Boeing’s 777 freighter program received a significant boost in June, marking a notable turnaround after a sluggish start to the year in terms of new orders. The company secured orders for a total of 11 Boeing 777 freighters during the month, with key transactions coming from both undisclosed customers and prominent players in the air cargo industry.
Unidentified Customers Lead the Way
The bulk of the orders, five freighters in total, were placed by undisclosed customers, underscoring continued demand for Boeing’s long-range freighter aircraft.
Turkish Cargo Expands Fleet
In a separate deal announced on July 2nd, Turkish Cargo solidified its position in the air cargo market by ordering four Boeing 777 freighters. This move is part of Turkish Cargo’s strategic expansion, which has seen the airline rise from 22nd place in 2015 to become the fourth-largest cargo carrier globally by 2023, boasting a 5.8% market share.
Fleet Growth Strategy
Turkish Cargo’s aggressive fleet expansion includes recent additions of three wet-leased aircraft, bringing its total freighter fleet to 24 aircraft. This fleet consists of various models, including 10 Airbus A330Fs, eight Boeing 777Fs, and six leased aircraft believed to include Airbus A310Fs and Boeing 747-400Fs. Moreover, the carrier has placed an order for five Airbus A350F freighters, with options for an additional 20, demonstrating ambitious growth plans outlined by the airline’s former head of cargo, Turhan Özen.
Boeing’s Overall Performance
Boeing’s overall aircraft orders for June totaled 14, inclusive of 11 Boeing 777 freighters and an additional three 737-Max orders. These new orders are a welcomed development for Boeing’s freighter business, which faced a slow start in 2024 following a modest 10 orders throughout 2023 for the 777 freighter model.
Delivery Challenges and Future Outlook
Despite the surge in orders, Boeing faced challenges in the delivery of its 777 freighters earlier in the year. Issues such as delays in engine availability affected production timelines, resulting in no deliveries during the first quarter. However, the company managed to begin deliveries in April, with notable shipments to Taiwan’s Eva Air and Qatar Airways, among others.
Production and Supply Chain Concerns
While Boeing has refrained from commenting on specific production setbacks, reports suggest that shortages in GE Aerospace GE90 turbofans, essential for the 777 freighter, have contributed to delays. Nonetheless, the recent flurry of deliveries in June, including to Air Cargo China and China Airlines, indicates positive momentum for Boeing’s freighter operations moving forward.
In conclusion, the uptick in orders for Boeing’s 777 freighters in June signals renewed confidence in the model and offers optimism for sustained growth in the air cargo sector amidst ongoing challenges and competition.
