BOC Aviation, an aircraft lessor part of the Bank of China (BOC) Group, has signed an agreement with United Airlines that will result in the airline leasing three Boeing 737 MAX 9 and one Boeing 787-9 aircraft from the leasing company.
Growing its fleet
In a short statement on October 7, BOC Aviation confirmed the leasing arrangement, saying that the United States-based airline has leased the four Boeing aircraft, which are already in operation with the airline.
Steven Townend, the chief executive officer and managing director (CEO) of BOC Aviation, said that the company was delighted to continue supporting its long-time customer, United Airlines, as it continues its fleet renewal program.
“The financing of these four latest generation Boeing aircraft provides us with an incremental investment opportunity as we continue to grow our business.”
The lessor did not directly say whether this was a sale-and-leaseback (SLB) transaction. However, since the four aircraft are already with the airline and Townend mentioned an investment opportunity, all signs point to the possibility that United Airlines could have completed an SLB agreement with BOC Aviation.
Photo: Thiago B Trevisan | Shutterstock
While there are no other engine choices for the 737 MAX 9s, with the CFM International LEAP-1B exclusively powering the type, the 787-9s are equipped with the General Electric (GE) GEnx engines.
According to ch-aviation data, United Airlines has 82 737 MAX 9 and 38 787-9 aircraft in its fleet. In addition to those two types, the carrier also operates 105 737 MAX 8, 12 787-8, and 21 787-10s.
All of the airline’s 787s are powered by the GEnx engine, with the other option for the 787 aircraft family being the Rolls-Royce Trent 1000.
Exposure to lessors
Ch-aviation fleet records also showed that United Airlines leases 17 aircraft from BOC Aviation, including 16 737 MAX 9 and one 787-9, with the latter being registered as N24980.
According to the site, the aircraft, which Boeing delivered on August 1, 2020, was originally ordered by United Airlines. However, ch-aviation also estimated that United Airlines’ lease will expire in August 2032, indicating a 12-year lease period. Boeing delivered the BOC Aviation-owned 16 737 MAX 9 aircraft to United Airlines in 2020 and 2021.
Photo: Angel DiBilio | Shutterstock
In 2024, United Airlines took delivery of three 737 MAX 9 aircraft: N77582, N17583, and N77580. The former two are owned by Aviation Capital Group, another aircraft lessor, while the latter was owned by the airline.
Meanwhile, Boeing’s last 787-9 delivery to United Airlines happened in April 2021, when it handed over the airframe registered as N19986. ch-aviation showed that Boeing should deliver four 787-9s (two in November, two in December) before the end of the year.
The carrier’s Q2 United States Securities and Exchange Commission (SEC) filing affirmed this, with the airline saying that while Boeing was contractually obliged to deliver eight 787s, it expected to receive four during the last six months of the year.
Another leasing transaction
This was not the only aircraft leasing transaction that United Airlines has announced recently. In September, SMBC Aviation Capital confirmed that it will lease 20 Airbus A321neo aircraft to the US-based carrier.
Airbus will start delivering the 20 A321neo aircraft from SMBC Aviation Capital’s backlog in 2026, the announcement added.
Photo: Airbus
However, while Boeing has been struggling with delivery delays, the 737 MAX 9 door plug blowout fallout, certification of the 737 MAX 7 and 737 MAX 10, and now, its machinists’ strike, United Airlines has pivoted toward increasing its A321neo fleet size.
In Q2, the carrier signed preliminary agreements to lease 40 A321neo aircraft from various lessors, its quarterly report read. In July, the airline had definitive agreements for 35 out of the 40 A321neos, with deliveries commencing between 2026 and 2027.
Source: Simple Flying
