BOC Aviation to Lease Two New A320-200 Aircraft to Spring Airlines
22 Jun 2010
BOC Aviation has signed agreements for the lease of two new CFM56 powered Airbus A320-200s to Spring Airlines, the leading low-cost carrier in China. The first aircraft was delivered from Airbus’ facility in Hamburg yesterday and the next aircraft is scheduled to be delivered next month.
Spring Airlines General Manager, Wang Zhenghua, said “Spring Airlines has been growing profitably since we began operations in 2005. We are confident that BOC Aviation will be a long-term partner as we continue to deliver on our promise of being a quality low-cost carrier."
Steven Townend, Deputy Managing Director and Chief Commercial Officer of BOC Aviation, said the lessor had to accelerate two delivery positions to win this deal as it had already placed all aircraft delivering in 2010. He added that 13% of BOC Aviation’s current lease revenue comes from the China region and this figure would rise to 24% if all future deliveries were included.
“Asia-Pacific carriers, especially those in China, have experienced a rapid recovery in their businesses on the back of improved economic fundamentals. Spring Airlines is the leading private carrier in China and BOC Aviation is very pleased to support its fleet expansion plans and further strengthen our position in the region,” he said.
BOC Aviation is the leading Asia-based aircraft leasing company with a portfolio of 156 modern aircraft operated by airlines worldwide. In addition, the Company has 42 aircraft on firm order and four on committed purchase and leasebacks for delivery through to 2013. BOC Aviation has one of the youngest fleets in the industry with an average aircraft age of less than four years. BOC Aviation has now delivered a total of four aircraft to Chinese carriers this year. The other deliveries were one B777-300ER to Cathay Pacific and one B737-800 to each of Hong Kong Airlines and Hong Kong Express.
BOC Aviation is 100% owned by Bank of China, one of the ten largest banks in the world*.
*Based on market capitalization as at 31 March 2010.
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