Singapore-based lessor BOC Aviation delivered six aircraft to five customers and signed 14 lease commitments over the first quarter of 2018, the company said April 11.

As of March 31, 31.5% of BOC’s customers for its owned and managed fleet (based on aircraft net book value) are in the consolidated China-Hong Kong-Macau-Taiwan region, moving it into the lead, proportionally, over BOC’s Asia-Pacific region customers, which at the end of 2017 made up 30.3% of BOC’s regional distribution, and now stands at 23.1%. European customers make up the second-highest portion of BOC customers, at 24.1%, followed by the rest of the Asia-Pacific region (23.1%), the Americas (12.5%) and the Middle East/Africa (8.8%).

The lessor took delivery of 12 aircraft, including six Boeing 737NG family aircraft, three Airbus A320neos and three A320ceos, and sold eight owned aircraft, including all five of its Embraer E190 family aircraft, ending the quarter with an owned and managed fleet of 321 aircraft.

BOC said its fleet portfolio has an average age of 3.1 years and an average remaining lease term of 8.1 years for the owned aircraft fleet. The company has 167 aircraft on order, including 10 787-9s (six of which were firmed March 28), 84 737 MAX family aircraft (including 10 MAX 10s, for which BOC is the launch customer) and 58 Airbus A320neo family aircraft.

BOC’s customer deliveries during the quarter included the last of five A320-200s to China’s Zhejiang Loong Airlines; the last of five A321-200s to Shanghai-based Juneyao Airlines; two of seven A320neos for Indian domestic carrier Vistara; and one 737-800 each to Aeroflot’s LCC subsidiary Pobeda Airlines and Ukraine International Airlines.

In January, BOC signed a lease agreement with China’s Chongqing Airlines for seven A320neos, all scheduled for delivery in 2018. The company is expecting to take delivery of 54 aircraft in 2018, all of which are committed for lease.

The company reported a $587 million net profit in 2017, up 40% year-over-year. BOC MD and CEO Robert Martin said the company ended 2017 “in its best condition ever, with liquidity, balance sheet and earnings outlook deliberately structured for expansion.”

Mark Nensel