BOC Aviation had a “record” 2023, the lessor said, as it announced its operational transactions for the fourth quarter and year.
Steven Townend, managing director and CEO, 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.”
BOC transactions summary
- A total fleet of 684 aircraft owned, managed and on order
- 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 value
- Managed fleet comprised 34 aircraft
- Order book of 224 aircraft
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
