Singapore-based BOC Aviation has cancelled orders for 18 Airbus A320neo-family aircraft.
The top-up order was placed in December 2019. At the time, BOC Aviation said deliveries were scheduled in 2022 and 2023 and that the lessor had granted an option to an airline to either take the aircraft on long-term leases or to purchase the aircraft itself at the time of delivery.
In its cancellation notice posted on 30 August, BOC Aviation said that the aforementioned airline in question has now “instead agreed to purchase
BOC Aviation’s owned, managed and committed fleet totalled 571 aircraft as at 30 June 2020.
In the second quarter through 30 June, the Singapore-based lessor also reshaped its Boeing 737 Max orderbook, cancelling 30 Max orders.
Instead, in the first half of this year, BOC Aviation committed to purchase 66 aircraft in purchase and leaseback (PLB) transactions, including 737 Max, 777-300ER and 787 models.
Over the six-month period, BOC Aviation signed 76 lease commitments, with all aircraft scheduled for delivery from its orderbook before 2023 now placed with airline customers.
BOC Aviation has noted a cash collection rate of 88.8% during the first half, much higher than most lessor peers.