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.”