, replacing Mr Townend in the role of Chief Financial Officer which he will relinquish on 31 December 2023. 

Following a thorough review, the Board of Directors have appointed Mr Steven Townend, a 22-year veteran of the firm and currently Deputy Managing Director and Chief Financial Officer, to the position of Managing Director and Chief Executive Officer to succeed Mr Martin. Mr Townend has more than thirty years of leasing and banking experience in aviation. Prior to his appointment as Chief Financial Officer in October 2020, Mr Townend had previously held Chief Commercial Officer roles with BOC Aviation in both London and Singapore for over 16 years. 

“On behalf of the Board I would like to thank Mr Martin for his leadership through the key moments in the company’s history and for leading the company to unbroken profitability through both good times and more challenging times for the industry,“ said Chairman Liu Jin. “I congratulate Steven on his new role, he brings a deep knowledge of both the company and the industry.  I am very pleased that our careful succession planning means that we have an excellent successor, who will drive the continued success of the company through its next phase of growth”. 

BOC Aviation delivers the final of five new Airbus A320NEO aircraft to Turkish Airlines

Leasing giant, BOC Aviation has confirmed this week that it has delivered the final of five new Airbus A320NEO aircraft to Turkish Airlines. All five are part of BOC's existing order book and air on long-term lease to the Turkish flag carrier. 

“We are pleased to announce this transaction, which deepens our longstanding relationship with Turkish Airlines,” said Robert Martin, Managing Director and Chief Executive Officer, BOC Aviation. “The five A320NEO aircraft that we have delivered to the company reflect our commitment to providing our customers with the world’s most technologically advanced and fuel-efficient aircraft.” 

Turkish Airlines is based at its main hub in Istanbul, Turkey and operates a fleet of more than 380 aircraft to over 340 national and international destinations. Celebrating its 90th year since inception, its shares are listed on the Borsa Istanbul and it has been a member of the Star Alliance since 2008. 

Ethiopian Airlines gets a Boeing 737 jet on lease from BOC

BOC Aviation Limited confirmed this week that it has delivered a used Boeing 737-800 aircraft for lease to Ethiopian Airlines Group. The aircraft is powered by CFM56 engines.

“We are delighted to add Ethiopian, Africa’s largest carrier, as a new customer,” said Robert Martin, Managing Director and Chief Executive Officer, BOC Aviation. “This transaction builds on our position in the African market and supports Ethiopian’s expansion plans.”  

Ethiopian Airlines Group CEO Mr. Mesfin Tasew said, “Ethiopian Airlines is pleased to establish a new partnership with BOC Aviation and receive the Boeing 737-800 aircraft on lease. We will be deploying the new arrival to our strategic partner ASKY Airlines to enable it to expand its operation across and beyond its extensive West and Central Africa network. As a global airline, Ethiopian will eye for further partnership with BOC Aviation and other industry players.”    

BOC commits to purchase 41 aircraft in last quarter.

BOC Aviation, a leading global aircraft operating leasing company has just released its operational transactions for the quarter that ended 30 September 2023.

BOC Aviation had a total fleet of 681 aircraft owned, managed and on order.

An average aircraft age of 4.8 years and an average remaining lease term of 7.8 years for the 413 owned aircraft fleet, both weighted by net book value.

Managed fleet comprising 35 aircraft

·         Order book of 233 aircraft

Executed a total of 124 transactions in the third quarter of 2023, including:

Commitments to purchase 41 aircraft

Delivery of 11 aircraft

62 lease commitments  

 

Signed largest loan transaction with 16 banks globally totalling US$1.375 billion with a customer base of 93 airlines in 44 countries and regions in the owned and managed portfolios.  Owned aircraft utilisation improved to 99.1% as at 30 September 2023. 

BOC Aviation signs a US$1.375 billion club term loan transaction with 16 banks globally.

       BOC Aviation Limited confirmed today that it has signed a US$1.375 billion club term loan transaction with 16 banks globally. The five-year unsecured term loan transaction is the largest the Company has signed since its inception in 1993 and comprises three facilities provided by banks from Asia, Europe, North America and the Middle East to BOC Aviation, BOC Aviation (USA) and BOC Aviation (Ireland).  

Citigroup Global Markets Singapore Pte Ltd acted as the Global Coordinator and Documentation Agent with The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch, acting as Facility Agent for all three facilities. The proceeds will be used for general working capital purposes and refinancing existing debts. 

“We are very pleased to conclude our largest club term loan transaction at such competitive pricing levels. This will enable us to remain agile in the market, and to continue investing in accretive growth opportunities. We continue to see strong support from global banks and are pleased to add three new lenders to our banking group,” said Steven Townend, Deputy Managing Director and Chief Financial Officer of BOC Aviation.

IndiGo signs lease deal for 10 Airbus A320NEO jets from BOC Aviation

IndiGo, the budget Indian airline that operates around 1900 daily flights connecting 79 domestic and 25 international destinations, has signed a deal to lease ten Airbus A320NEO aircraft from the aircraft leasing giants, BOC Aviation.  These fuel-efficient and reliable jets are all powered by CFM LEAP-1A engines and are scheduled for delivery during the rest of this year. 

“We are delighted to be embarking on another transaction with our long-time customer IndiGo, to enable the airline to expand its fleet with the latest technology aircraft,” said Steven Townend, Deputy Managing Director and Chief Financial Officer, BOC Aviation. “This showcases our ability to deploy alternative financing structures, to continue our long-term sustainable growth.”

“We are pleased to enhance our partnership with BOC Aviation with the lease agreement for these 10 aircraft. This extended collaboration with BOC Aviation is part of our expansion strategy across domestic and international markets. India is currently among the fastest growing civil aviation markets in the world and these aircraft will help IndiGo consolidate its position in the region,” said Riyaz Peer Mohamed, Chief Aircraft Acquisition and Financing Officer, IndiGo.