The dramatic impact of the coronavirus, combined with the longer-than-expected grounding of the Boeing 737 MAX jet has seen Avolon, the world’s third-largest commercial jet lessor, cancel an order for 75 737 MAXs as well as four Airbus A330neos. Boeing has confirmed the cancelations, describing them as by mutual agreement. However, Avolon was keen to
Talks with Polish Airline LOT to take over Condor, part of the now defunct Thomas Cook Group, are looking to grind to a halt amidst the current drop in domestic and international travel owing to COVID-19 restrictions. Having previously rescued the struggling carrier with a €380 million (US$415 million) state bridging loan to allow the
Having announced two weeks ago that it was to retire 34 Boeing 757s and 17 Boeing 767s, American Airlines has announced that with the dramatic downturn in world travel, it will now be retiring 76 Boeing 737s that the carrier acquired between 1999 and 2001. In addition, it will also be retiring nine Airbus and
On the day that easyJet announced it has grounded all its aircraft, the U.K. government has announced that it will be inviting furloughed staff from both Virgin Atlantic and easyJet to take up non-clinical positions in five National Health Service (NHS) “field” or “Nightingale Hospitals” to be located throughout the U.K. including London, Manchester, Birmingham,
The future of Singapore Airlines (SIA) amidst the COVID-19 outbreak looks assured with a successful rescue package being put in place, headed by state investor Temasek Holdings, amounting to SG$19 billion. The figure represents the largest aid package to date for any airline struggling with the dramatic decrease in air travel. The package comprises SG$5.3
While securing business continuity, Airbus, the world’s largest planemaker, has been taking stringent measures to ensure the safety and wellbeing of its workforce during the current COVID-19 outbreak. On Monday, March 23, production resumed in Spain and France after four-day break for deep cleaning and re-evaluation of the situation, while operations in the U.K., U.S.,
FACC, owned by China’s Aviation Industry Corporation, is rapidly reassessing its €33 million (US$36 million) project to build an automated, digitized production complex in Croatia. In addition, the company has opted not to pay a dividend for last year. The situation has come about through the aviation industry’s reaction to the COVID-19 outbreak and, as
Airbus plants in France and Spain are to “partially resume” production after a four-day intermission while the overall effects of the COVID-19 were assessed in relation to working practices within the company, and to allow for deep cleaning of production lines. However, the work will be at a much slower rate and production practices have
Boeing has confirmed that to assist with its request for government aid to aid both itself and other manufacturers in the aerospace supply chain, it will suspend paying any dividends, the company CEO will forego his salary, and the current embargo on share buybacks will remain in place, indefinitely. Like many companies in the aerospace
The coronavirus crisis has seen share values in the aerospace sector tumble drastically, and a combination of cash problems at Boeing and a huge drop in Embraer’s share value has left the 2017 deal for Boeing to acquire an 80% stake in the commercial arm of the Brazilian planemaker on a knife edge. The situation
