BOC Aviation has announced that it has entered into a lease agreement with its existing customer Turkish Airlines for the lease of six Airbus A321neo aircraft. The new additional aircraft will be supplied to the carrier from an outstanding order that the Singapore-based leasing firm has with Airbus, and all will be supplied to Turkish Airlines by 2027.
BOC Aviation, the aircraft asset management and leasing arm of the Bank of China, currently has almost 700 aircraft on its books with the total portfolio worth around $20 billion. The company already has 16 aircraft placed with Istanbul-based Turkish Airlines which includes five A320neos, seven Boeing 737 MAX 8s, and four Boeing 777-300ERs, according to ch-aviation.
“Turkish Airlines is one of our longest-standing customers and this transaction is testimony to the breadth of that relationship,” said Steven Townend, Chief Executive Officer and Managing Director of BOC Aviation. “There is strong demand for these latest technology aircraft from our order book and that will underpin our growth in the next few years.”
“We are pleased to enhance our long-standing relationship with BOC Aviation with the addition of these six new Airbus A321neo aircraft,” added Turkish Airlines Chief Investment & Strategy Officer Levent Konukcu. “This transaction further contributes to Turkish Airlines’ mission of offering a modern and efficient travel experience to its guests, whilst expanding and enhancing its route network. We look forward to continuing our close partnership with the BOC Aviation team in the future.”
Turkish Airlines already operates a sizable fleet of Airbus A321s on short and medium length routes from airports in Turkey. This includes 65 A321s which can typically seat 220 passengers, plus 66 A321neos with a further 199 on order. In a two-class configuration, its A321neos typically seat 190 passengers (16 in business class and 174 in economy). Additionally, the carrier’s Turkish Cargo subsidiary operates three A321P2F converted freighters.
BOC Aviation’s current portfolio of 693 owned and managed aircraft is leased to 93 airlines in 48 countries and regions worldwide as of September 30, 2024. BOC Aviation is listed on the Hong Kong Stock Exchange and has its headquarters in Singapore with offices in Dublin, London, New York, and Tianjin.
Turkish Airlines currently operates a fleet of 477 (passenger and cargo) aircraft flying to 349 worldwide destinations – 296 international and 53 domestic across 130 countries – and with an aggressive growth strategy ongoing, is aiming to become the first major airline globally to fly to every continent.