BOC Aviation has agreed to purchase 11 new Boeing 737 MAX 8 aircraft from Boeing. The aircraft will be leased to Lynx Air (Lynx) on long term leases. They will be powered by CFM LEAP-1B engines and are scheduled for delivery in 2023 and 2024.
“We are pleased to be partnering with BOC Aviation for the lease of 11 of our new aircraft,” said Merren McArthur, CEO, Lynx Air. “The financing of these aircraft is integral to our growth plans as we continue our mission to make air travel accessible to all Canadians. We are looking forward to welcoming Canadians on board these brand-new Boeing 737 MAX airplanes.”
“We are delighted to welcome Lynx as a new customer and are pleased to support the airline’s plans to serve the Canadian travel market with the most fuel-efficient, technologically advanced aircraft,” said Robert Martin, Managing Director and Chief Executive Officer, BOC Aviation. “This transaction demonstrates the innovative financing solutions that we provide for our global customer base and reflects our disciplined investment strategy focused on a portfolio of latest technology aircraft.”
Meanwhile, BOC Aviation has reported a “robust performance” for 2021.
Robert Martin said, “We are pleased to achieve a robust performance in 2021 in a challenging operating environment. During the year, we took delivery of 52 aircraft and sold 26 owned and managed aircraft, ending the year with a total fleet of 521 aircraft. Our fleet remains one of the industry’s most attractive, with a young average age of 3.9 years and long average remaining lease term of 8.3 years. Looking ahead, our portfolio positions us well to serve the growth and replacement requirements of our airline customers.”
BOC Aviation now has a total fleet of 521 owned, managed and on order aircraft. The 380 owned fleet has an average aircraft age of 3.9 years and an average remaining lease term of 8.3 years, both weighted by net book value. BOC Aviation’s orderbook now stands at 104 aircraft.
The Singapore-based lessor executed a total of 42 transactions in the fourth quarter of 2021 and 160 in 2021. BOC Aviation took delivery of nine aircraft in the fourth quarter of 2021, and 52 in total in 2021 (including seven acquired by airline customers on delivery), and sold 12 owned aircraft in the fourth quarter of 2021, which brought the total number of owned and managed aircraft sold during the year to 26. The lessor signed 21 lease commitments in the fourth quarter of 2021, bringing the total for 2021 to 74, and now has a customer base of 86 airlines in 38 countries and regions in the owned and managed portfolios.
BOC Aviation’s managed fleet comprised 37 aircraft, with two single aisle aircraft off lease. A signed lease is in place for one of the single aisle aircraft, scheduled for delivery in the first quarter of 2022
The company’s owned aircraft utilisation at 98.5%, with five single aisle and five twin aisle aircraft off lease. Signed leases are in place for all five twin aisle aircraft, scheduled for delivery in the first quarter of 2022.