Record operational performance for BOC Aviation

BOC Aviation Limited has reported a year of record operational performance, according to its managing director and chief executive officer, Robert Martin.

The aircraft lessor was outlining its operational update for the fourth quarter and year ended 31 December 2017. Its portfolio comprised 318 owned and managed aircraft with an average aircraft age of three years and an average remaining lease term of 8.2 years for the owned aircraft fleet, weighted by net book value.

The company took delivery of 28 aircraft in the fourth quarter of 2017, and 74 (including three acquired by airline customers on delivery) in 2017.

Martin added that of the 74 aircraft, “Nine were new technology aircraft, including Airbus A320neo and Airbus A350-900 aircraft, with new technology aircraft now accounting for over 90% of our order book.”

He continued: “Net additions to our portfolio during the year totalled 41 aircraft, making 2017 our best year for portfolio growth since 2009. Furthermore, during the year we added 48 aircraft to our pipeline, with scheduled deliveries out to 2021, laying the foundation for future revenue growth.”

BOC added 22 lease commitments in the fourth quarter of 2017, and 103 for the full year.

The company has a customer base of 80 airlines in 33 countries in the owned and managed portfolios.

In the fourth quarter of 2017 nine owned aircraft were sold, while the total was 30 for the full year, as well as two managed aircraft also sold in 2017.

50 of BOC’s 53 new aircraft scheduled for delivery in 2018 have been committed for lease, it added.

As at 31 December 2017, the company had 287 owned aircraft, including one aircraft subject to finance lease, and also had 31 managed aircraft. The company had an order book of 173 aircraft, including all commitments to purchase aircraft including those where an airline customer has the right to acquire the relevant aircraft on delivery.

Aircraft utilisation was 99.8% for the fourth quarter and also for the year ended 31 December 2017, with the company ending the year with all of its owned aircraft on lease.

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