Aircraft lessor orders 82 Boeing jets
Singapore-based aircraft leasing company BOC has placed its largest ever aircraft order for 82 Boeing planes worth $8.8 billion.
BOC Aviation, a subsidiary of the Bank of China will buy 50 737 MAX 8s, 30 next-generation 737-800s and 2 777-30 extended range jets.
The lessor already has a fleet of 251 aircraft included 118 Boeing jets in service operated by 27 carriers.
It previously bought 50 737 aircraft in 2006.
"Following the successful placement of the 50 Next Generation 737 aircraft that we ordered in 2006, this is a continuation of our commitment to be responsive to airline customers," said Robert Martin, CEO of BOC.
"The 737 is known for its operational and fuel efficiency, and BOC Aviation expects healthy demand for the Next Generation 737 and 737 Max in the next seven years."
The deal is in part a reaction to increased demand for newer aircraft in North America as the Southeast Asian market begins to slow down.
"Now, we are particularly seeing the growth rate picking up in North America, and now that the airlines have consolidated there, they are going to be very profitable," Martin said.
The global airline industry is expected to generate a profit of $18 billion in 2014, with over half coming from North America, according to research from the International Air Transport Association.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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