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Lessor BOC Aviation looks for new homes for 13 aircraft after Monarch collapse
October 3, 2017 / 1:51 AM / 2 months ago

Lessor BOC Aviation looks for new homes for 13 aircraft after Monarch collapse

SINGAPORE (Reuters) - Asia’s second-biggest aircraft lessor, BOC Aviation Ltd (2588.HK), said on Tuesday it was working to find new homes for 13 Boeing Co (BA.N) 737 MAX 8 aircraft it had planned to lease to collapsed British carrier Monarch Airlines.

FILE PHOTO: BoC Aviation model planes are seen at their office in Singapore in this May 16, 2016 photo illustration. REUTERS/Edgar Su/Illustration/File Photo

BOC, which is based in Singapore but majority owned by Bank of China (601988.SS), had agreed to the long-term lease arrangement in June.

The Boeing aircraft were due to be delivered from mid 2018 to 2020, BOC Head of Investor Relations Timothy Ross said.

“The aircraft are in-demand, new technology narrow bodies in a standard specification and, as is usual, we’re holding security deposits under the leases,” Ross said.

    “We’re already working on potential new homes for the aircraft but these are still too early to identify and we’ll provide updates in due course.”

    Analysts at Goodbody said low-cost carrier Ryanair Holdings PLC (RYA.I) might be interested in the Boeing jets.

    Monarch had 32 unfilled orders for 737 MAX 8 aircraft with Boeing on top of the 13 from BOC. A Boeing spokeswoman said the manufacturer was aware Monarch had entered administration but declined to comment further on discussions about the status of the aircraft.

    (This version of the story adds dropped word in headline)

    Reporting by Jamie Freed; additional reporting by Tim Hepher in PARIS; Editing by Stephen Coates

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