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Russian freighter flown to U.S. after BOC Aviation granted order to repossess -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A BoC Aviation sign at their Singapore office on May 16, 2016. REUTERS/Edgar Su

By Jamie Freed

(Reuters) – The Boeing (NYSE) 747-8 cargo plane that BOC Aviation Ltd leased from Russia’s AirBridgeCargo flew from Hong Kong and California after a U.S. court granted permission for the lessor of the aircraft to be repossessed.

Court documents show that the court ordered was made public and not sealed. According to flight tracking services, the aircraft was tracked and arrived in America on March 25.

BOC Airline declined to comment. Its lawyers also did not immediately respond to requests for comment.

BOC Aviation in Singapore is one of several global aircraft lesors who had planes on loan to Russian airlines until sanctions against Ukraine’s invasion forced cancellations of insurance policies.

In spite of the Tuesday deadline for cancellations of contracts, Russia still has more than 400 aircraft leased worth nearly $10 billion. Interfax however reported that only 78 planes were confiscated abroad.

BOC Aviation stated that its 18 aircraft leased to Russian airlines had an estimated book value of $935M and may be affected by cancellations of insurance policies following Russia’s invasion.

According to court papers filed March 14th, the lessor requested that one of the three AirBridgeCargo 747-8 freighters in Hong Kong be taken away and flown to America for storage.

BOC Aviation claimed the plane was worth $148 Million and AirBridgeCargo had broken leases for two other 7477-8s by flying the planes from mainland China back to Russia. Despite the explicit instruction of the lessor, the pilots were grounded on March 5, after their insurance was cancelled.

Unsuccessfully, one of these planes went back to Russia, even though its flightworthiness certificate had been suspended by Bermuda.

FlightRadar24 data shows that these two freighters are still present in Russia.

Media reports claim that Volga-Dnepr Group (owner of AirBridgeCargo) said it grounded AirBridgeCargo’s subsidiary’s Boeing aircraft fleet on March 18, due to Western sanctions. Volga–Dnepr didn’t immediately respond to our request for comment.

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