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LATEST NEWS
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Friday, October 28th, 2022
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In separate statements issued by the worlds two largest aircraft manufacturers, Airbus and Boeing have both received firm orders for a combined total of 87 aircraft with options for a further 100 from International Airlines Group (IAG).
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Boeing received the lions share with an order for 50 737-8-200s and 737-10s combined, the order having been initially announced back in May this year. IAG has included 100 options in the deal with Boeing. The largest model in the family, the 737-10 seats up to 230 passengers in a single-class configuration and can fly up to 3,300 miles. The fuel-efficient jet can cover 99% of single-aisle routes, including routes served by 757s. The 737-8-200 will enable IAG to configure the airplane with up to 200 seats, increasing revenue potential and reducing fuel consumption. The 737 incorporates the latest-technology CFM International LEAP-1B engines, Advanced Technology winglets and other improvements to deliver, according to Boeing, the highest efficiency, reliability and passenger comfort in the single-aisle market.
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Furthermore, IAG shareholders have agreed to the purchase of an additional 37 Airbus A320neo jets, following on from orders earlier in the year for 17 A320neos and five A321neos, taking the year’s total orders from IAG to 59 single-aisle jets. The A320neo family incorporates the very latest technologies including new generation engines and Sharklets, which together deliver at least 20% fuel saving.
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Air cargo prices and tonnages have stabilized in the past two weeks after dropping sharply in early October, but there are still no signs of a significant fourth quarter (Q4) peak season, the latest figures from WorldACD Market Data reveal.
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In week 42 (October 17 - 23), worldwide chargeable weight decreased slightly (-1%) after recovering +3% the previous week, following an -8% drop in the first full week of October. Comparing weeks 41 and 42 with the preceding two weeks (2Wo2W), tonnages were -2% below their level in weeks 39 and 40, while average worldwide rates were stable, in a flat capacity environment – based on the more than 350,000 weekly transactions covered by WorldACD’s data.
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Across that two-week period, tonnages from all the main global origin regions decreased, except for outbound Asia Pacific, which saw a slight recovery (+2%). That may reflect a bounce-back from China’s Golden Week holiday in the first week of October, plus the reopening of some markets – including Hong Kong – following recent COVID restrictions.
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On a lane-by-lane basis, tonnages between North America and Europe dropped -4% in both directions, while an increase was recorded from Asia Pacific to, respectively, North America (+3%) and Europe (+2%). Europe-Africa recorded the biggest drop in tonnages, declining -8% southbound and -6% northbound.
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Meanwhile, traffic from the Middle East & South Asia to Asia Pacific recorded both the highest increase in tonnages (+7%) and the greatest drop in prices (-13%). That lane has seen an influx of capacity since Russia’s invasion of Ukraine began in February, with the closure of Russian airspace to many airlines leading to some Asia-Europe cargo and services routed instead via the Middle East.
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On the pricing side, average rates stabilized for each of the main origin regions except for the Middle East & South Asia (-5%). On a lane-by lane basis, most of the other main trades saw relatively flat pricing, exceptions being a strong increase from North America to Asia Pacific (+7%) and a steep drop in intra-Asia Pacific rates (-10%), on a 2Wo2W basis.
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Comparing the overall global market with this time last year, chargeable weight in weeks 41 and 42 was down -16% compared with the equivalent period in 2021, despite a capacity increase of +4%. Notably, tonnages ex-Asia Pacific are -23% below their strong levels this time last year, and Middle East & South Asia origin tonnages are -22% below last year.
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Capacity from all of the main origin regions, with the exception of Asia Pacific (-8%) and Central & South America (-5%), is significantly above its levels this time last year, including a double-digit percentage rise from Africa (+13%), and outbound Europe and North America (both +9%).
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Worldwide rates are currently -17% below their level this time last year at an average of US$3.36 per kilo, despite the effects of higher fuel surcharges, but significantly above pre-Covid levels.
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A combination of weaker consumer confidence in certain key markets and earlier-than-normal shipping of stock by retailers and other customers has led to relatively subdued air freight demand this quarter, so far – and lowered expectations of any major winter peak season.
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Airbus has posted its consolidated financial results for the nine months ended 30 September 2022.
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Consolidated revenues increased to €38.1 billion (9m 2021: €35.2 billion). A total of 437 commercial aircraft were delivered (9m 2021: 424 aircraft), comprising 34 A220s, 340 A320 family, 21 A330s and 42 A350s. Revenues generated by Airbus’ commercial aircraft activities increased 8% year-on-year, mainly reflecting the higher number of deliveries including a favourable mix and the strengthening of the US dollar. Airbus Helicopters delivered 193 units (9m 2021: 194 units), with revenues rising by 9% mainly reflecting growth in services and a favourable mix in programmes. Revenues at Airbus Defence and Space increased 10%, mainly driven by the Military Aircraft business and the Eurodrone contract signature. Seven A400M airlifters were delivered in 9m 2022.
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Consolidated EBIT Adjusted increased slightly to €3,481 million (9m 2021: €3,369 million).
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EBIT Adjusted related to Airbus’ commercial aircraft activities increased to €2,875 million (9m 2021: €2,739 million). It included the non-recurring positive impact from retirement obligations recorded in Q1, partly offset by the impact from international sanctions against Russia. It also reflects a less favourable hedge rate compared to 9m 2021.
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Gross commercial aircraft orders increased to 856 (9m 2021: 270 aircraft) with net orders of 647 aircraft after cancellations (9m 2021: 133 aircraft). The order backlog amounted to 7,294 commercial aircraft at the end of September 2022. Airbus Helicopters registered 246 net orders (9m 2021: 185 units), with bookings well spread across programmes. Airbus Defence and Space’s order intake by value was €8.0 billion (9m 2021: €10.1 billion), corresponding to a book-to-bill ratio slightly above 1. Third quarter 2022 order intake mainly related to services across the division's portfolio (£1.00 = €1.16 at time of publication).
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GKN Aerospace has successfully completed the first engine run of the state-of-the-art RM16 engine that will power the JAS 39 Gripen E. This landmark enables GKN Aerospace to deliver full RM16 product support to the Swedish Armed Forces, ensuring engine availability for future Swedish Air Force missions.
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The RM16 is based on the General Electric F414 aero-engine that powers the F-18 Super Hornet. GKN Aerospace has been collaborating with GE and SAAB to build up the necessary infrastructure to support the RM16. FMV selected GKN Aerospace to be the product support and MRO provider for the RM16 in 2020 with the aim of utilising synergies between the RM12 and the RM16 engine as much as possible. GKN Aerospace is an Original Equipment Manufacturer (OEM) and a long-term service provider for the RM12 engine and holder of the military type certificate (MTC).
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Aergo Capital Limited (Aergo) has delivered two further B737-8 aircraft to Batik Air Malaysia (Malindo Air). The aircraft, bearing manufacturer serial numbers 43010 and 43014, are the sixth and seventh of eight aircraft to be delivered to the Lion Air Group. Aergo Capital secured a loan facility from PK AirFinance, an aviation lending affiliate of Apollo, to assist in the financing and acquisition of these two aircraft.
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Fred Browne, Chief Executive Officer of Aergo, commented: “We are delighted to deliver the sixth and seventh of eight 737-8 aircraft to the Lion Air group. We look forward to completing the final delivery in the coming months and would like to thank all those involved in the transaction for successfully closing out these transactions.”
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LCI, a leading aviation company and a subsidiary of the Libra Group, has signed Aircraft Leasing Ireland’s (ALI) sustainability charter. Signatories are committed to driving forward and achieving Environmental, Social and Governance- (ESG) related goals, centred around ten priority sustainability principles.
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In signing the charter, an industry that manages more than US$100bn of assets pledges its commitment to achieving net-zero carbon objectives. Additional principles and goals include the pursuit of low-carbon technologies such as Sustainable Aviation Fuels (SAF) and hydrogen, the commitment to reuse and recycling, the drive for greater community engagement and corporate ESG accountability and reporting.
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LCI assets operate on mission critical and socially responsible sectors such as Emergency Medical Services (EMS), Search and Rescue (SAR) and offshore wind. LCI is committed to the latest technology aircraft with the lowest CO2 emissions in its class such as Leonardo AW139 and the Airbus H175 helicopters. LCI is also a member of the Airbus Helicopters Sustainable Aviation Fuel forum.
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In April 2022, LCI signed an agreement with BETA Technologies to acquire up to 125 of the company’s electric vertical take-off and landing (eVTOL) aircraft. The battery-powered aircraft have zero operational emissions and will enable LCI to sustainably support mission-critical operations across the globe.
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