A Member of Bank of China Group

Press Release


11 Jan 2024

BOC Aviation Limited (HKEX Code: 2588, “BOC Aviation”) announces 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


  • Raised US$650 million of five-year bonds in the fourth quarter and total funding for the year of over US$4 billion


  • Customer base of 91 airlines in 45 countries and regions in the owned and managed portfolios


  • Owned aircraft utilisation improved to 99% for the year ended 2023

Shareholders and potential investors are reminded that the above data are based on the Company’s records and have not been audited or reviewed by the Company’s auditors.

About BOC Aviation

BOC Aviation is a leading global aircraft operating leasing company with a fleet of 684 aircraft owned, managed and on order. Its owned and managed fleet was leased to 91 airlines in 45 countries and regions worldwide as at 31 December 2023. BOC Aviation is listed on the Hong Kong Stock Exchange (HKEx code: 2588) and has its headquarters in Singapore with offices in Dublin, London, New York and Tianjin. For more information, visit www.bocaviation.com.




For more information, please contact:
Timothy ROSS
Tel: +65 6325 9878
Mobile: +65 9837 9873
[email protected]