747-8

ICBC Financial Leasing, a unit of Industrial & Commercial Bank of China, is reportedly considering the purchase of Boeing 747-8 freighters.

The commercial finance arm plans to place the aircraft with South Korean carrier Asiana Airlines, according to the sources familiar with the matter.

ICBC Leasing, which owns and manages 337 aircraft, is currently in negotiations to acquire around five aircraft which are said to have a list value of $1.8bn, the source said.

Asiana Airlines spokeswoman Lee Hyo Min was quoted by Bloomberg as saying, "We aren’t currently expecting to lease aircraft from a Chinese lessor."

The carrier currently operates ten cargo versions of the 747.

The freighter version of the 747-8 was launched in 2011, while the passenger model dubbed the Intercontinental was unveiled a year later.

"We aren’t currently expecting to lease aircraft from a Chinese lessor."

Boeing has to date secured just one 747-8 order in 2014 as the airlines are opting for more efficient twin-engine models for long-range flying and airfreight.

The aircraft maker is expected to reveal the details of ICBC transaction at the upcoming Farnborough International Airshow in England in July, according to a source.

Boeing is also in negotiations with Emirates over an order book as the company intends to keep the 747-8 assembly line active.

The company to date has 51 unfilled 747-8 orders, which represents around three years of production, due to two production cuts last year prompted by slow sales.

Image: A Boeing 747-8 Freighter. Photo: courtesy of Boeing.

Defence Technology