Lessor Survey: Chinese control grows, Big Two stagnate, business looks peaky
Sep/Oct 2019
Operating lessors are on target to control over 50% of the global jet fleet by the early 2020s, but there are clouds on the horizon.
Financially, the aircraft leasing business continues to do well, certainly much better than the airline industry. Our sample of six leading lessors, see below, which produce more or less comparable financial statements, shows an average net margin of 26% for 2018, marginally down on the previous year.
Probably the key element in the lessors’ financial performance has been the historically low interest rates in recent years, creating the profit gap between lessor finance costs and lease rates. As the graph indicates LIBOR one-year rates did move up but are softening again. European central bank policy is for negative interest rates while the Trump Administration is pressurising the Federal Reserve to cut rates. So, absent a surge in inflation, interest rates should be restrained.
Lessors ultimately depend on the state on the airline industry. In Europe there has been a stream of airline bankruptcies: Air Berlin, Monarch, Germania, Thomas Cook UK, XL Airways, Wow, Flybmi, Aigle Azur, Adria; and others have teetered on the edge — Norwegian, Alitalia. The concern is that this weakness could filter through to other markets, notably Asia and South America, where Jet Airways and Avianca Brazil have already failed. Airlines like Norwegian and Lion Air which have placed mega-orders in part for leasing purposes are particularly vulnerable. Inevitably, surplus aircraft will have to be re-cycled, probably depressing second-hand prices for some types.
IATA’s mid-year estimate of airline industry ROIC in 2019 is 7.4%, better than the historical average, but down from 7.9% in 2018, and well below the peak of 9.7% in 2015 and 2016. EBIT forecasts indicate a decline in all in regions: North American airlines’ EBIT margin in 2019 is put at 8.8% compared to a peak of 14.4% in 2015; for Europe, 5.1%, compared to a peak in 7.9% in 2017; Asia/Pacific, 3.1% against 7.4% in the peak year of 2016; South America, 3.9%, against 6.2% in 2017; in the Middle East, a loss of -2.1% against an overall profit margin of 6.3% in 2015
Fuel prices are down 16% over the past year, at around $80/bbl for Jet A, and are 40% below the 2013 peak. But this is not necessarily good news for those lessors that have paid premium prices for new fuel-efficient types.
The 737 MAX situation is a major concern for lessors which have 966 units on order, about 20% of the total orderbook. The most exposed lessors are GECAS, Air Lease Corp, Avolon and Aviation Capital Group, all of which have parked aircraft as well as outstanding orders. Presumably, PDPs to Boeing will have been frozen or at least adjusted, but it is unclear whether all the airline lessees are making their payments to the lessors.
Conversely, the A320/321neo lessors appear to be well positioned, at least until the WTO judgement on US countervailing tariffs as response to Airbus alleged subsidies. Avolon. AerCap, GECAS and SBMC are the big players in the neo market.
Looking at portfolio trends, GECAS and AerCap — the “Big Two” lessors — continue to lose market share (based on our survey lessors with a portfolio of more than 100 owned or managed jet aircraft) as the Chinese lessors expand.
GECAS and AerCap’s joint share of the total 100+ lessor fleet has fallen to 29.0% this year compared with 45.6% as of five years ago. Similarly, in terms of outstanding orders from lessors, the Big Two’s share has fallen yet again, to 25%, which is down 3.5% in just 12 months (and compares with a 35% share as of 2014).
This is due partly to continued trimming of the fleet by GECAS and AerCap (with the former potentially up for sale as well), and partly to aggressive growth by other, mostly Chinese, lessors.
The fastest risers in this year’s table are BBAM (up by 89 aircraft year-on-year), and ICBC Leasing (up by 81), and ICBC and the other lessors controlled by Chinese interests (Avolon, BOC Aviation, CDB Leasing, BoCom Leasing, Goshawk Aviation and China Aircraft Leasing Company) continue their collective charge. Those seven Chinese lessors now account for 25.6% of the global leasing fleet, compared with just 6.6% as of 2014.
The overall fleet stands at 7,831 aircraft — some 445 units higher than a year ago (see Aviation Strategy, October 2018).
However, it’s a different story in terms of outstanding orders (from lessors with 100+ aircraft). The overall order book has actually fallen by 78 aircraft in 12 months, to a total of 2,405 units as of today, which is due to significant reductions by the Big Two, Air Lease Corporation and a number of others.
As usual, over the following pages Aviation Strategy profiles all lessors that own or manage more than 100 jet aircraft, in descending order of portfolio size.
General Electric Capital Aviation Services (GECAS)
Based in Dublin and with 22 offices around the world, GECAS is still the world’s largest lessor, although its fleet has been trimmed yet again, to 1,230 aircraft — 60 fewer aircraft than 12 months ago.
The vast majority of the portfolio are narrowbodies, with only 150 widebodies that now represent around 30% of the overall portfolio value, compared with 43% a year ago.
Ominously, GECAs is the most exposed of any lessor to the 737 MAX. The current fleet includes 29 737 MAXs, of which 25 are leased to clients, but GECAS says that the 737 MAX issue cost it $0.6bn in reduced cash flow during the first half of 2019, and the lessor estimates that if the MAX remains grounded this will hit cash by $0.4bn in each of the two remaining quarters of the year.
Crucially perhaps, GECAS has the largest outstanding order book of any lessor for the model — for 151 units — and additionally it has commitments to acquire a further 19 through purchase and leaseback contracts with airlines.
Overall, the outstanding order book has been cut back by 46 to 329 aircraft — which means that after being overtaken in 2018 as the lessor with the most orders, it has now dropped to third in the order table.
Perhaps this is related to reports last autumn that GE had hired Goldman Sachs to carry out a strategic review of GECAS, including the option of a sale. Rumours have swirled that private equity or various other Top 10 lessors are contemplating a bid, but no-one has yet made a move (at least publicly), and for the moment GECAS is not in play.
AerCap
AerCap too has eased back its portfolio again over the last year, by 18 aircraft to a total of 1,042, of which 949 are owned and 93 managed. In the 2nd quarter of 2019 AerCap sold 22 aircraft with an average age of 16 years, and so the average age of the owned fleet also continues to fall; it now stands at 6.2 years as at the end of June.
That portfolio includes just five 737 MAXs, while AerCap is the world’s largest widebody lessor, with 265 aircraft in all major types (including 83 owned 787s).
The lessor is also headquartered in Dublin, with offices in Abu Dhabi, Amsterdam, Los Angeles, Seattle, Singapore, Shannon, Shanghai and Toulouse.
AerCap is having a good 2019 so far; in the second quarter of the year net income rose 30.4% to $331.5m, and it has been buying back equity; up to July 24th it bought 7.2m shares for $337m.
AerCap’s outstanding orders have fallen even faster than GECAS’s — down 60 in 12 months to stand at 273 today, though that includes a hefty 95 737 MAXs.
Avolon
70% owned by China’s Bohai Leasing (part of the Chinese conglomerate HNA Group) and 30% by Japan’s ORIX Corporation, Avolon’s portfolio of 530 owned and managed aircraft is some 32 units lower than 12 months ago, thanks to ongoing sales. The fleet is placed with 149 clients in 60 countries.
Although lease revenue rose 7% to $678m in the second quarter of 2019, profit fells 26% to $185m, due partly to charges for amending debt facilities and refinancing activities.
Based in the world’s leasing capital, Dublin, Avolon also operates from New York, Florida, Dubai, Shanghai, Singapore and Hong Kong.
The lessor owns just nine 737 MAXs, but has a significant 128 on order, out of a total order book of 377 — some 68 units higher than 12 months ago, and now making it the lessor with the largest amount of outstanding orders.
BBAM
The largest fleet increase in our table comes from BBAM, with 89 aircraft added over the last 12 months, to a total portfolio of 510 (all of which are managed) that are leased to more than 90 airlines around the world.
The increase was due largely to a $1.2bn deal by BBAM-managed entities (FLY leasing, Incline B Aviation and Nomura Babcock and Brown) to acquire Asia Aviation Capital, the leasing arm of AirAsia, in 2018, which included 84 aircraft (79 of which are leased by AirAsia).
BBAM’s portfolio covers no less than 26 different models, including 10 A321neos and 13 737 MAXs, but — for the moment — it remains the largest lessor not to have any aircraft on outstanding order.
BBAM’s head office is in San Francisco and the lessor also has offices in New York, Santiago, Dublin, Zurich, Singapore, Puerto Rico, and Tokyo. BBAM is owned 35% by the Onex Corporation — a Canadian private equity company — 35% by its management and 30% by GIC, Singapore’s sovereign wealth fund.
SMBC Aviation Capital
SMBC Aviation Capital’s fleet has nudged back by six aircraft over the last year, to a portfolio today of 265 owned and 160 managed aircraft (of which 12 are 737 MAXs and two A321neo models).
The lessor’s strategy is to “invest in the most liquid, investor friendly assets with continuous trading through the cycle”, and as a result the portfolio has an average age of under 4.5 years.
In its last full financial year (the 12 months ending March 2019), the lessor saw an 8% increase in profit before tax, to a record $344m.
SMBC is owned by the Sumitomo Mitsui Banking Corporation and in based in Dublin, with other offices in Tokyo, New York, Amsterdam, Hong Kong, Beijing, Shanghai, Singapore, Toulouse and Miami.
In December 2018 SMBC placed an order for 65 A320neo family aircraft, for delivery between 2023-2025, and its current order book stands at 258 (56 higher than a year ago), including 89 737 MAXs.
ICBC Leasing
Owned by the Industrial and Commercial Bank of China, ICBC Leasing’s charge up the leasing table continues as an extra 81 aircraft in 12 months now gives it a portfolio of 386.
The majority of its fleet are narrowbodies (mostly A320 family and 737 aircraft), although it also has 57 widebodies.
ICBC Leasing is based in Beijing and has other offices in Tianjin and Dublin. It has outstanding orders for 29 aircraft (15 less than last year).
Air Lease Corporation
Air Lease Corporation continues its strategy of growing the portfolio, adding 41 aircraft in 12 months and bringing its portfolio to 361, of which 297 are owned and 64 managed. The owned fleet includes eight 737-8 MAXs and 23 A321neos.
ALC is based in Los Angeles, Dublin and Hong Kong, and in the first six months of 2019 its revenue rose by 20% to $937m, with net profit up 16% to $262m.
The average owned fleet age is well under four years, and the total portfolio is placed with 100 airlines in 57 countries. By net book value the largest market for ALC continues to be the Asia/Pacific region, at 41.5% (with 17.3% coming from Chinese airlines), followed by Europe with 28.7% and the Middle East and Africa with 12.5%.
In June 2019 ALC signed an MOU with Airbus to launch the A321 XLR aircraft and to order the A220 aircraft, giving it the right to purchase 27 A321 XLRs and 50 A220s. ALC has converted orders for 15 737 MAXs to five 787-9s, but still has a whopping 150 737 MAXs on order. Its order book now stands at 340 — 53 fewer than 12 months ago.
BOC Aviation
BOC Aviation increased its portfolio by 13 units over the last year, and it now owns 314 aircraft, with another 23 managed.
The portfolio has an average age of less than four years and it’s placed with 92 airlines in 40 countries. The owned portfolio includes six 737 MAXs, but 79 more are on order, and the lessor says that “some or all of our 23 remaining 737 MAX aircraft that are scheduled for delivery in the second half of 2019 will be delayed out of this year, and we are working with Boeing on a revised delivery timeframe”. Altogether it has 142 aircraft of all types on order, some 18 fewer than last year.
The most important market for BOC is — of course — China (defined as the mainland, Hong Kong, Macau and Taiwan), which accounts for 31% of its portfolio by net book value, followed by Europe (27%), Asia-Pacific excluding China (22%), the Middle East and Africa (12%) and the Americas (8%).
In the first half of 2019 BOC’s revenue rose by 13% to US $930m, with net profit up 8% to $321m. Owned by the Bank of China, BOC Aviation has a head office in Singapore and offices in Dublin, London, New York and Tianjin.
Aviation Capital Group
Majority-owned by US insurance group Pacific Life, Aviation Capital Group’s portfolio totals 310 — an increase of 15 aircraft over the last 12 months.
In H1 2019 ACG’s revenues increased by 18% to $558m, with net profits up 8% to $145m. By book value, the Asia-Pacific region is by far its most important market, accounting for 41.6% of the portfolio, and followed (by some distance) by Europe with 20.2%.
ACG is somewhat exposed to the 737 MAX; prior to the model’s grounding in March it had seven of the model on lease to four airline customers, but also has outstanding orders for 97 of the type.
ACG is based in Newport Beach, California and also has offices in Dublin, Beijing, Shanghai, Singapore, Santiago and Seattle. Its order book has fallen by18 aircraft in a year, to stand at 157 units today.
Dubai Aerospace Enterprise Capital
Dubai Aerospace Enterprise Capital (DAE) has a fleet of 249 owned and 49 managed aircraft; just four fewer than a year ago. The owned fleet has an average age of less than six years, and all but 57 are narrowbodies.
The overall portfolio is placed with 110 customers in 56 countries. The most important market is Asia-Pacific, accounting for 29% of the fleet, followed by the Middle East with 27%, and the single largest customer is Emirates, which on its own accounts for 12% of DAE’s fleet.
DAE is based in Dubai and has offices in Dublin, Singapore, Miami, Seattle and New York, and in the first half of 2019 the revenue of its parent — the DAE Group (which also has an engineering division) — rose by 16% to US $727m, with net profit up 2% to $197m. It has outstanding orders for just two aircraft.
Aircastle
Aircastle’s portfolio grew again over last 12 months, by 43 aircraft to a total of 283 aircraft, of which 268 are owned and 15 are managed.
In the first half of 2019 Aircastle acquired 24 narrowbodies for $770m, and is committed to buying another 16 narrowbodies in the second half of 2019, for around $404m. Those 40 aircraft have an average age of approximately 8.7 years, and underlines the lessor’s continuing strategy of specialising in older aircraft; as at the end of June 2019 the owned portfolio had an average age of 9.5 years. However, in its latest update Aircastle says that the “fleet has shifted towards the most liquid, in-demand aircraft”, which significantly reduces fleet risk.
The lessor is based in Stamford, Connecticut, with offices in Dublin and Singapore. In the first half of 2019 Aircastle posted revenue of $390m — 4.4% up on H1 2018 — but net profits of $66m were down 39% year-on-year, due to a combination of lower gains from the sale of aircraft, higher depreciation and higher interest expense. It has no outstanding orders.
The portfolio is leased to 89 customers in 47 countries globally. By net book value, India is now its largest market (13.2%, with 31 aircraft placed there), followed by Chile (7.6%, 10 aircraft); Indonesia (6.4%, 15) and Russia (6.1%, 12).
ORIX Aviation
Based in Dublin and with offices in Hong Kong and Tokyo, ORIX Aviation is owned by the Japanese financial services group Orix Corporation.
Over the last 12 months it has added 25 aircraft, bringing its owned and managed portfolio to 250 (the majority of which are narrowbodies), and continued growth is a clear strategy. In March this year James Meyle, ORIX Aviation CEO, said the lessor was targeting a portfolio of between 300 and 400 aircraft by March 2021, although it has no aircraft on order.
Carlyle Aviation Partners
After the Apollo Aviation Group was bought by giant US private equity company The Carlyle Group in December 2018, the lessor changed its name to Carlyle Aviation Partners.
The Apollo strategy of growth appears not to be changing under the Carlyle regime, with 41 aircraft added to the portfolio over the last 12 months, to 241 aircraft.
Based in Miami and with offices in Dublin and Singapore, the lessor’s portfolio of mostly narrowbodies is placed with more than 100 airlines in 57 countries. No aircraft are on order.
CDB Leasing
CDB Leasing has added 11 aircraft to its fleet in the last year, bringing its portfolio total to 231 aircraft, of which 226 are owned and just five managed. All but 38 are narrowbodies, and the total fleet has an average age of less than five years
The portfolio is leased to 56 customers in 29 countries. most of which are in the Asia/Pacific region. CDB is based in Dublin and with offices in Hong Kong and Fort Lauderdale, and is owned by the China Development Bank.
It has 160 aircraft on order, including 77 737 MAXs.
Boeing Capital Corporation
Based at Renton, Washington, Boeing Capital Corporation (BCC) is a lender of last resort finance for all Boeing equipment.
We estimate BCC’s portfolio of fully- and partially-owned aircraft stands at around 200 aircraft — 10 higher than 12 months ago.
At the end of June 2019, the net value of BCC’s portfolio’s value was $2.9bn — some $600m lower than the value a year previously, while in the first six months of 2019 BCC’s revenues rose 2.9% year-on-year to $141m. Boeing lists BCC as having 32 aircraft on order, all of which are widebodies.
Macquarie AirFinance
Macquarie AirFinance’s portfolio has been trimmed by just one aircraft in 12 months, to stand at 195 today — all of which are owned.
Although most of the portfolio are narrowbodies. the lessor has no exposure to the 737 MAX,
The portfolio is placed with 88 customers in 48 countries, with the largest market being the Asia/Pacific region (where 69 aircraft are leased), followed by Europe (60 aircraft) and Central and South America (23).
Macquarie AirFinance is based in Dublin and has offices in London, Singapore and San Francisco. The lessor is a subsidiary of the finance giant Macquarie Group, although Dutch pension fund PGGM bought a 25% stake in the lessor in May this year. It has 60 aircraft on outstanding order.
Jackson Square Aviation
Jackson Square Aviation is growing fast, with its portfolio of 195 growing by 44 aircraft over the last year. The fleet’s average age is less than four years, and 90% of the portfolio are narrowbodies. Aircraft are placed with 49 customers in 28 countries. It has 30 aircraft on order, all of which are 737 MAX-8s.
JSA is based in San Francisco, with other offices in Dublin, Toulouse and Singapore, and the lessor is a subsidiary of Tokyo-based Mitsubishi UFJ Lease & Finance Company. Earlier this year Mitsubishi agreed a deal to buy Deucalion Aviation Funds, the aviation arm of Germany’s troubled DZ Bank, which has a portfolio of just under 100 narrowbodies and widebodies. The deal is expected to close in the second half of 2019, and these aircraft are not in our table.
BoCom Leasing
BoCom Leasing is a subsidiary of the Bank of Communications (one of China’s largest banks). Headquartered in Shanghai and with an office in Beijing, its portfolio of mostly narrowbodies has increased by an estimated 30 aircraft over the last year to 190 units. It has no orders.
Goshawk Aviation
Goshawk Aviation continues its rapid growth as it moves towards its goal of an IPO, adding 54 aircraft over the last year, most of which came from the acquisition of the Irish subsidiary of San Francisco-based Sky Leasing last year, which added 51 aircraft.
Its current portfolio of 186 (most of which are narrowbodies) is placed with 63 airlines in 33 countries. Owned by Hong Kong-based shareholders, Goshawk is based in Dublin and has offices in Hong Kong, Shanghai, London and Miami. It has 40 aircraft on order, including 20 737 MAXs.
Castlelake Aviation
Castlelake Aviation now has a portfolio of 150 narrowbodies and widebodies — an increase of 30 in 12 months. The lessor is based in Minneapolis and has offices in Dublin, London, Singapore and Luxembourg, and its portfolio is placed with 80 customers. It has no orders.
China Aircraft Leasing Company
Hong-Kong based China Aircraft Leasing Company (CALC) is also growing fast, with an extra 38 aircraft bringing its owned and managed portfolio of mostly narrowbodies to 145 — which have an average age of under four years.
Listed on the Hong Kong stock exchange and with eight offices across the word (only one of which is outside Asia — in Dublin), CALC has an ambition of a 365-strong portfolio by 2023. Most of the additions will come from a 176-strong order book (including 50 737 MAXs), which is 12 down on last year.
Standard Chartered Aviation Finance
Standard Chartered Aviation Finance’s fleet has grown by just one aircraft in a year, to 136 units — all but 10 of which are narrowbodies.
The lessor is headquartered in Dublin, has offices in New York, Hong Kong, London and Singapore, and its portfolio is leased to more than 30 customers. It has no orders.
Other lessors
Lessors with portfolios of less than 100 aircraft but with outstanding orders include Alafco (majority owned by the Kuwait Finance House), which has orders for 40 737 MAXs, 58 A320neos, 10 A321neos and two A350-900s.
Waiting for outstanding deliveries in Dublin are Timaero Ireland, with orders for 20 A320neos and 20 737 MAXs and Lease Corporation International, with 17 A220-300s and three A220-100s on order.
Dublin-based Accipiter Holdings (owned by Hong Kong’s CK Asset Holdings) ordered 20 Airbus A320neos at this year’s Paris air show, for delivery from 2024
Russia’s Ilyushin Finance has 14 A220-200s on order, while Hong Kong International Aviation Leasing has six 777Fs and an A330-300 on order.
Russian state-controlled leasing company GTLK (based in Dublin) has six A220-300s on order, while in November 2018 Dubai’s Novus Aviation Capital ordered four 777-300ERs.
| Portfolio | Orders | |||||
|---|---|---|---|---|---|---|
| Company | Total | Change∗ | Boeing | Airbus | Total | Change∗ |
| GECAS | 1,230 | -60 | 155 | 174 | 329 | -46 |
| AerCap | 1,042 | -18 | 122 | 151 | 273 | -60 |
| Avolon | 530 | -32 | 137 | 240 | 377 | +68 |
| BBAM | 510 | +89 | ||||
| SMBC Aviation Capital | 425 | -6 | 89 | 169 | 258 | +56 |
| ICBC Leasing | 386 | +81 | 29 | 29 | -15 | |
| Air Lease Corporation | 361 | +41 | 183 | 157 | 340 | -53 |
| BOC Aviation | 337 | +13 | 87 | 55 | 142 | -18 |
| Aviation Capital Group | 310 | +15 | 97 | 60 | 157 | -18 |
| Dubai Aerospace Enterprise | 298 | -4 | 2 | 2 | +2 | |
| Aircastle | 283 | +43 | ||||
| ORIX Aviation | 250 | +25 | ||||
| Carlyle Aviation Partners | 241 | +41 | ||||
| CDB Leasing | 231 | +11 | 77 | 83 | 160 | -14 |
| Boeing Capital Corp | 200 | +10 | 32 | 32 | +32 | |
| Macquarie AirFinance | 195 | -1 | 60 | 60 | ||
| Jackson Square Aviation | 195 | +44 | 30 | 30 | ||
| BoCom Leasing | 190 | +30 | ||||
| Goshawk Aviation | 186 | +54 | 20 | 20 | 40 | |
| Castlelake Aviation | 150 | +30 | ||||
| China Aircraft Leasing Company | 145 | +38 | 50 | 126 | 176 | -12 |
| Standard Chartered Aviation Finance | 136 | +1 | ||||
| Total | 7,831 | +445 | 1,079 | 1,326 | 2,405 | -78 |
| Boeing | Airbus | Total | |
|---|---|---|---|
| Alafco | 40 | 70 | 110 |
| Timaero Ireland | 20 | 20 | 40 |
| Lease Corporation International | 20 | 20 | |
| Accipiter Holdings | 20 | 20 | |
| Ilyushin Finance | 14 | 14 | |
| Hong Kong International Aviation Leasing | 6 | 1 | 7 |
| GTLK | 6 | 6 | |
| Novus Aviation Capital | 4 | 4 | |
| 70 | 151 | 221 |
| Narrowbody | Widebody | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 737 MAX | A220-300 | A320ceo | A320neo | A321neo | Total | 777-300ER | 777F | 787-9 | 787-10 | A330-900 | A350-900 | A350-1000 | Total | |
| GECAS | 151 | 2 | 126 | 46 | 325 | 4 | 4 | |||||||
| AerCap | 95 | 94 | 57 | 246 | 27 | 27 | ||||||||
| Avolon | 128 | 150 | 55 | 333 | 9 | 25 | 10 | 44 | ||||||
| BBAM | ||||||||||||||
| SMBC | 89 | 136 | 33 | 258 | ||||||||||
| ICBC | 18 | 11 | 29 | |||||||||||
| Air Lease Corp | 150 | 8 | 111 | 269 | 9 | 24 | 19 | 9 | 10 | 71 | ||||
| BOC Aviation | 79 | 33 | 18 | 130 | 3 | 5 | 2 | 2 | 12 | |||||
| ACG | 97 | 48 | 11 | 156 | 1 | 1 | ||||||||
| Dubai Aerospace | 2 | 2 | ||||||||||||
| Aircastle | ||||||||||||||
| ORIX | ||||||||||||||
| Carlyle | ||||||||||||||
| CDB Leasing | 77 | 55 | 28 | 160 | ||||||||||
| BCC | 1 | 22 | 9 | 32 | ||||||||||
| Macquarie AirFinance | 40 | 20 | 60 | |||||||||||
| Jackson Square | 30 | 30 | ||||||||||||
| BoCom Leasing | ||||||||||||||
| Goshawk Aviation | 20 | 20 | 40 | |||||||||||
| Castlelake | ||||||||||||||
| China Aircraft Leasing Co | 50 | 116 | 10 | 176 | ||||||||||
| Standard Chartered | ||||||||||||||
| Total | 966 | 40 | 2 | 824 | 380 | 2,212 | 3 | 1 | 72 | 37 | 46 | 24 | 10 | 193 |
| 2018 | 2017 | |||||
|---|---|---|---|---|---|---|
| Revenues | Net Profit | Margin | Revenues | Net Profit | Margin | |
| GECAS | 4.9 | 1.2 | 24% | 5.1 | 1.4 | 27% |
| AerCap | 4.8 | 1.0 | 21% | 4.2 | 1.1 | 26% |
| Avolon | 2.6 | 0.7 | 27% | 2.3 | 0.6 | 24% |
| BOC | 1.7 | 0.6 | 36% | 1.4 | 0.6 | 42% |
| ACG | 1.1 | 0.3 | 25% | 1.0 | 0.1 | 12% |
| Aircastle | 0.9 | 0.2 | 28% | 0.9 | 0.1 | 17% |
| Total | 15.9 | 4.0 | 25% | 14.8 | 3.9 | 26% |
