BOC Aviation Enters Into Third Purchase-and-Leaseback Deal with Air Canada
26 Jun 2008
BOC Aviation has acquired its third Boeing 777-300ER aircraft from Air Canada under a purchase and leaseback agreement. The airline took delivery of the new aircraft from the manufacturer’s facility in Everett, Washington yesterday, and will lease it for a period of 12 years.
With this transaction, BOC Aviation will have nine Boeing 777s in its portfolio accounting for 11% of the overall fleet. Robert Martin, BOC Aviation’s Chief Executive Officer, said the company is looking to expand its fleet via purchase and leasebacks and this transaction fits well with the overall strategy. “Our current portfolio is built around fuel-efficient twin engine aircraft. The core fleet for our company is the narrowbody A320 family and Boeing 737NG aircraft which together account for three-quarters of our portfolio. These have proven very popular especially against the backdrop of high fuel prices which we are seeing now. Going forward we will continue with this successful strategy. The twin-engine Boeing 777 meets these criteria and adds further portfolio diversification.”
BOC Aviation is the leading Asia-based aircraft leasing company with a portfolio of 83 modern aircraft operated by airlines worldwide. In addition, the company has 73 aircraft on firm order for delivery through to 2013. BOC Aviation has one of the youngest fleet in the industry with an average aircraft age of four years.
BOC Aviation is 100% owned by Bank of China.