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Boeing snaps up three freighter deals at Farnborough Airshow 2018

  23.07.2018    

US aircraft manufacturer Boeing has clinched three deals for wide-body freighters in the first two days of the 2018 Farnborough Airshow, according to Shipping Gazette.
Over the past few years, Boeing and its European counterpart Airbus have experienced a slump in wide-body orders, even as airlines have continued to buy narrow-bodies like the 737 and A320 at a frenetic pace.
However, cargo airlines are starting to pick up the slack. At the Farnborough Airshow, Boeing announced several orders for 747 and 777 freighters, helping it rebuild those aircraft families' order backlogs.
Prior to 2017, the air cargo market was under pressure due to a combination of slow demand growth and excess capacity.
However, demand rebounded last year due to a strengthening global economy. Air cargo volume surged nine per cent in 2017, up from just 3.6 per cent growth in 2016, according to the International Air Transport Association (IATA).
Boeing has been capitalising on this rebound. In the first half of 2018, it captured an order for fourteen 747-8Fs and four 767-300Fs from United Parcel Service and a deal for twelve 767-300Fs and 12 777Fs from FedEx.
During the first two days of the Farnborough Airshow, Boeing announced three more freighter deals covering the 747-8F and 777F models. Qatar Airways firmed up an order for five 777Fs that had first been announced as a commitment a few months ago.
Boeing also announced a firm order and commitment from DHL for fourteen 777Fs, with purchase rights for another seven. The first four deliveries are scheduled for 2019.
Russian cargo specialist Volga-Dnepr Group also confirmed an order for five 747-8Fs and signed a letter of intent (LOI) for twenty-nine 777Fs. If the latter deal were firmed up, it would be the largest order for current-generation 777s since 2011. That said, Volga-Dnepr announced a "commitment" for twenty 747-8Fs in 2015 and an "agreement" for the same 20 aircraft in 2016, but most of those orders were never firmed up. Thus, it's wise to take the new LOI with a grain of salt, the report said.
As of the end of June, Boeing had 23 unfilled orders for 747s and 101 unfilled orders for current-generation 777s. The deals announced at Farnborough will add to those totals, ensuring that the 747 line will keep running well into the 2020s and protecting the 777 line from further cuts.



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