BOC Aviation is a top tier global aircraft operating leasing company with industry leading financial metrics. Our business model is underpinned by strong global trends in the aviation industry. Our aircraft are mobile and can be redeployed throughout the world and have long economic lives. We also benefit from long-term, U.S. Dollar denominated cash flows from a globally diversified airline customer base who lease our aircraft, and from owning assets with values denominated in U.S. Dollars. We believe the scale of our business and our investment grade credit ratings make us an attractive counterparty to both aircraft manufacturers and airline customers, which further reinforces our competitiveness. Our specialised aviation industry knowledge, our relationships with airline customers, aircraft manufacturers and other key aviation industry participants, together with the long-term experience and talent of our senior management team and other key employees have enabled us to deliver strong operational and financial results through multiple industry cycles. In particular, we have delivered 29 years of unbroken profitability.
Our core business model is focused on purchasing new, fuel-efficient, in-demand aircraft at competitive prices directly from aircraft manufacturers, financing those aircraft purchases efficiently, placing our aircraft on long-term operating leases with a globally diversified customer base and selling our aircraft to maintain a young fleet, to mitigate risks in our aircraft portfolio and to generate gains on sale, as well as reinvesting the sale proceeds in new aircraft investments. We provide comprehensive aircraft remarketing and technical management services to airlines, banks and other investors and have introduced finance leases for aircraft and engines. Our portfolio of owned aircraft has an average age of less than five years, weighted by net book value, making it one of the youngest in the aircraft operating lease industry. We have long-term contracted cash flows, with a weighted average remaining lease term on the owned portfolio of around eight years.
We benefit from a low average cost of funds, supported by our strong credit ratings (A- from both Standard & Poor’s and Fitch) and a diversified range of funding sources. We also enjoy strong and committed support from our controlling shareholder, Bank of China. BOC Aviation is listed on the Hong Kong Stock Exchange (HKEx code: 2588) and has its headquarters in Singapore with offices in Dublin, London, New York and Tianjin.