In the first quarter of the year BOC Aviation has signed agreements to purchase 48 aircraft, of which 38 have already been placed on long-term leases with the remaining ten unplaced A320neos due to be delivered in 2023-24. As of March 31, the company’s balance sheet comprised liquidity of US$3.6 billion.
The company closed the first quarter with a total portfolio of 567 aircraft comprised of 323 owned, 40 managed and 204 on-order aircraft. BOC’s owned portfolio remains one of the youngest in the industry with an average fleet age of 3.4 years and long average remaining lease term of 8.5 years. The company has achieved a 100% utilization rate and 94% collection rate for the first quarter.
During the first quarter, BOC Aviation has raised an additional US$1.3 billion in financing from the loan and bond markets and repaid more than US$950 million of bonds on schedule under its Global Medium Term Note (GMTN) program. The company increased the limit of its GMTN program to U$15 billion from U$10 billion, which provides the flexibility to continue accessing the debt capital markets for its future funding needs and supports the growth of its business.