Summary
- JetBlue signs sales and leaseback agreement with BOC Aviation for 10 recent Airbus aircraft, including A321neos and A220-300s, because it goals to expand its network with fuel-efficient planes.
- This agreement adds to previous contracts between JetBlue and BOC Aviation, bringing the whole variety of aircraft received to 27.
- BOC Aviation is the biggest aircraft operating leasing company and focuses on purchasing recent fuel-efficient planes, maintaining a young fleet of owned aircraft.
The US-based low-cost carrier Jetblue Airways has made a sales and leaseback agreement for 10 Airbus aircraft with BOC Aviation. The agreement will cover two Airbus A321neos and eight A220-300s. It isn’t the primary time JetBlue has signed an agreement with BOC Aviation.
The 2 parties entered similar contracts for multiple aircraft in June and September. JetBlue goals to expand its domestic and international network using newer, fuel-efficient aircraft.
JetBlue signs one other agreement with BOC Aviation
JetBlue signs a sales and leaseback agreement with BOC Aviation for 10 recent additions to its Airbus fleet. The parties entered a finance transaction involving two Airbus A321neos and eight A220-300 aircraft.
Combining the previous two financial agreements between JetBlue and BOC Aviation, JetBlue will receive 27 aircraft (a combination of A220s and A321neos). Each aircraft models are powered by Pratt & Whitney GTF engines.
Photo: Kunertus | Shutterstock
Previous agreements with BOC Aviation
In June, the parties announced an identical finance lease transaction involving two Airbus A321neos and five A220-300 aircraft. The Managing Director and Chief Executive Officer of BOC Aviation, Robert Martin, expressed his excitement in regards to the financial transaction by saying,
“This finance lease transaction builds on the long-term relationship that now we have enjoyed with JetBlue, one among the USA’ most highly regarded airlines. Additionally it is one other example of how we’re constructing our balance sheet by deploying capital into latest technology aircraft, using financing structures beyond our traditional operating lease product.”
The chief financial officer of JetBlue, Ursula Hurley, commented,
“We’re pleased to strengthen our relationship with BOC Aviation by stepping into these attractive finance lease transactions for our next generation, fuel-efficient aircraft.”
In September, JetBlue signed an agreement with BOC Aviation involving five Airbus A321neos and five A220-300 aircraft. Data from Ch-Aviation shows that JetBlue currently operates 29 Airbus A321-200NX aircraft (including LRs). It also operates 19 Airbus A220 aircraft.
About BOC Aviation
BOC Aviation is a majority state owned company based in Singapore and listed on the Hong Kong Stock Exchange. It’s the biggest aircraft operating leasing company by way of value of owned aircraft. Aside from Singapore, the corporate has offices in Dublin, London, Recent York, and Tianjin. Its United States entity (BOC Aviation, USA) is a completely owned subsidiary of the parent company.
Photo: Philip Pilosian | Shutterstock
Established in 1996, the corporate focuses on purchasing recent fuel-efficient aircraft from manufacturers and financing them on long-term leases to operators. The corporate takes pride in maintaining newer aircraft and its fleet. In keeping with the corporate profile,
“Our portfolio of owned aircraft has a median age of lower than five years, weighted by net book value, making it one among the youngest within the aircraft operating lease industry. We’ve got long-term contracted money flows with a weighted average remaining lease term on the owned portfolio of around eight years.”
The corporate has a fleet of 635 owned aircraft that’s leased to 86 airlines in 39 countries worldwide.
What are your thoughts on the brand new leaseback agreement between Jetblue and BOC Aviation? Have you ever traveled with JetBlue in recent times? Share your experience within the comments section.
Source: Ch-Aviation