[HONG KONG] Aircraft lessor BOC Aviation will buy 120 Airbus and Boeing single-aisle jets, in its single-largest aircraft purchase, as it bolsters its expansion efforts.
It will buy 70 Airbus A320Neo family jets and 50 Boeing 737-8 aircraft as part of chief executive Steven Townend’s plan to expand the company’s fleet to 1,000 aircraft by 2030. The Singapore-headquartered, Hong Kong-listed company, majority-owned by Bank of China, owned or managed 709 aircraft as of the end of December, and has a further 232 on order before this latest purchase.
Lessors are in high demand thanks to supply chain challenges faced by Airbus and Boeing slowing down new jet deliveries. Engine troubles are grounding large numbers of planes, forcing airlines to keep older planes for longer or seeking costly deals with lessors in order to maintain services.
BOC Aviation said in a statement on Monday (Mar 31) it expects delivery of its Boeing jets by 2031 and 2032 for Airbus.
The deal adds to a strong run of orders for Boeing’s cash-cow 737 jet in recent months, having picked up an order from Malaysia Airlines for up to 60 planes. Japan Airlines has placed a top-up order for 17, and ANA has bought 12. BLOOMBERG
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