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Seattle, Washington, Aircraft leasing company CDB Aviation has dropped 29 of 99 Boeing 737 MAXs from a previous order. The lessor also plans to defer the delivery of 20 aircraft to  2024, 2025 and 2026.

Besides order cancellations and delivery delays, the company converted all 737 MAX 10s in its order book to the smaller MAX 8 variant.

CDB Aviation is the world’s one of the largest aircraft leasing companies. With these cancellations, it now became the third to cut its exposure to the Boeing's troubled narrow-body jetliner.

On April 3rd, Irish lessor Avolon announced that it dropped orders for 75 737 MAX jets. Following Avolon, the American leasing giant canceled an order for 69 737 MAXs as well.

Other lessors may follow the same path for the 737 MAX due to the global crisis and the uncertainty about the aircraft's return to service. Boeing 737 MAX jets have globally been grounded since March 2019 after two deadly crashes within five months.

CDB Aviation’s CEO Patrick Hannigan says the cancellations are beneficial to all parties involved.

"We reached an agreement to restructure CDB Aviation's 737 MAX order book. As we have done in the past months, where it has made sense, we have adjusted our order book to line up with the fact that we are building fewer MAX airplanes than planned. Disciplined adjustments provide us with greater flexibility to manage the 4,000 outstanding 737 orders and protect the value of MAX in the marketplace. In light of the COVID-19 pandemic, this adjustment also helps to balance supply and demand with market realities, especially in the leasing channel,"

Boeing said in an email statement.

Boeing’s 737 MAX backlog comprises of 4,079 aircraft as of the end of March 2020.
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