SINGAPORE: BOC Aviation is betting big on the future of air travel, placing major orders with both Airbus and Boeing as it moves to significantly expand its global fleet.

The Singapore-based aircraft leasing giant announced this week that it will purchase 120 new single-aisle jets—70 A320neo family aircraft from Airbus and 50 737 MAX 8s from Boeing—as part of its long-term goal to grow its fleet to 1,000 aircraft by 2030.

The company, which is majority-owned by the Bank of China, stated that Boeing deliveries are scheduled through 2031, while Airbus aircraft are expected to arrive through 2032.

"With this transaction, we have commitments to purchase over 140 of these (Boeing 737-8) aircraft, which is the largest Boeing orderbook position in our history," said BOC Aviation CEO Steven Townend.

In a separate statement regarding the Airbus deal, Townend added that the order will lift the company's Airbus backlog to around 200 planes.

While the total value of the deal was not disclosed, aviation data provider Cirium Ascend estimates the Airbus portion at approximately US$3.78 billion and the Boeing order at about $2.72 billion based on current delivery pricing.

The move highlights surging demand for narrowbody aircraft, especially from low-cost carriers seeking fuel-efficient, next-generation jets to serve regional and short-haul routes. As of December, 85 percent of BOC Aviation's owned, managed, and on-order fleet was made up of narrow-body planes.

The timing also plays in BOC's favor. Ongoing delivery delays for new aircraft—caused by supply chain disruptions, regulatory reviews, and labour shortages—have driven up leasing demand, giving lessors like BOC a competitive edge.

Earlier this month, the company reported a record net profit of $924 million for 2024, representing a 21 percent increase from the previous year.

BOC Aviation's current portfolio comprises 467 owned and managed aircraft, with an additional 232 on order—figures that position it among the top global players in the aircraft leasing industry.